Most people are familiar with traditional mortgages on your average home, however chattle mortgages are loans secured against movable pieces of personal property. In this instance we will be taking about mini homes or most commonly called trailers. Now when they are on their own land and on a foundation they are as easy to finance as your average home. However often is the case people purchase them in a park where they will also be leasing the land where said mini home sits.
There are specified loan programs offered by many lenders that are part of CMHC’s chattle loan insurance program or CLIP. This allows you to purchase the mobile home in a park with as little as 5% down payment. This is available for new or existing mini homes that meet CSA standards. Contact me to see how this program may help you become a homeowner.
Today I am thankful for a great long Sunday run, overcast weather so I was not dehydrated when I finished and a big Sunday breakfast once I jumped out of the shower.
“I don’t know what I did in this life to deserve all of this. I am just a girl from a trailer park who had a dream.” Hillary Swank
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here