What is a common financing option for purchasing manufactured homes in Georgia?

Chattel loans are a commonly utilized financing option for purchasing manufactured homes in Georgia because they are specifically designed for movable personal property, including manufactured homes that are not classified as real estate. Unlike traditional mortgage loans—which typically require the property to be affixed to land and treated as real property—chattel loans allow buyers to finance the home itself, even if it's not permanently fixed to a foundation.

This type of loan is advantageous for many buyers of manufactured homes, as it often requires a lower down payment and has different qualification criteria than standard mortgages. Moreover, chattel loans typically have shorter terms, which can lead to quicker repayment. As such, chattel loans fit well with the unique characteristics of manufactured homes, making them a preferred option for many home buyers in this market.

In contrast, home equity loans generally pertain to traditional homes where there's already equity built up, mortgage loans require the manufactured home to be treated as real estate, and credit lines may not provide sufficient funding specifically targeted toward the unique aspects of purchasing a manufactured home.