A chattel mortgage is a loan for a movable piece of personal property, such as machinery, a vehicle or a manufactured home. ... Basically, this means that if you default on your chattel mortgage, your lender can take possession of the property being financed and sell it to pay off the loan.

Do chattel loans require down payment?

Neutral: Down Payment on a Chattel Loan

For chattel, it typically falls between 5% and 10%, as opposed to a government FHA/VA, which falls between 0% and 5%. ... Government loans require a different kind of foundation than what is required for chattel loans.

How long does it take to get a chattel loan?

Choosing a chattel loan will often allow buyers to complete financing and have their new home delivered in as soon as 30 days. This is pretty significant because the timeline for a land and home package can take up to 3 months! Wow, talk about a time saver!