MANUFACTURED HOME LOANS

MANUFACTURED HOME LOANS

 

We offer loan on manufactured homes. These are built in a factory on a permanent frame and 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.

 

Does your Manufactured Home Up To Code?

All Manufactured homes have a tag on the outside of the home noting they meet codes and regulations required by the U.S. Department of Housing and Urban Development. These HUD tags are one way to be sure you’re purchasing a mobile home.  

 

You can 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.

 

VA requires manufactured homes be on permanent foundations.

 

What Factors Should be Considered in Choosing a Home 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.

 

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.

 

Can a Manufactured Home VA Loan be Assumed?

Yes. However, for loans made after March 1, 1988, the veteran is required to apply to the holder of the loan for approval of the assumption and release from liability. If the loan was obtained prior to that date, it may be assumed without the approval of the loan holder or VA, but the veteran will usually remain liable on the loan unless he or she applies to VA for a release from liability and VA grants the release in writing.

Can a Veteran Obtain More Than One VA Manufactured Home Loan?

Yes, if you qualify for restoration of entitlement, or you have enough entitlement left to buy another manufactured home and you have disposed of the previous manufactured home.

What Is The Minimum Loan Amount We Require?

$ 65,000

Program Highlights

 

Purchase

  • No Score / Alternate Credit Allowed

  • 530+ Credit Score

  • Up to 4 Units, Condo’s, Manufactured Homes (Double wide of Larger) and Modular Homes

  • REO (HUD)

  • FHA 1X Close (Manufactured / Modular Home Product)


Refinance

  • 530+ Credit Score

  • Rate / Term

  • Cash Out

 

Streamline Refinances

  • 530+ Credit Score

  • No Valuation Required

  • Mortgage Only Credit Report with Scores

  • No Qualifying Ratios / Residual Income Required

  • Only 6 Months of Payments Required on Current Loan

  • Up to 4 Units, Condo’s, Manufactured Homes (Double wide of Larger) and Modular Homes

 

203k Purchase & Refinance

  • 530+ Credit Score

  • Offer Both Streamline & Full K Products

  • Up to 4 Units, Condo’s, Manufactured Homes (Double wide of Larger) and Modular Homes