Financial institutions offer an entire menu of lending programs. Homebuyers may select loans with terms ranging up to 30 years. The house can be financed as personal property, on leased land, in a manufactured home community or on a private site. Buyers who desire to acquire land in conjunction with the home can finance their purchase with a traditional real estate mortgage.
Most buyers arrange financing through the retailer from whom they buy their home.
Customers also may shop independently for financing with a lender of their choice. Manufactured homes are often financed as personal property. Even when the home and land are financed together, the home is usually secured as personal property and the land as real property. In some cases, buyers financing their homes with land may find a mortgage lender that offers traditional mortgage financing. Fannie Mae and Freddie Mac, the primary secondary market sources for mortgage loans in the U.S., encourage this trend through their guidelines for accepting real estate mortgage loans secured by manufactured homes.