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This section only addresses
manufactured homes which are, or will be,
permanently affixed to a lot and considered real estate under state
law.
Permanently affixed
manufactured home loans can be made for any of
the allowable loan purposes listed in the table
below. Loan specifications and treatment of
these loans are virtually the same as for any
other VA-guaranteed home loans from a loan
processing standpoint, except for calculation
of the maximum loan amount.
The
following table provides the methods for
calculating maximum loan amount.
Allowable Loan
Purpose
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Maximum Loan
The loan amount is limited
to:
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To
purchase a manufactured home to be affixed
to a lot already owned by the
veteran.
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The
lesser of
• the sum of the purchase
price plus the cost of all other real
property improvements, or
• the total reasonable value
of the unit, lot, and real property
improvements, plus
• the VA funding
fee
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To
purchase a manufactured home and a lot to
which it will be affixed
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The
lesser of
• the total purchase price of
the manufactured home unit and the lot plus
the cost of all other real property
improvements, or
• the purchase price of the
manufactured home unit plus the cost of all
other real property improvements plus the
balance owed by the veteran on a deferred
purchase money mortgage or contract given
for the purchase of the lot,
or
• the total reasonable value
of the unit, lot, and property
improvements, plus
• the VA funding
fee.
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To
refinance an existing loan on a
manufactured home and purchase the lot to
which the home will be
affixed
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The
lesser of
• the sum of the balance of
the loan being refinanced plus the purchase
price of the lot, not to exceed its
reasonable value plus the costs of the
necessary site preparation as determined by
VA plus a reasonable discount on that
portion of the loan used to refinance the
existing loan on the manufactured home plus
authorized closing costs,
or
• the total reasonable value
of the unit, lot, and real property
improvements, plus
• the VA funding
fee.
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An
IRRRL to refinance an existing VA loan on a
permanently affixed manufactured home and
lot
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The
sum of
• the balance of the VA loan
being refinanced, plus
• allowable closing costs,
plus
• up to 2 discount points,
plus
• the VA funding
fee. |
Manufactured homes have specific appraisal
issues associated with them that need to be
met. Please see the appraisal section or
contact your lender for information.
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Programs 
