One of the most important decisions in manufactured home financing is whether to place your home in a community on leased land or on property you own. This choice affects not just your lifestyle but your financing options, costs, and long-term financial outcomes.
In-Park (Leased Land) Loans
In-park financing covers homes situated in manufactured home communities where you lease the lot. These communities often offer amenities like shared pools, clubhouses, and maintained common areas.
Advantages: Lower upfront costs (no land purchase), access to community amenities, often located in urban or suburban areas with good access to services.
Financing considerations: In-park loans are typically classified as personal property loans rather than real property mortgages. Rates may be slightly higher, and terms may be shorter than on-land loans.
At MH Lending Services, our in-park programs consider any age home, subject to condition, and we work with approved parks across our service states.
On-Land Loans
On-land financing covers manufactured homes where you also own the land. When a manufactured home is on owned land and meets certain requirements, it can be financed with a mortgage — and unlike many lenders, we do not require a permanent foundation.
Advantages: Building equity in both the home and land, potentially lower interest rates, greater stability and control over your property. Pre-HUD homes (built before June 15, 1976) are also eligible.
Financing considerations: Requires land ownership, no permanent foundation required, home must be titled correctly. Offers potentially longer terms and better rates.
Making Your Decision
Your decision should factor in your long-term goals, the local market, available communities in your target area, and your financial situation. There's no universally right answer — both paths lead to homeownership.
Contact MH Lending Services to discuss both options and get personalized guidance for your specific situation.