You might consider working on your credit first and getting your credit profile in good shape first. Then you would work with a mortgage broker to get approved for a home loan, this way you know the interest rate and the loan amount upfront. Then you locate the property which you are interested to purchase.
This way you set yourself up for success long term.
Hannah Fliegel, FICO Pro
The Credit Repair Expert
In owner financing, the seller acts as the bank. This is most often successful when the seller is an individual (not a bank or park management). The paperwork's simple, but you should have a lawyer review it. Basically, you'd deal with the seller like the bank: A downpayment, then monthly payments. Sometimes there's a balloon payment at the end; sometimes not. It depends on what you can afford and what the seller needs.
A lease-option, as suggested below, is another possibility. But seller financing is far better for you and, often, the seller. However, the mechanics as described below are inaccurate.
If the seller needs all cash (not uncommon in mobile home parks), another possibility is getting an investor to lend the money. The investor buys the home at a discount for cash. Then he sells it to you on terms. That's the way I'm selling a manufactured home in Virginia right now. I bought at a discount for cash, then am selling to the buyer on terms. I make some money and the buyer is able to buy a home that he otherwise couldn't have.
Hope that helps.
All the Best
Dave & Lisa
There is another hurdle in your qustion and it pertains to the property itself. Many lenders including the Federal Housing Authority (FHA), have changed their underwriting guidelines for lending on manufactured homes which may hinder financing on the property. I would check with local lenders to see what these guidelines are and also to have them work with you to get your credit back on track.
On a different note, if you don't already have a Realtor, get one. There might be a another option for you to get into this property. Have your Realtor check to see if the Seller is willing to do a Lease Option to Own. This scenario works when the owner doesn't need the lump sum immediately. Typically, a Lease Option to Own is for a determined period and has specific language as to the agreed upon purchase price (you negotiate based upon the prices today and not what they might be in the future) the amount of monthly rent and whether or not any of this rent will be used towards your downpayment should you excercise your option to purchase. If the Seller is interested in doing a Lease Option to Own, you would be able to get into the property now as a renter, while re establishing your credit to buy at the end of the Lease Option period. Also in a Lease Option to purchase, there is usually a small amount of money that is put up in "good faith" by you and should you choose not to exercise your option to buy at the end of the established period this good faith money would go to the owner of the property. This shows your willingness to have some skin in the game. If this option works, you will still need to start working with a local lender to get on track with repairing your credit.