People who do not want to get the traditional mortgages can opt for the mobile homes.The mobile home mortgages are available for such people to finance their houses.But there are certain requirements to get qualified for such a loan.Here are the requirements for getting qualified:

=>The rate of interest would be high if you have a very low credit score.Thus having a credit score of above 620 will be better to get affordable rate of interest.But to get qualified for these mortgages [obviously at a high rate],a credit score of about 550 is enough.But this might also depend upon the lender.Better ask you lender about the exact credit requirements,

=>Similar to the conventional mortgage offers,these mobile home mortgage lenders would also need a down payment from the borrowers.The typical mobile mortgage down payment will vary from 5 to 10%.

=>The house which you are going to buy must be structurally sound - hence the lender would want the house to have been built according to the HUD standards.This is due to the fact that the houses not built using such standards are prone to higher damages and are not regarded as structurally sound.

These are the other things to remembered about a manufactured home mortgage:

=>There are two options to get financing:1.personal property loans and 2.mobile home loan.

=>The personal property loan is for homes that do not have a permanent foundation [those that are not affixed on your own land or a leased land].The other options is for houses that are permanently affixed to the ground,

=>If you are planning to buy a very old used home [these will be very cheap],you must remember that obtaining a insurance will get very difficult.Moreover the lenders would also be rejecting your application since the value of home is low.The mobile homes's value will decrease as its age increases.

Here are more suggestions on other topics of finance and mortgage:Value of a Used Mobile Home and also the How Much is my Mobile Home worth? .Also have a look at the Interest Only Home Loans for details on traditional mortgages.