Virginia Chattel Mortgage on Mobile Home
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How to fill out Chattel Mortgage On Mobile Home?
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FAQ
Typically, a mobile home has to be built after 1976 to qualify for a mortgage, as we'll explain below. In this case your loan would work almost exactly the same as financing for traditional ?stick-built? houses.
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.
No manufactured home which has been in use as a place of residence shall be moved from the county, city or town wherein it has been in use, until the owner thereof has obtained a tax permit from the treasurer of the county or city. Such permits shall be supplied to the treasurers by the Department of Taxation.
A chattel mortgage is a loan to purchase movable personal property, such as a manufactured home or construction equipment. The property, or chattel, secures the loan, and the lender holds an ownership interest. Chattel loans are commonly referred to as security agreements.
Without an included property, banks feel there is a greater risk they will not get their money back in the event of a foreclosure. In order for banks to cover their risk, a chattel loan will have interest rates between 5.99% and 12.99%, depending on income, credit score, and other variables.
A chattel mortgage is a type of loan that is secured by a movable piece of property. In contrast, a traditional mortgage is typically secured by a fixed property.
A freestanding mobile home used as a single-family residence can only be placed on A-1, Agricultural zoned property, must be placed on a permanent foundation on an individual lot or parcel, and shall be permitted in all agricultural zoning districts to the same extent and subject to the same standards and conditions as ...