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A chattel mortgage is used to purchase movable personal property, other than real estate, which serves as collateral for the loan until it's repaid. Farm equipment, livestock, farm assets, and mobile and manufactured homes are a few examples of property you could purchase with a chattel loan.
What are the requirements for getting a South Carolina Manufactured or South Carolina Mobile Home loan? Up to 50% DTI. 3.5% Down Payment for purchases and 85% LTV for refinances.
A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. The movable property, called ?chattel,? also acts as collateral for the loan.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Property Taxes ? In South Carolina, mobile homes are taxed and assessed as real property. Therefore, whether the mobile home is being actively used as a residence or abandoned and in poor condition, the mobile home will remain on the tax roll. Mobile homes are NOT assessed, taxed and regulated the same as vehicles.
In general, mobile homes that were built before the 1976 HUD Code went into effect are considered to be the oldest mobile homes that can be moved in SC.