I would just get a personal loan with avant, sofi, prosper or any similar type. Then you don't have to worry about going through the mortgage process.
From my research and understanding you will find it VERY hard to get a mortgage for 50K or less. Loans in this amount usually have to be done via personal loans.
Personal loans are also much easier and faster to get. Stellar mentioned several lending "clubs" and while they do work well for many, the interest rates are really high no matter how perfect your credit is.
I would join a credit union if you do not already belong to one, then get a personal loan through them. Even your bank. Upu bank and or a credit union are almost always better rates than the lending clubs.
You should find out what your "mortgage scores" are, not your fico8 scores. Most banks use the same scoring for personal loans.
You may find that it is better to have your wife only on the loan but you also be put on the deed. If you are also on the loan they will use yoru scores as well and unfortunitely your scores are probabaly hurt and not help. They use the 2 middle scores between the two.
For example: lets say your mortgage scores are the same as your fico8 scores. They would use 742 from your wife and 654 from yours. Resulting in a pretty high interest rate. As where just your wife they would use 755 and 742, and both of these scores will get you a super interest rate. However, chances are very good that your mortgage scores are going to be approx 10-60 points lower than your fico8 scores. This of course is just a guestimate, and just meant to give you an example.
By doign a personal loan, as long as the property appraises high enough to over the laon amount in it's current condition, I doubt the bank will careabout the spetic etc.
Personal loans only need colateral.
I hope this info helps.
^^Agree for the most part with the above.
Most of the time I don't believe going to a big box bank is in your interest, but for small mortgages, it seems to work. CU's are a great resource for small mortgages.
Point of clarification: you don't need to have an additional down payment to obtain a mortgage on a property that you own. It technically would be a refinance because you own the property and the seller is holding the note (right?).
Consider checking with small regional banks in your area and ask if the land size is an issue as well as the manufactured home. I bet there is a portfolio product available.
Personal loans do not necessarily require collateral at all. Depends on the lender and the borrower qualifications.