When talking about manufactured home financing, there are some criteria set by the lenders which need to be fulfilled by individuals wishing to get a loan. First and foremost, lenders want you to take out a loan that is within your ability to repay. Usually, they have varying formulas to make their calculations, but they can adjust their criteria depending on the amount of your deposit and the reliability of your income.

For assessing the security of their loan, lenders carefully examine your application as well as your individual profile, because both are important in assessing the risk factor attached with the loan. The amount you borrow and the term of the loan determine your monthly repayments.

Lenders consider how much your income can support in clearing up the loan payment. Most of the lenders work on a theory that your monthly housing expenses should be between 25% and 45% of your gross monthly income, so you can make the monthly payments with ease. Generally, leaders will take all your long-term debts into consideration. Long term debts are those which take at least one year to repay.

Luck also plays a crucial role here, because some lenders will be more flexible than others when it comes to deciding how much debt a borrower can have. So you have to identify lenders which are more flexible and suited to your needs. The flexibility factor depends heavily on your credit score and the percentage of the property price you need to borrow.

If you are a self-employed person and in desperate need of a loan, you will need to provide accounts for the last two years, or an accountant's certificate depicting you are self-employed for the last two years. A bank statement for at least the last three months is also a necessity. Some lenders also ask for rental or mortgage payment histories for the last six months.