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Veterans Housing_Manufactured Home Loans
Published on AidPage by IDILOGIC on Jun 24, 2005
Possible uses and use restrictions...
VA may guarantee a lender against loss on a loan made to an eligible applicant to buy a new or used manufactured home and/or to buy or improve a lot for placement of a manufactured home, or to refinance an existing VA guaranteed or insured loan previously obtained on the same manufactured home and/or lot which the veteran or the veteran's surviving spouse (if such surviving spouse was an obligor under such existing loan) owns and occupies, to obtain a lower rate of interest; or to refinance an existing manufactured home loan to acquire a lot on which such manufactured home is or will be placed. Restrictions on guaranteed VA manufactured home loans are: (a) the terms of repayment must bear a proper relationship to applicant's present and anticipated income and expenses and the applicant must be a satisfactory credit risk; (b) the applicant must certify that he or she intends to occupy the property as his or her home; previous occupancy is acceptable for loans to refinance existing VA-guaranteed loans to a lower interest rate; (c) the manufactured home must contain living facilities for year round occupancy; (d) used manufactured homes must meet construction and acceptability standards. There are limitations on the term of a loan, depending on the purpose. The maximum term is 20 years and 32 days for a single-wide manufactured home or a combination single-wide manufactured home and lot, 23 years and 32 days for a double-wide manufactured home, 25 years and 32 days for a double-wide unit and lot, and 15 years and 32 days for a lot only on which a manufactured home already owned by the applicant will be placed. The loan amount may not exceed an amount equal to 95 percent of the purchase price of the property securing the loan.
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