The VA modular and manufactured home loan questions and answers included here are intended to cover major items of interest to Florida veterans interested in purchasing a Florida manufactured or Modular home. The questions do not cover all possible situations involved in financing the purchase of a modular or manufactured home.
What are Florida VA Manufactured and Modular home Lenders loan Requirements for VA Loan Approval? To obtain a manufactured or modular VA loan, the Florida VA mortgage lenders require that:
- You must occupy or intend to occupy the property as your manufactured or modular home within a reasonable period of time after closing the VA loan;
- You must be an eligible Florida veteran who has available home loan entitlement;
- The VA loan must be for an eligible purpose;
- You must have enough income to meet the payments on the VA 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 minimum 580 credit score!
- VA MANUFACTURED HOME LOANS IN EVERY CITY AND COUNTY IN FLORIDA
What is the Maximum VA mortgage Amount a Veteran May Borrow? The maximum VA mortgage loan amount for a new manufactured home is the lesser of the following:
- o95 percent of the purchase price of the property securing the loan, plus the VA funding fee, or
- oDetermination of the Florida 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.
- oThe maximum VA loan amount for a used manufactured home or a lot and/or necessary site preparation is determined by appraisal.
What is a VA Mortgage Guaranteed Manufactured Home Loan? The VA-guarantees Florida manufactured home loans are made by private Florida VA lenders. The VA mortgage guaranty means that VA will protect the Florida mortgage lender against loss if the veteran or a later owner fails to repay the VA loan. The VA will guarantee the Florida VA lender up to 40 percent of the loan amount or the veteran’s available entitlement, up to a maximum amount of $20,000. The VA lenders loan guaranty amount is not the same as the amount a veteran can borrow.
Who is Eligible for a Manufactured or Modular Home Loan? All Florida veterans with sufficient qualifying service subsequent to September 15, 1940, including Florida VA service in the Selective Reserve, and active duty service personnel who have served continuously for at least 90 days are eligible for Florida modular and 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 St. Petersburg Florida VA Regional Office.
How is VA 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.