Be careful when purchasing a stationary mobile home either as your primary residence or a vacation property, as they can become tough to finance and own. For something so simple — and affordable, compared to typical residences — mobile homes require homework. It's not just the structure of the trailer itself you're borrowing for. Depending on where you place the unit, land ownership beneath can become a complicated issue for you and your lender.

Some mobile home parks require you to buy the lot under your trailer; in others, you lease the land, while other parks might be structured as a co-op, where you buy a share of the land and support facilities for the park. All those ownership options affect the way a mobile home can be financed.

Consumers Union advises mobile home buyers and investors to investigate their financing options well before a purchase. Banks and credit unions in communities where there are plenty of mobile homes may offer loans for both trailer and land purchase, and most manufacturers offer financing on their homes.

Traditionally, dealers finance mobile homes using personal property loans rather than mortgage loans, at rates 2 to 4 percentage points higher than conventional mortgage loans. Dealers often get a commission for obtaining credit for buyers, so buyers may be better off talking directly with the manufacturer's lenders or other financing options.