Homes purchased as a package with land are considered real property and are financed with long term mortgages just like site-built homes. These also can be found in a variety of packages. These could include a 30 year mortgage with a competitive interest rate. Using an FHA or VA loan can be an advantage for first time home buyers, requiring minimum down payments for those who qualify. Another advantage is that the manufacturer must be pre-approved by the government for the buyer to get a government loan.
Inspections are stricter than for conventional loans.
When you have decided upon your loan plan, look at your budget and what your future plans may hold. Size of your down payment, monthly payments and the term of the loan will differ with individual financial constraints. First time buyers often want lower downs and monthly payments to start, but know that in the future their incomes will rise. Most manufactured home lenders are banks and mortgage companies. Find a lender you feel comfortable with, one who listens to you and offers subjective alternatives for your particular budget.