VA Loans For Manufactured Homes

Thank you to all current and retired military personnel for your service to this country and the people who live in it and enjoy the freedoms that you fought for. For many that are leaving the military, this is a big transition. You no longer have military-provided housing and are wondering if you can afford living in the civilian world.

Manufactured homes may be the solution you are looking for. You might think that mortgages on manufactured homes are harder to get than on a stick-built home. In some cases, this might be true. But since you are a veteran, this process has become much easier. If you are eligible for a VA loan, the VA makes assurances on your behalf, which help lenders be more willing to give you a mortgage. However, your manufactured home must meet some standards in order for you to qualify for a VA loan.


In order to be considered for a VA loan, your manufactured home must be attached to a permanent foundation. This permanent foundation must meet the VA requirements. You cannot use tie-downs and qualify. The VA rules are clear on this:

"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."

No Forced Loans

Even though the VA will vouch for you, they will not force a lender to give you a loan if the lender does not approve your loan application. Your loan application must be accepted by the lender no matter what type home you are trying to buy. When applying for a VA loan, talk to the lender in advance. Be sure to inquire about the best way to proceed with the loan in order to get approval. Some situations are better than others. It may be more appealing to a lender if land is purchased along with a manufactured home. Many factors go into the lender's decision, so talking with them upfront can be very beneficial in getting the approval you need.

Term Length

Another factor to consider when applying for a VA loan is the length of the term. According to the VA, the maximum term for a manufactured home with land is 25 years. The term for most loans for stick-built homes can be up to 30 years. This means that you may have a higher payment for the same loan amount on a stick-built house. Interest rate also factors into the monthly loan payment, but it's good to keep this maximum term in mind when buying a manufactured home.

Takeaway

If you are in the market for a new manufactured home, we want to help you. Jaco Sales has been serving the people of Central Alabama and the surrounding area for over 15 years. We specialize in finding the right home to fit your needs. Jaco Sales has some of the finest manufactured homes, in the newest models, but we can also custom order homes to fit your specific wants and/or needs. Contact us to make an appointment with one of our sales associates. Please call us at 334-283-1017 and let Jaco Sales put you in the home of your dreams.