Thinking about buying a manufactured home in Silver Springs but unsure how to finance it? You are not alone. The rules can feel confusing, especially when you hear terms like chattel, real property, and affixation. This guide breaks it all down in plain language so you can compare loan options, plan your next steps, and avoid surprises. Let’s dive in.
Chattel vs mortgage loans
Financing for manufactured homes generally falls into two buckets: chattel loans and real-property mortgages.
- Chattel loans secure the loan to the home itself as personal property. They are common when the home sits on a leased lot in a park or is not permanently attached to land. Terms are often shorter and rates higher than mortgages, and fewer lenders offer them.
- Real-property mortgages treat the home and land together, similar to a site-built house. You usually see longer terms and lower rates, but the home must be permanently affixed to land and the title converted to real property.
The right choice depends on your lot situation, the home’s setup, and your long-term plans.
Why it matters in Silver Springs
In Lyon County, your financing path is shaped by whether you own the land and whether the home is permanently installed on a compliant foundation. If you will keep a home on a leased lot, chattel financing is typical. If you plan to own the land or buy a home already on a deeded parcel, converting to real property can open up mortgage options and may lower your monthly payment.
Homes that are real property are also generally easier to finance for future buyers. That can help with resale and marketability in Silver Springs.
Real property conversion steps
To use mortgage-style financing, a HUD-code manufactured home usually needs to be converted to real property. In Nevada, the typical workflow looks like this:
- Confirm the home is a HUD-code home with a visible HUD label and serial numbers.
- Hire a contractor or engineer to design a permanent foundation that meets HUD’s Permanent Foundations Guide and Lyon County building code.
- Obtain permits from the Lyon County Building Department and complete the foundation installation.
- Schedule county inspections and obtain final sign-off or a Certificate of Occupancy.
- Complete an Affidavit or Declaration of Affixation, record it with the Lyon County Recorder, and surrender the title to the Nevada DMV as required.
- Update the Lyon County Assessor so the home appears with the land for property taxes.
- Provide your lender with the recorded affidavit, inspection approvals, evidence of title surrender, and an appraisal reflecting real-property status.
Before you start, call the Lyon County Building Department, Recorder, Assessor, and the Nevada DMV to confirm current forms and fees. Procedures can vary by project.
Documents lenders expect
When you apply for a mortgage on a manufactured home as real property, expect requests like these:
- HUD Data Plate and HUD label numbers.
- Foundation documentation, including engineered plans or installer certification that the foundation meets HUD guidance and local code.
- County inspection sign-offs or Certificate of Occupancy.
- Recorded Affidavit of Affixation and proof the manufactured home title has been surrendered.
- Evidence of permanent utility connections.
Having these ready can speed up underwriting.
FHA options
FHA offers two paths that often fit manufactured homes:
- FHA Title I can work when the home is not permanently affixed or sits on a leased lot. It generally functions more like chattel financing. Availability, loan sizes, and terms vary by lender.
- FHA Title II (203(b)) is a standard FHA mortgage for homes classified as real property. The home must be HUD-code, on a permanent foundation, and meet FHA property standards and local inspections.
If you will own the land in Silver Springs and the home can be properly affixed, Title II may be your most affordable option. If you plan to keep the home on a leased lot, talk to lenders about Title I and whether they offer it.
VA loans
Eligible veterans can use VA loans on manufactured homes that qualify as real property. The home must be HUD-code, on a compliant permanent foundation, and meet VA property requirements. Many VA lenders require you to own the land. If you already own a HUD-code home and lot that meet VA rules, ask about purchase or refinance options.
USDA loans
Silver Springs is a rural Lyon County community, and many addresses may be eligible for USDA Single Family Housing programs. USDA requires the home to be permanently affixed and to meet program property standards. You will also need to meet income limits and property eligibility rules. A USDA-approved lender can confirm address eligibility and documentation.
Conventional options
Fannie Mae and Freddie Mac allow financing for manufactured homes that are real property and meet their specific guidelines. The home must be HUD-code, permanently affixed, and documented accordingly. Some local banks, credit unions, or portfolio lenders may also offer chattel loans or specialized terms. Ask lenders which programs they offer in Lyon County and what overlays they apply.
Costs to budget
When converting and financing a manufactured home as real property, plan for these categories:
- Foundation engineering and installation. Costs vary widely based on site conditions, utilities, and set-up.
- County permits and inspections.
- Recording and DMV title surrender fees.
- Appraisal, with possible higher fees for manufactured homes.
- Lender fees and closing costs.
- Utility hookups or relocation work if needed.
Get itemized quotes from local contractors and confirm current county fees before you commit.
Lender questions to ask
Use this checklist to set clear expectations from the start:
- Do you treat this property as chattel or real property for financing?
- Do you finance manufactured homes on leased lots? If yes, what lease term and transfer rules do you require?
- Do you offer FHA Title I, FHA Title II, VA, USDA, or conventional options for manufactured homes? Which fits this property?
- What exact documents will you require from Lyon County and the Nevada DMV to close?
- Do you need an engineer-stamped foundation plan, or is a contractor certification sufficient?
- What age or year-of-manufacture limits apply?
- What are the down payment, credit score, and reserve requirements for each product?
- What interest rates and amortization terms do you offer for chattel vs mortgage loans?
- How will your appraiser handle comparable manufactured-home sales in Silver Springs?
- Do you have any overlays beyond agency rules that I should know about?
Get answers in writing so you can compare lenders apples to apples.
Local due diligence
Before you make an offer, gather these details:
- Confirm whether the home is on a deeded lot or a leased lot. If leased, review the full lease, including transfer rules.
- Check Lyon County records for any recorded Affidavit of Affixation or prior attempts to convert title.
- Review park rules or CC&Rs for restrictions that could affect financing or resale.
- Verify that utilities are permanently connected and permitted.
- Ask if the home has been moved and when. Some programs limit eligibility after relocation.
Contact the Lyon County Building Department, Recorder, Assessor, and Planning/Zoning to verify permits, recording status, and property classification.
Resale and taxes
In Silver Springs, homes converted to real property and located on owned land tend to be easier to finance for future buyers. That can broaden your buyer pool when you sell. Once converted, the home is usually assessed with the land for property taxes, so check current assessed values and classifications with the Lyon County Assessor.
Quick buyer checklist
- Confirm HUD label and year of manufacture.
- Decide whether you will own the land or use a leased lot.
- If you want mortgage-style financing, plan for foundation work and title conversion.
- Ask lenders about FHA Title I, FHA Title II, VA, USDA, conventional, and chattel options.
- Request a written list of required documents and inspections.
- Check Lyon County permit, recording, and tax status before you buy.
- Collect contractor bids for foundation and site work if needed.
- Verify park lease terms and lender acceptance if the home is in a park.
Your next steps
If you already own land or are buying a parcel with the home, start by confirming the HUD label and foundation status. If the foundation is not permanent, get an engineer or installer to scope costs and timeline. At the same time, interview lenders about FHA, VA, USDA, and conventional paths so you can align the conversion steps with the loan requirements.
When you are comparing homes, factor in both the purchase price and the financing structure. A chattel loan might get you in faster on a leased lot, but a real-property mortgage can reduce monthly costs and improve resale options. If you can, negotiate seller credits to help cover foundation or closing costs while you complete the conversion.
Want a local guide to help you verify records, coordinate lender questions, and line up reputable contractors in Lyon County? Reach out to Cristal Morris for a friendly, step-by-step consultation.
FAQs
What is a chattel loan for a manufactured home?
- It is financing secured by the home as personal property, commonly used for homes on leased lots or homes not permanently attached to land, with shorter terms and typically higher rates than mortgages.
Can you use FHA financing in Silver Springs?
- Yes, if the home is HUD-code and permanently affixed, FHA Title II may work; if not affixed or on a leased lot, ask lenders about FHA Title I availability and limits.
How do you convert to real property in Lyon County?
- Install a compliant permanent foundation, pass county inspections, record an Affidavit of Affixation with the Recorder, and surrender the manufactured home title to the Nevada DMV, then update the Assessor.
Are VA or USDA loans allowed on leased lots?
- These programs generally require the home to be real property and many lenders require land ownership; confirm requirements with a VA or USDA-approved lender early.
What foundation is required for mortgage financing?
- A permanent foundation that meets HUD’s Permanent Foundations Guide and Lyon County building code, with documentation from an engineer or qualified installer and county inspection sign-offs.
How long does title conversion take in Nevada?
- Timelines vary based on permits, inspections, recording, and DMV processing; check with Lyon County offices and plan for potential scheduling lead times.
