"Chattel loans are usually used when the mobile home will be located in a park or a manufactured home community, and they are home-only loans, excluding the land," Andreevska says. Because these loans do not include real estate, the closing process is typically faster and less demanding, and the loan processing costs are lower than with a conventional mortgage loan.

However, the amount you can borrow is usually much smaller than with a traditional mortgage. Repayment periods are also usually limited to 15 to 20 years. "Moreover, the interest rate is higher because of the shorter loan period," Andreevska says. "This means that overall, the monthly payment amounts often actually exceed the payments on a conventional home."

Instead of borrowing money from a bank, you can go directly to the source. For instance, you could finance directly with the dealership selling your mobile home. Though the loan is made by the retailer, it can eventually sell the loan to a third party.

If you're buying a mobile home from a private owner, it's also possible to work out a financing deal with them. In this case, you'll want to be sure that the home's title is clear, meaning there are no liens or judgments against it, and that the seller owns it outright. You'll also need to put a promissory note and bill of sale in writing and have both parties sign.

This is known as a retail installment contract, which is a common form of mobile home financing

Though there are several options for financing a manufactured home, it's not always easy to qualify.