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VA Loan Information on Manufactured Homes
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.
FREQUENTLY ASKED QUESTION # 14 [ -more VA Loan questions- ]
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Q: I Lost My DD214 - What if I can't find my DD214 form?
A: Those who have been discharged, separated or retired should keep multiple copies of the DD214--your discharge paperwork. It's the most important military document in your records. This is proof of your military status, whether you are retired, separated, discharged. It also displays the nature of your discharge, and what your status is with the National Guard or a Reserve Unit. The lack of a DD214 form can bring some of your VA processes to a halt, but fortunately you can get a replacement copy by writing to the National Personnel Records Center. Enclose a completed form SF-180 along with a letter stating the reason for your request, you name, rank, social security number. If you are a recently discharged military member who separated or retired at an overseas location, remember that your DD214 form may be delayed overseas for up to a year before it becomes part of the National Record Center archives. If this is the case, you contact the orderly room, First Sergeant or Sergeant Major in charge of where you separated or retired and request a copy directly from your final base.
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