Real vs Personal Property
First, let’s distinguish between “real” and “personal” property. Real property deals with land and improvements to land.
For example, a house is an improvement to the land it’s built on and gets assessed and taxed as real estate by the county in which it’s located.
A manufactured home (a.k.a. mobile home) permanently affixed to land is considered real estate, but a manufactured home that is still “mobile” is not.
In fact, manufactured homes that are still mobile require registration with the Oklahoma Motor Vehicle Division (MVD).
Mortgages for Manufactured Homes
As stated above, a manufactured home that is permanently affixed to land is an improvement to the land and therefore is considered real property.
Mortgages, by definition, are loans for purchasing real estate. As such, if a manufactured home is still mobile, a mortgage cannot be used to purchase it.
Mortgage financing is available to purchase a manufactured home that is permanently affixed to the land it’s on.
Each mortgage lender and loan program may have their own restrictions based on property type, condition of property, appraisal, etc. that a manufactured home would still need to meet in order to be purchased via mortgage.