Yes, you can get a VA loan for a manufactured home. The U.S. Department of Veterans Affairs (VA) offers this type of loan to eligible veterans, active duty service members, and surviving spouses. However, there are certain requirements and guidelines that need to be met for obtaining a VA loan for a manufactured home.
1. Eligibility Criteria for Obtaining a VA Loan for a Manufactured Home
Before exploring the details of getting a VA loan for a manufactured home, it’s important to determine if you meet the eligibility criteria set by the VA. The following requirements are necessary:
- You must be a veteran, active duty service member, or qualifying surviving spouse.
- You should have a valid Certificate of Eligibility (COE) from the VA.
- The manufactured home must be classified as real estate and affixed to a permanent foundation.
- It must be used as your primary residence.
2. VA Appraisal and Certification Process
When applying for a VA loan for a manufactured home, the property needs to be appraised by a VA-approved appraiser. This step ensures that the home meets the VA’s Minimum Property Requirements (MPRs) for safety, occupancy, and value. Additionally, the manufactured home must also have a HUD Data Plate and the HUD Certification Label to prove it complies with certain standards.
3. VA Funding Fee for Manufactured Homes
Similar to traditional home loans, VA loans for manufactured homes require a funding fee. The funding fee is a percentage of the loan amount and helps cover the cost of the VA loan program. The specific percentage varies based on factors such as your military category, the size of the down payment, and whether it’s your first VA loan or subsequent one.
| Down Payment | Funding Fee for First-Time Use | Funding Fee for Subsequent Use |
|---|---|---|
| 0% (No Down Payment) | 2.3% | 3.6% |
| 5% – 9.9% | 1.65% | 1.65% |
| 10% or more | 1.4% | 1.4% |
4. Additional Requirements for VA Loans for Manufactured Homes
In addition to the eligibility criteria and appraisal process, there are a few more requirements specific to VA loans for manufactured homes:
- The home must have a minimum size of 400 square feet.
- It should meet local and state building codes.
- It must have adequate utilities and water source.
- The home must be legally classified as real estate and not personal property.
5. Finding Lenders for VA Loans on Manufactured Homes
Once you’ve determined your eligibility and the manufactured home meets all the requirements, you need to find a lender who offers VA loans for manufactured homes. Not all lenders provide this type of loan, so it’s crucial to do thorough research and find VA-approved lenders with experience in financing manufactured homes. Working with a knowledgeable real estate agent or mortgage broker can also be beneficial.
In conclusion, VA loans are available for eligible veterans, active duty service members, and surviving spouses who wish to purchase a manufactured home. Meeting the set requirements, obtaining an appraisal, paying the funding fee, adhering to specific size and building code requirements, and finding VA-approved lenders are all crucial steps in the process. By understanding and following these guidelines, you can successfully obtain a VA loan for a manufactured home and achieve your homeownership goals.