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No longer are mobile homes like tin cans on wheels that were prevalent a few years ago. Today a mobile home has improved quality and material and it can be quite difficult to distinguish one from a conventional home.
With all its popularity, there are certain risks of buying a mobile home. The biggest risk is financing to purchase a mobile home. Consumers who want to buy a mobile home should be prepared to pay a higher interest rate compared to loans for conventional homes. The reason for this is because a consumer purchasing a mobile home has fewer assets to repay the loan and the value of a home depreciates more quickly than traditional home.
In a conventional loan, administrative fees like loan application fee, credit report fee, document preparation costs and origination fee are paid up front. These fees are paid by the buyer of a mobile home in the form of higher interest rate.
However, the best interest rates are reserved for those home owners who are purchasing the land on which they intend to have the mobile home as this will give a higher value to the collateral -- land and mobile home together.
The other risk of buying a mobile home is the fast depreciation of the value. So, when a home owner wants to sell his home, he will not get the money that he expects to. This is especially true if the mobile home is located in an area where home prices are rapidly falling.
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There are steps in home buying process and these are standard ones even though they might not be done in the same order in every location. However, following the steps in home buying process will make the entire experience happy and will help you understand what is required of you and all other people involved in the transaction. 
