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VA Loan Information on Manufactured Homes
WHAT ARE THE LOAN REPAYMENT TERMS?
The maximum terms for manufactured home loans are: 20 years and 32 days for a single-wide unit or a
combination single-wide unit and lot; 23 years and 32 days for a double-wide unit only; 25 years and
32 days for a double-wide unit and lot; and 15 years and 32 days for a lot only on which to place a
manufactured home you already own.
WHAT IS A MANUFACTURED HOME FOR VA LOAN PURPOSES?
A manufactured home is built on a permanent frame and is made to be moved in one or more sections.
It must be built to be lived in year round by a single family and there must be permanent eating,
cooking, sleeping and sanitary facilities. A single-wide manufactured (mobile) home must be at least
10 feet wide, with a minimum floor area of 400 square feet; double-wide units must be at least 20
feet wide, with at least 700 square feet of floor space.
A modular home is not the same as a manufactured home for VA purposes. Although the parts or
sections of a modular home are built in the factory and then moved to the building site, the
home must still be put up and completed at the building site. You may, however, obtain a loan
to purchase a modular home under VA's regular home loan program. (See VA Pamphlet 26-4 for
information about that loan program.)
WHAT TYPES OF VA MANUFACTURED HOME LOANS ARE AVAILABLE?
You may use a VA-guaranteed loan to:
- Buy a manufactured home and/or lot
- Buy and improve a lot on which to place a manufactured home you already own and occupy.
- Refinance a manufactured home loan in order to buy a lot.
- Refinance an existing VA manufactured home loan to reduce the interest rate.
WHERE MUST A MANUFACTURED HOME BE LOCATED?
Any rental site, or lot owned or to be purchased by the veteran which has been approved by VA.
WHAT FACTORS SHOULD BE CONSIDERED IN CHOOSING A SITE?
If you are placing a manufactured home on land you are buying or already own, consider how far away
the utilities are and the cost of hookup. If service from a public or community water or sewage system
is not available, find out if the ground water and subsoil conditions are satisfactory for an individual
well and/or sewage disposal system.
If you are buying a manufactured home that will be placed in a park, find out about the rental cost,
miscellaneous services, and other rules and requirements established by the owner of the park.
Remember, if you want to move your home at a later date, you will need a professional mover and the
costs involved will be expensive.
HOW DOES A VETERAN GO ABOUT GETTING A LOAN?
You should:
- Get a Certificate of Eligibility from the nearest VA regional office or center if you have not already received one from VA.
- Find a manufactured home which meets VA standards.
- Arrange for rental or purchase of a manufactured home lot.
- Arrange a VA loan through the dealer or apply directly to a lender for a VA loan.
WHAT IS THE INTEREST RATE?
The rate depends on market conditions. VA does not set the interest rate.
CAN THE INTEREST RATE BE CHANGED?
Once a loan is made, the interest rage generally remains the same for the life of the loan.
However, if interest rates on manufactured home loans go down, a veteran who still owns a manufactured
home obtained with a previous VA loan may apply to a lender for a new VA loan to refinance the first
loan at a lower interest rate.
FREQUENTLY ASKED QUESTION # 26 [ -more VA Loan questions- ]
- - - - - -
Q: The Veterans Benefits Act of 2004 - How does the Veterans Benefits Act change my loan process and entitlements?
A: The Veterans Benefits Act of 2004 made many changes to the VA loan process. If you haven't had to get eligibility or otherwise deal with the VA for a loan since the act passed, you may be surprised at the changes. One of the major differences; the maximum guaranty amount of $60,000 has been modified. Now, for qualifying loans in excess of $144,000, the maximum is a sum equal to 25 percent of the Freddie Mac conforming loan limit, which is determined under the Federal Home Loan Mortgage Corporation Act. If you feel your VA mortgage may be affected by changes created by the Veterans Benefits Act, contact your lender for more information.
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