Applications
The Process
If you’ve ever rented a home or apartment, you’re aware of the rental application process – one application and done. When purchasing a home in a land lease community, there’s an additional step for the purchase of the home. Once you’ve been approved for the purchase, but before closing, you’ll complete the community lot lease where the home is located.
The following steps will help guide you through the process of applying for both a lender and the community.
Home Lenders
Lending on a manufactured home is a little different from buying a traditional stick-built home. This kind of loan is called a chattel loan and is similar to a car loan. Your lender will own an interest in your home, known as a lien, until the loan is paid in full. The title will often be held by the lender in your name while the loan is being paid.
You may use any lender you choose, but many banks do not offer chattel loans so it’s a bit of a specialized space. We recommend checking with as many lenders as possible to find the best deal for your situation.
Here are a few known chattel lenders working in TN:
21st Mortgage | Triad Financial | Credit Human
21st Mortgage
Retailer ID: 3081 | Community ID: 701
Mountain View Park | 204 Industrial Park Road, Dunlap, TN 37327
Good Park Co | 5928 Hixson Pike, Suite 149, Hixson, TN 37343
Contact: 423.777.7275 / leasing@goodpark.co
Our “In-House” Lender
We work closely with 21st Mortgage out of Knoxville. They are a specialized lender in land lease communities with their CASH program. This offers some of the most competitive terms that we’ve seen such as:
– Works with any credit score
– As little as 5% down on qualified new homes
– Competitive in-house insurance
You’ll often hear back within a business day on the initial decision. If not approved, let us know and we can help you navigate the underwriter’s rejection for a possible resolution.
Community
With your pre-approval in hand, now it’s time to secure your place in the community! If you are purchasing a home already set up, you’ll want to ensure you’re applying for the correct home on our tenant portal. If you’re ordering a new home for delivery, then you may select any available lots that will fit your home.
Note that often only one spot is open for just lot rent.
Available Homes
Don’t see a home you love? We are a licensed TN manufactured home retailer and can order many homes factory direct with all of the same great savings and financing options as our ready-to-go model homes. Check out our recommended floor plans or let us know if there’s another home you’d like to purchase.
New Homes
Our ready-to-move in homes feature a variety of features and amenities, thoughtfully selected to make home ownership approachable and fast!
Pre-Owned Homes
Looking for a deal? Our pre-loved homes can offer significant discounts over new homes, ranging from metal-sided homes to newer vinyl and shingle homes.
Available to Order
You call the shots! Pick your color, floorplan, size, and everything else to build the home you want. With a little more lead time, we’ll order and install your home!