An important factor in financing opportunities for mobile or manufactured homes is whether they are titled as real or personal property, according to Bank Rate. This effects whether consumers can obtain a traditional mortgage or must use a personal property loan known as a chattel loan.
For a mobile home to be considered real estate, it must have a permanent foundation and the owner must own the land it occupies, says Bank Rate. The Consumer Financial Protection Bureau estimates two-thirds of mobile home owners own their land and may be eligible to replace high-cost chattel loans with a traditional mortgage. 18 states have policies allowing homeowners to acquire a title to land they do not own, according to the Corporation for Enterprise Development.