Which statement is true regarding financing manufactured homes in Georgia?

The statement that chattel loans are a common option is accurate in the context of financing manufactured homes in Georgia. Chattel loans are specifically designed for personal property, which is how manufactured homes are classified if they are not permanently affixed to the land. This type of financing typically covers the cost of the home itself, and buyers often use it when the manufactured home is placed on rented or leased land.

In Georgia, as in many other states, chattel loans are a practical solution for financing manufactured homes. They allow for a streamlined process when purchasing a home that may not hold the same real estate status as traditional homes, making them an appealing choice for many buyers. Other options, such as home mortgages, are generally not applicable unless the manufactured home is permanently affixed to the land and the land is included in the mortgage. Thus, the existence and prevalence of chattel loans provide necessary flexibility and accessibility for buyers in the manufactured housing market.