Manufactured and mobile homes offer quality housing at a fraction of the cost of traditional construction. Pelican finances both — with or without land — with competitive rates, a flat origination fee on home-only loans, and the local service you expect from your credit union.
Financing options depend on one key factor: whether the home is on land you own or land you're leasing. Homes permanently affixed to land you own are typically financed as real property, similar to a traditional mortgage. Homes in a park or community on leased land are financed as personal property, also called a chattel loan. Pelican offers programs for both situations.
Why Choose Pelican
Whether your home sits on land you own or in a community on leased land, Pelican has a loan program for your situation. You don't need to shop multiple lenders for different financing types.
Pelican finances new and used mobile homes in both single-wide and double-wide configurations. Whatever you're purchasing, your loan officer can find the right program.
Whether you're buying a home for the first time or looking to refinance an existing loan at a better rate, both options are available through Pelican.
Home-only (chattel) loans come with a flat $525 origination fee, so you know exactly what you're paying upfront with no surprises tied to loan size.
As a not-for-profit credit union, Pelican returns earnings to members rather than shareholders. That means competitive rates you won't find at most commercial lenders.
Your application is handled by Pelican's local mortgage team. One loan officer works with you from pre-qualification through closing, with no handoffs to a national call center.
Ways to use your loan
The type of financing you need depends on whether the home is on land you own or leased land. Here's how each program works.
A chattel loan finances the home itself as personal property. This is the right program if your home is located in a park or community where you lease the lot rather than owning it.
When a mobile home is permanently affixed to land you own and titled as real estate, it may qualify for mortgage financing similar to a traditional home loan. This typically offers better rates and longer terms than a chattel loan.
Getting prepared
Having your documents ready before you start helps move your application forward faster.
The make, model, and year of the home you intend to purchase or refinance, along with a copy of the current title if you're refinancing or the purchase agreement if you're buying.
Requirements vary by income type. Traditional employees need their two most recent W-2s and 30 days of pay stubs. Self-employed applicants should provide two years of signed tax returns. Retirement income requires the two most recent 1099s.
If you're financing a home with land, you'll need documentation confirming ownership or the purchase agreement for the property. If the home is in a community on leased land, a copy of the land lease agreement may be required.
Depending on your application, you may also be asked for recent bank statements, government-issued ID, and information about any existing loans on the home or land.
dedicated Support
Pelican's licensed mortgage loan officers work with you throughout the entire process, from pre-qualification through closing. We’re here for you when you need us!
