I hope this helps, if I can be of assistance please call or email me. Best of luck!
Subsequent to June 15, 1976 they have only manufactured "Manufactured and/or Modular Homes". Not "Mobile Homes". Manufactured homes are financeable with a few provisos. If the MH is located in a rent/lease park/community there are a limited number of chattel (personal property) lenders who can finance them. However, you will usually pay a higher interest rate and with a shorter payoff term often only up to 15 to 20 years.
If it's a "Manufactured Home" on private property i.e. a condo conversion or sub division where a once rent/least park/community converted to land ownership, thereby allowing a tenant to become a property owner and own the dirt below them, or a planned unit development (PUD) which was developed from it's inception as a resident owned community or lastly a MH on a private parcel you will find lenders who are willing to offer a fully amortized conventional 30 year loan.
But be careful with this type of purchase as "Manufactured Home" will only appraise out using other MH's as their comps. So should you purchase a MH on a private parcel surrounded by site built homes they could not be used as comps. The appraiser would have to seek comps from the nearest MH to the one you want to purchase which is often times in an MH park/community. I've seen many deals fall out due to this little glitch.
Finally, if it's a "Modular Home" even though it's built the same way as a HUD Manufactured Home and often even on the same assembly lines it is much easier to finance as appraisers can use any comparable site built home in the immediate area as a viable comp.
When you see RE professionals refer to a "Manufactured" and/or "Modular Home" as a "Mobile Home" or even worse a "Trailer" that's the first sign that that RE professional doesn't know anything about them and you should seek a professional who does.
Hope this helps.
If you buy a mobile home in a park, you do pay a mortgage and space rental. The amount varies depending on the park the amenities it offers. A mortgage for a mobile home is not as readily available as a conventional mortgage. Rates are higher, terms are shorter and there are few lenders offering the loans. As a general rule, mobile homes, Manufactured homes, do not hold their values. Because they depreciate, lenders have to be very careful.
The main attraction of mobile homes is that they are inexpensive, but if you ever plan to sell it, be aware it may take a while and not be a very good investment.
I hope this was helpful.