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VA Manufactured Home Loans

Introduction and Overview

The questions and answers included in this pamphlet are intended to cover major items of interest to veterans interested in buying a manufactured (mobile) home. The questions do not cover all possible situations involved in financing the purchase of manufactured homes. Full information about such situations may be obtained from VA regional offices at 1-800-827-1000.

WHAT IS A VA-GUARANTEED MANUFACTURED HOME LOAN?

VA-guaranteed manufactured home loans are made by private lenders such as finance companies. The guaranty means that VA will protect the lender against loss if the veteran or a later owner fails to repay the loan. The amount VA will guarantee is 40 percent of the loan amount or the veteran's available entitlement, up to a maximum amount of $20,000. The guaranty amount is not the same as the amount a veteran can borrow (see question concerning loan amounts).

WHO IS ELIGIBLE FOR A MANUFACTURED HOME LOAN?

All veterans with sufficient qualifying service subsequent to September 15, 1940, including service in the Selective Reserve, and active duty service personnel who have served continuously for at least 90 days are eligible for manufactured home loans. When an ending date is set for the Persian Gulf War, those who enter on active duty after that date must complete more than 180 days of continuous active duty. Additional details are contained in VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement; VA Pamphlet 26-4, VA-Guaranteed Home Loans for Veterans; or may be obtained by contacting the nearest VA regional office or center.

HOW IS ELIGIBILITY DETERMINED?

A veteran may request a Certificate of Eligibility from the nearest VA regional office. This request should be made on VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement, and accompanied by the discharge or separation papers (DD Form 214), or evidence of current active duty status.

WHAT ARE THE REQUIREMENTS FOR LOAN APPROVAL?

To obtain a VA loan, the law requires that:

• You must be an eligible veteran who has available home loan entitlement;
• The loan must be for an eligible purpose;
• You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan;
• You must have enough income to meet the payments on the loan, cover the costs of owning a home, take care of other obligations and expenses, and still have enough income left over for family support (a spouse's income is considered in the same manner as the veteran's); and
• You must have a good credit record.

WHAT IS THE MAXIMUM AMOUNT A VETERAN MAY BORROW?

The maximum loan amount for a new manufactured home is the lesser of the following:

• 95 percent of the purchase price of the property securing the loan, plus the VA funding fee, or
• Determination of the manufacturer's invoice cost, plus or minus the cost of any items added or removed by the dealer, plus certain other costs (up to certain maximums), plus the VA funding fee.
• The maximum loan amount for a used manufactured home or a lot and/or necessary site preparation is determined by appraisal.

Additional information on maximum loan amounts may be obtained from the nearest VA regional office or center.

Manufactured Homes

1. Introduction and Overview
2. Terms, Purposes, and Important Facts
3. Assumptions, Entitlements, and Liability