There are two types of mobile home purchases.
1. Mobile home in a mobile home park. You buy the unit and then pay a monthly space rent or land lease.
2. Mobile home permanently affixed to land which is owned fee simple. In other words, you buy the land and the mobile home together.
Each of these methods requires different financing, and therefore a different loan approval.
Type 1 - The title transfer for these homes is handled through the Department of Housing and Community Development. You will not get a grant deed, only a title certificate. There are lenders who specialize in lending on this type of property. One, in the Orange County area is Santiago Financial. You would contact them and they would pre-qualify you for the purchase based on your credit and income. There will be some requirements that the mobile home will have to meet (such as year it was built), but they will be able to give you more information about that.
Type 2 - Title transfers through a Grant Deed. You would get a manufactured home loan through a regular lender (ie MetLife, Chase, B of A, Wells Fargo, etc.). Not all lenders do these, so you might have to shop around. There is even an FHA program, requiring only a low down payment, for this type of purchase.
Your buyer's agent should be able to help you find the right kind of financing for the type of mobile home you are buying. If you do not have a buyer's agent, I can refer a great agent in Orange County who specialized in mobile homes. Just let me know if you need the referral and Dare to Dream.
Shel-lee Davis, CDPE, SFR, QSC
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Best of luck!