Financing a mobile home is different than for standard single-family homes. Single-wide mobile homes are usually financed through the mobile home company or through a credit union whereas double-wide homes may qualify for a conventional home loan with a bank, according to Realtor.com, the website for the National Association of Realtors. Government-backed loans require that the home be in the original location where it was built.
Single-wide homes are built with a narrow frame and the rooms are usually connected to each other unlike the double-wide frames where the rooms are separated by a hallway, much like a conventional home.
Financing double-wide homes with a conventional loan may require the borrower to find a home that is no more than 15 years old.
As mobile homes traditionally cost less than a standard single-family home, the cost of the down payment and insurance may be less. If the mobile home is located in a rural area it may qualify for a United States Department of Agriculture Rural development program with up to 100 percent mortgage. In some cases, the interest on a mobile home may be higher as lenders see mobile homes as a higher risk, according to Realtor.com. Much like standard home loans, borrowers are likely to be required to purchase mobile-home insurance to protect against natural disasters and damage from fire or losses from theft.