Mobile homes, sometimes called manufactured homes, may be a great home for your family however it is important to know that there are special requirements for financing.
Many people have troubles getting their mobile home financed because most banks do not have mortgage options available. If you have a mobile home it is recommended that you speak with your loan officer and be clear that it is not a stick built home. If you fail to do this then the bank may not find out until it is too late and you have paid for an appraisal that cannot be used.
Common problems with mobile home loans are due to the condition of the home. There were not standards or requirements for financing prior to 1978 so many homes were not properly installed and could potentially be unsafe for living. Through the loan process, you will be required to provide an engineering certification to confirm the home is on a permanent foundation and properly tied down. Be sure to review program requirements with your loan officer to see if you will qualify for a mobile home loan.