What Does the VA Say About Loans for Mobile Homes?
A number of questions have come in recently about VA-guaranteed loans for manufactured homes or mobile homes. Some people mistakenly believe mobile homes are not eligible for VA mortgages, but that is simply not true.
Any manufactured home that meets VA standards is eligible for a VA loan. The buyer should remember that while the Department of Veterans Affairs can’t force a lender to issue a home loan to a borrower, VA regulations do cover loans for mobile homes as long as they meet the following requirements:
A mobile home won’t be considered for a VA guaranteed loan unless it is installed on a permanent foundation–one that meets VA requirements. Many people ask about tie-downs for mobile homes, and the VA rules are clear on the issue.
“The manufactured home unit must be properly attached to a permanent foundation system which is constructed to withstand both supporting loads and wind-overturning loads, and is acceptable to the building authority having jurisdiction.”
If a VA loan applicant is having a manufactured home assembled or constructed for them, the VA does not require that builder to have a VA builder ID number, but the company responsible for installing the foundation is required to have one. Additionally, the VA requires the foundation to be covered by a one-year VA builder’s warranty that is signed by the builder.
The VA won’t cover loans for relocation of mobile homes, and borrowers should remember that even though a mobile home meets all VA standards, if the bank won’t approve a loan application for the home, the VA can’t force the lender to do so.
When applying for a VA home loan, it’s a good idea to ask the lender in advance the best way to proceed for loan approval. Some approaches may be more attractive to a lender than others–especially if you’re buying land in conjunction with the mobile home. Much depends on your individual circumstances, credit and the terms of the loan itself.
Emmitt George Jones Jr.
Can I use my Va certificate of eligibility for Debt Consolidation? I live in a 28x64 manufactured home on 1.14 acres of land. I owe about 11,500 currently on house and land. Along with car payments, insurance, utilities and kids, struggling to make all payments. Can I get a consolidated loan to put everything on one note with house and land and some other items for colateral. Tried some lenders but won't do loans on Mobile/Manufactuered homes. The manufactured home is tied down well no axles or wheels underneath and is underpinned.
Joe Wallace
The VA doesn't guaranty debt consolidation loans, unfortunately...it guarantees home loans, and refinancing loans for the home.
William Hall
I want to buy a used mobile home in a mobile home park across the street from Melbourne Beach. It's listed for $139,900.00.With owner ship of the property.it's 1800 sq. ft. Will the VA loan tha much on a used Mobile home?
Joe Wallace
There are many factors that go into the VA's maximum loan amount, but the first thing you should check is the VA loan limit for your county. For mobile homes, there are a number of additional factors that factor into VA loan approval including whether the mobile home is on a permanent foundation or not. Check with your nearest VA regional loan center for information about the loan limit in your county or ask your lender.
Suzan Garcia
We own our home, paid cash for it. Can we get a loan for home improvements. For example, paint, carpet, and tile floor repairs, ect.
Joe Wallace
Unfortunately there's no provision I can find for a VA loan on a property you already own. Refinancing loans require a first lien, and VA loans for new purchases don't allow cash back to the borrower.
David B. Takacs
I would like to know if I could get a VA loan on my double wide mobile home. My home cost me $35,000.00 when I bought it, I now just owe $6,900.00 on it. I need to refinance it to lower my payments. I am disable in a wheel chair and need to lower my payments. I have a income of $2358.00 per month on my Railroad retirement and social security income. I had one VA loan back in 1975 I sold my home and had to move from Fla. to South Carolna due to my job.
Raymond Igou
I am interested in buying a mobile home park and living on it myself. I was also inquiring if there is a specific type of VA loan to look at? If you could help me I would appreciate it greatly. Thank you and happy holidays.
Joe Wallace
You can apply for a New Purchase VA home loan at www.VAloans.com, a private company and not a government agency.
Charles E. Hamm
we are trying to find out if we can find a finance company who would do a mobile home on rented property with our Va eligibility form. we have up to 36,000 on eligibility.
Joe Wallace
At the present time there are very few lenders willing to to VA loans on manufactured homes--it's a market-driven decision, but you should definitely keep searching for a lender in case conditions change.
krystal
What company can I go threw to get a loan for a manufactured home I've called around and so far no luck at all already have an offer in because (one lender) said yes then said no
Curtis Watkins
Sir, Can I use my VA loan eligibility to purchase a used mobile home within a 55+ retirement park community? The land is owned by the retirement community and only owners of the mobile homes are only required to pay property taxes on the mobile home itself. Or, does the used mobile home purchased have to be put on your own land (where you own the land itself)? Thank You
Joe Wallace
Borrowers are not required to purchase land as part of a mobile home purchase, but the age and disposition of the mobile home (whether it is attached to a permanent foundation or not) will play a factor in loan approval or denial.
Skip
The wording permanent foundation ? By VA standards is a -- anchored / tied down Mobil home --- is that right ? No concrete slab or block foundation?
Joe Wallace
VA minimum property requirements in Chapter 12 of the VA Lender's Handbook state that for "existing construction" mobile homes, the following requirements apply: "The manufactured home unit must be properly attached to a permanent foundation system which is constructed to withstand both supporting loads and wind-overturning loads, and is acceptable to the building authority having jurisdiction. " Additionally from Chapter 12 for proposed or under construction mobile homes: "Anchoring devices, adequate to resist all loads, must be attached to the main frame of the unit by a bolted, welded, or mechanical connector be placed at every supporting pier or as specified by the manufacturer, and extend into the pier footing. Anchoring straps or cables affixed to ground anchors, other than pier footings, will not meet this requirement."