![]() The maximum loan term is 20 years and 32 days for single-wide manufactured homes (purchased with or without a plot of land), For double-wides, it’s 23 years and 32 days. But the maximum term for VA loans for manufactured homes is much shorter according to the Catalog of Federal Domestic Assistance (CFDA). Most VA loans have 30-year repayment terms. Veterans who want VA loans for mobile homes will need to submit to a credit check and meet certain income requirements. But the kind of financing that’s available to you can vary depending on your circumstances. You can also use a VA loan to purchase both a mobile home and land at the same time. If you own a plot of land, you can use a VA loan to buy a mobile home for that lot. If the mobile home you’re purchasing hasn’t been moved to a permanent location, you’ll need to provide your lender with details regarding how it will be installed. In other words, it can’t be considered a vehicle (that’s personal property). It’s important to note that a mobile home must be classified as real property. These rules ensure that a property is safe to live in and are verified with an appraisal by a VA-certified appraiser before you close on a home. Must conform with applicable building code and zoning requirements for real estate.Substantially conform with VA minimum property requirements (MPRs). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |