what type of loan to build a house foreclosed home buying guide home buyer's Guide: Is Buying a Foreclosed Home a Good Idea? – But, buying a foreclosed home isn’t for everybody. There are some important things you need to know about buying this kind of property. Read on to find out if buying a foreclosure is right for you! 1. One Major Advantage: The Price is Right. One of the most popular reasons for buying a foreclosure is its price.financing for mobile homes with bad credit 10 down payment no pmi mobile home land financing FHA Loans For Manufactured Homes. Mobile Home Loan – To qualify for a FHA modular or manufactured home loan, you must make a small down payment. Cascade’s FHA modular and manufactured home loans require as little as 3.5% down or land equity in lieu of this amount. As with any loan, you must prove you have enough income to afford the payments.You can avoid PMI if you have as little as 10% down payment or home equity.. Got quoted a rate 3.875 no pmi. Paid on the house for about a year and a half.