Effective with new applications on or after January 21, 2019, VA Manufactured Housing that is properly affixed to a permanent foundation will now be available!
Eligibility includes:
- Owner occupied only
- 100% LTV/CLTV
- 660 FICO
- 50% DTI (excluding IRRRLs)
- All products are eligible
- IRRRLs: The maximum loan term is the original term of the VA loan being refinanced plus 10 years, but not to exceed 30 years and 32 days
- Purpose Types
- Purchase or cash-out refinance of an existing, permanently affixed manufactured home and lot
- Purchase a manufactured home to be affixed to a lot already owned by the veteran
- Purchase a manufactured home and a lot to which it will be affixed
- Refinance an existing loan on a manufactured home and purchase the lot to which the home will be affixed
- IRRRL to refinance an existing VA loan on a permanently affixed manufactured home and lot
Note: All but the purchase of an existing, permanently affixed manufactured home and lot have different maximum loan amount calculations – see profile for full details
The manufactured home must:
- be designed as a one-family dwelling
- have a floor area of not less than 600 square feet
- be doublewide
- be taxed and titled as real estate with manufacturer’s title surrendered as per applicable state requirements
- substantially conform with VA Minimum Property Requirements (Chapter 12 of the Lender’s Handbook) unless otherwise noted in the profile
Please reference the Product Profiles page for full details of the changes outlined in this announcement.