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VA Loan Information on Manufactured Homes
IS A VA GUARANTEED LOAN A GIFT?
No. It must be repaid, just as you must repay any money you borrow. If you fail to make the
payments you agree to make, you may lose your home through foreclosure, and you and your family
would probably lose all the time and money you had invested in it. In addition, if the lender
takes a loss, VA must pay the guaranty to the lender, and you will be required to repay the
amount paid by VA.
IF A MANUFACTURED HOME IS SOLD, CAN THE VA LOAN BE ASSUMED?
Yes. However, for loans made after March 1, 1988, the veteran is required to apply to the holder
of the loan for approval of the assumption and release from liability. If the loan was obtained
prior to that date, it may be assumed without the approval of the loan holder or VA, but the
veteran will usually remain liable on the loan unless he or she applies to VA for a release
from liability and VA grants the release in writing.
WILL A RELEASE OF LIABILITY RESTORE THE ENTITLEMENT THE VETERAN ORIGINALLY USED IN GETTING THE LOAN?
No. To have entitlement restored, the veteran must dispose of the manufactured home and/or lot and the
loan must either be paid in full or assumed by a qualified veteran-transferee who agrees to substitute
his/her entitlement for that used originally by the selling veteran. Restoration or substitution of
entitlement is not automatic. You must apply for restoration of entitlement by completing and
returning VA Form 26-1880 to any VA regional office or center. Applications for substitution
of entitlement must be requested from the VA office that guaranteed the loan.
HOW CAN A VETERAN GET A RELEASE FROM LIABILITY FROM VA?
The veteran will be released from liability on the VA loan if you lender or VA determines that
the loan is current and the purchaser of the property is able to make the payments, and assumes
full liability on the loan and all the veteran's obligations regarding the loan. For loans closed
prior to March 1, 1988, the application forms for a release from liability must be requested from
the VA office that guaranteed the loan. For loans closed on or after March 1, 1988, the application
forms must be requested from the lender to whom the payments are made.
CAN A VETERAN GET MORE THAN ONE VA MANUFACTURED HOME LOAN?
Yes, if you qualify for restoration of entitlement, or you have enough entitlement left to buy
another manufactured home and you have disposed of the previous manufactured home.

FREQUENTLY ASKED QUESTION # 11 [ -more VA Loan questions- ] - - - - - -
Q: Get Pre-Approved / Should I get a pre-approved loan?
A: Obtaining pre-approval for your VA loan amount is an excellent time-saving step. Once you know the exact amount you're eligible for in your VA home loan, you can begin searching for a home as a 'serious buyer'. You'll know in advance exactly what you can afford and what is outside your price range. It's the kind of security you'll be grateful for as you search for the best value for your money. With pre-approval, you avoid wasting time with property that's out of your price range or sellers who are unsure whether you mean business.
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not a government agency.
Remember, the VA does not make home loans. They insure the loans that we can assist you in getting.
Let us help you get a VA insured mortgage loan at the lowest possible rates.

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