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Financing Options

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Modular & Manufactured Home Financing

For your convenience, we offer fifteen different banks and lenders that you can use for manufactured home financing. Our professional staff will always work hard to provide you the best rate for these types of homes.


Here's a brief explanation of the most common financing options available if you are buying a manufactured home.


Chattel or Home-Only Loans 


A chattel loan is not affixed to real estate. In other words, this great financing option is a personal property loan for mobile homes. If you are planning to park your home on a leased space or family land, this loan may be a great option for you.


Conventional Mortgages or Land and Home Loans 


If you intend to finance your home and land together, your best option is this loan. Most people choose this financing option if they are purchasing manufactured homes and land in Mississippi and would like to finance then under one single loan.


Land-in-Lieu Loans


When you choose a land-in-lieu loan, the bank will provide you a down payment credit payment for the equity in the land that your family owes. If you want to qualify for a land-in-lieu loan, the land must be in your name. 

Manufactured Home Insurance

All finance companies require homes to be insured. By law, your finance company must escrow your manufactured home insurance and taxes in with the home loan. At the loan closing, your first year’s manufactured home insurance payment will be due. After this, your insurance will be escrowed. This means that the finance company will collect the money from you monthly and save it in a trust. At the time of renewal, the finance company will make the insurance payment for you. Here at Magnolia Estates of Pearl, we offer homeowner’s insurance. We are a licensed insurance agency. We represent several insurance companies that specialize in manufactured housing insurance. Your sales representative and our insurance agent will guide you through this process should you choose to purchase your insurance from us. If you have any questions regarding insurance, please contact us.

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