A simple rule of thumb when buying a manufactured home is to look for something priced at 2.5 times your gross income. The reality is that households spend between 20 and 50% of their gross income on housing, depending on age and income level. It's also important to keep in mind not only the mortgage payments but also all the other costs of running a household including park space rent.

Down payments will vary but most lending institutions will expect you to pay between 5 and 20% down of the total amount to be financed. To estimate your monthly payments, take the total amount, minus the down payment, to obtain the amount financed. Multiply that figure by 1%, (.01), to get the monthly payment.

Like any major purchase, having good credit makes getting a manufactured home a lot easier. Have you looked at your credit reports lately? Check them out to make sure they are accurate and represent you fairly. It also makes good sense to pre-qualify for a loan so you will know how much you can afford. If you have credit problems, click here.