Can I get a VA loan for a manufactured home?

[Music] hey everybody it's eric with low va rates and today we're going to do some q a some question and answer so a question that we've heard a lot lately is can i get a va loan for a manufactured home so housing affordability is getting much more difficult every single year that means the cost of homes keeps going up and so we see a lot of people looking for these wonderful comfortable state-of-the-art manufactured homes now while the va does technically allow va loans on manufactured homes there are some things that you should be aware of first number one the home has to meet certain va guidelines including the home that you want to buy it has to be taxed and considered real property it should not be uh financed with a chattel mortgage which is basically the same type of loan you might get on a vehicle if you can pick the home up and move it it's not going to count it has to be attached to a permanent foundation that's the real difference there's a lot of mobile home parks out there there's a skirt around the mobile home it's sitting on cinder blocks and you don't actually own the land that the home's on cannot use your va home loan for that that's a mobile home however if it's attached to real property and you own the dirt you own the the parcel of land you're most of the way there keep in mind the home must be at least 400 square feet in size for a single wide manufactured home if you want a bit bigger home you can get a 700 square foot double wide it has to meet those sizing requirements also and then of course the va has their standard mprs or minimum property requirements one of the things that we see happen sometimes with mobile homes or manufactured homes is they're so far out in the the rural areas that they don't have access to public utilities even though they're sound they're safe they're secure one of the things we see somehow get in the way is they're not connected or they do not have access to public utilities number two it can be hard to find a lender willing to give you a va loan on a manufactured home while the va's guidelines do allow for it each individual lender will determine whether or not they're going to want to put a restriction side note here at low v rates we do lots of manufactured home loans we can do them they're not hard to do if you know what you're doing a lot of lenders will however choose to do manufactured homes but then they'll put a whole plethora of overlays or additional rules on top of the va's rules which is going to make it just very difficult to get your manufactured home purchased or financed with a vlo okay now there's a lot of reasons for this some of the main ones include the fact that manufactured homes rarely appreciate in value as quickly or as consistently as a stick built or single family home they don't last as long as other types of homes and historically we have seen in the statistics have supported that manufactured homes normally have a higher rate of default so while it can be difficult to find a lender willing to do va home loans for manufactured homes here at low view rates as i said we are willing and happy to do them so if that's the type of home you're interested in buying go ahead and give us a call today you can chat with us online you can send us a text we have licensed loan officers standing by who know all they need to know about these requirements and are ready to help you as i've mentioned in other videos you won't be speaking to me about the actual loan i'm not a licensed loan officer but i have a great group of loan officers that are ready licensed and a lot better at this than i am to help you secure the financing on that manufactured home so get in contact as soon as you'd like you

Channel: Low VA Rates

Views: 3,611

Keywords: low, va, rates, VA home loans, VA mortgage, Low VA Rates

Id: aEmIbgakpAQ

Length: 3min 50sec (230 seconds)

Published: Tue Mar 01 2022