Mobile homes are included under the category of real estate. Hence, companies that provide home loans also provide loans on mobile homes. However, the requirements and natures of these loans are slightly different than loans given for fixed homes.
Some companies require mobile homes to be fixed to the ground in order to provide loans for them. This includes removing the wheels, axles and hitches of the homes. Such requirements are called foundation requirements. Lending companies usually put this requirement in order to secure themselves by creating fixedness for the property. An extreme requirement for this is to affix the entire home on a concrete foundation. This is also a usual demand by lending companies.
The very fact that mobile homes are movable increases their insecurity about the money lent. Many banks and lending organizations have today completely stopped writing loans for mobile homes without land.
It is comparatively easier to get a loan for a mobile home with the land on which it is installed. These loan amounts are higher, because they also provide for the price of the land. Again, these loans do not provide for the taxes that may go along with the land.
If you have bad credit and want to own a home, you may want to go this route. Then when your credit has improved and you want to make the move to a traditional style home, you will be better prepared to do so.