VA Loans For Manufactured Homes

VA Loans For Manufactured Homes

VA Loans For Manufactured Homes

Introduction to VA loans for manufactured homes

VA loans are government-backed loans and are very beneficial for the borrowers as they help the borrower to get some good financial benefits in the long term.They provide the loans for manufactured homes. Manufactured homes can be called as mobile homes too. These kinds of homes are built in a factory and constructed by the engineers. These kinds of homes are built according to the rules of federal building code administered by the U.S. department HUD. As these kinds of homes are built by the engineers in a factory so these are very comfortable and safe from weather, environment and other dangers.

The quality of these homes is very good and engineers ensure that house meets the high-quality standards. So for these kinds of homes, there are so many private lenders as finance companies which provide VA loans for manufactured homes or mobile homes. The VA loans for manufactured homes are guaranteed by the VA which means that VA will give the guarantee to the lender if there will be any loss or if the borrower does not pay. 40% of the total loan amount will be guaranteed by the VA or maximum amount of $20,000.

Eligibility criteria for manufactured home loans:-

To get the VA loan for manufactured homes a borrower should have certificate of eligibility. They must live in the home for which they are taking a loan. For veterans, service member, spouse or other beneficiaries there is a different criterion. He will be eligible if at the time of war he has served 90 continuous days or at the time of peace he has served for 181 continuous days or as a national guard he has served more than 6 years. For those who died while on duty, their spouses can be eligible for this. COE can be taken easily from the nearest regional office. He has to fill in the VA form 26-1880 for making the request of COE.

What are the requirements for the approval of VA loan for manufactured homes??

There should be a right purpose to take the loan. The borrower who is taking the loan should be earning enough to take the loan and as well as the credit score should be good. The borrower should follow all the eligibility criteria and should have a valid certificate of eligibility.

Maximum loan amount for manufactured homes:-

The maximum amount which can be received as a loan will be 95% of the total purchase price including VA funding fee. The maximum time or duration of a loan of a single wide unit or combination of single wide unit and lot is 20 years and 32 days. For a double wide unit only, it is 23 years and 32 days and for double wide unit and a lot is 25 years and 32 days. When you have a place to keep your manufactured homes then the duration is 15 years and 32 days.

Manufactured homes are very good to stay as they are manufactured by the engineers perfectly and can be moved in one or more sections so VA loans for manufactured homes gives good benefits to the veteran.

  • Julie Larson
    Posted at 20:35h, 08 September Reply

    Is it true that VA will finance a manufactured home that has been moved 2x – once from the factory to location (A) and then again to another location (B)? This assumes the home meets all other guidelines with permanent foundation, appropriate tied downs, etc. 

  • Steve Utley
    Posted at 16:39h, 12 July Reply

    Does anyone know if VA will finance a Modular double wide on a permanent foundation, BUT the electric is not connected to a meter box. It is on a POLE in the Yard.

  • alton james scott
    Posted at 20:04h, 11 July Reply

    can my manufactured home have a metal roof?

  • Rose Johnson
    Posted at 01:54h, 05 June Reply

    What is the VA Home Loan requirement about HUD tags or mh construction? We have a very unique situation.


  • Fran Fuller
    Posted at 23:22h, 29 May Reply

    The above information states, “”The maximum time or duration of a loan of a single wide unit or combination of single wide unit and lot is 20 years and 32 days.” which implies that the VA will, in fact, offer loans on single wides. Which is correct?

  • Eric Johnsen
    Posted at 20:26h, 16 April Reply

    In the instance where the home may be placed on a Land Trust property, but with a long term ground lease (i.e. 50 years or more), is there any issue qualifying for a loan that covers the cost of housing and improvements, but without the land as part of the loan?

  • David
    Posted at 18:22h, 02 April Reply

    Disabled vet with 715 credit score, looking to buy mobile home and lot. I can afford paymentsa round $400 per month, but don’t have a down payment. What can I do?

  • Delbert Smith
    Posted at 23:06h, 06 February Reply

    Looking for a VA loan for a Single wide manufactured home with land.

    • Jennifer Laughlin
      Posted at 22:04h, 26 February Reply

      Single wides are considered personal property…. like a car. VA will only finance double wides. You will need a personal loan.

  • Warren McCraw
    Posted at 04:27h, 18 July Reply

    My score is 650 with 5.6% APR. This manufactured home is 110K. 15 yrs old, 1.6 acres

    Now that VA will not fund the down payment assistance, my loan officer claims the price increase 7K to where I need 9K for closing…? Because my realtor has the other 2K for earnest money. Is this factual or am I being taken? I’m 51 yrs old retired Disabled Vet…My pymts on 30 yrs are $950 until Jan 2019 to homestead…Should drop to $800

    Any help? And advice

  • Lloyd Balch
    Posted at 22:10h, 21 February Reply

    Looking for a loan

  • Lloyd Balch
    Posted at 22:09h, 21 February Reply

    My score is 618 can any one work with me

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