Mobile home have long been a good alternative to tradition "hand built" homes. Mobile homes, also known as manufactured houses, are built in factories on an assembly line in much the same manner as a car or recreational vehicle. This streamlined production process makes mobile homes a generally lower cost housing optiion for consumers on a budget.

Mobile home loans are unique because they are split betweet categorization as mortgages or as personal property loans. If the home sits on a permanent foundation and includes land then a mortgage is used. If, however, the home is in a mobile home park then it is classified as a personal property loan that works in the same way as a care loan.

Generally borrowers must have a credit score of at least 620, the same barrier as a conventional home loan. If the borrower has below 620 then it's possible that loan programs still exist but oftentimes the interest rate is exorbinant.

Down payment requirements hover between 5% and 20%. On the average mobile home purchase this means borrowers should expect to have at least $3000 or more cash available for a down payment.