VA Loan on a Manufactured Home

Here at Patriot Home Mortgage many of our customers ask us "Can I get VA Financing on a Manufactured Home?" The answer is Yes you can! 

In the past, it was very difficult for Veterans to find companies willing to lend on these types of homes. That time is no more. With manufactured homes you can find all the same loan programs that are available with other conventional mortgage financing (FHA, VA, USDA etc.)

When it comes to this type of financing, there are a few questions you need answered here are some simple questions that many of our clients ask us:

What is considered a Manufactured Home?- These types of homes can be called different things, Modular, Manufactured or Mobile. When it comes to financing, there is absolutely no difference between a Manufactured or a Modular home. Even Mobile homes fall under these same guidelines (even though if your home is truly mobile and is not permanent foundation it can't get VA financing anyway, but that's a different story).

What Requirements does my Manufactured Home have to meet?- There are a few really IMPORTANT requirements that will eliminate you from being able to finance a Manufactured home.

1. The home has to be permanently affixed to the foundation (can't be able to move it).

2. The home must have been built/manufactured after June 15, 1976.

3. You must own the Land and the Home together (sorry, no mobile home parks allowed).

4. The home cannot have ever been moved. The home can only go from its manufacturer to its final location. If it has been moved more than once, you are pretty much out of luck when it comes to financing.

Is there a minimum loan amount required?- Even though the VA doesn't set any minimum loan amounts, you will be hard pressed to get a loan under $80,000 from most lenders. 

Can I refinance, or take cash out of my Manufactured Home?- Absolutely you can!!! You can actually take out up to 100% of your home's equity with a manufactured home Cash Out refinance, or you could do a VA streamline and just drop your interest rate with no appraisal required!

I have looked everywhere, who can help me with Manufactured home Financing?- At Patriot Home Mortgage, We pride ourselves in helping veterans get into homes. Feel free to reach out to one of our loan officers, and we would be happy to help you out with your financial goals!

If you have any other questions, feel free to post them in the comments below.

Article Contributed by:

Paul Collier