Home Buying in Riverside>Question Details

jimgraves64, Home Buyer in Hemet, CA

Is it legal for a lender to only offer a chattel loan on a manuf. home, even though it is permanently affixed ? There is only one assessment number.

Asked by jimgraves64, Hemet, CA Fri Feb 7, 2014

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A lender can offer you whatever loan they want. Doesn't mean that you have to take it.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Fri Feb 7, 2014
I don't know anything about it being illegal. But I do know that lenders prefer " Chattel Loans" or "Personal property loans" because the lending guidelines are more lenient and the closing costs are generally lower than traditional mortgages. It might have been the only option that was going to be successful in you purchasing the MFG Home. I hope this helps.
0 votes Thank Flag Link Fri Feb 7, 2014
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