VA Loan Qualification
I have a client that may qualify for a VA loan. They are trying to purchase a 1980 single wide mobile home on it's own 4 acre property in Lebanon Maine. It is not on a pad and does not have tie downs. Would this property qualify for a VA loan if the applicant does? by bgreen547 from Kittery, Maine. Mar 4th 2016
Phil Georgiades (phil@fedhomeloan.org)
#994 ranked lender in California - 21 contributions
VA requires a permanent foundation. Single wide may also be an issue.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
That's not going to work.. for the property to be considered "Real Property", it must be architecturally attached to a foundation and be certified.. Also, although VA will lend on single wide mobile homes, most all lenders will not.. Also keep in mind that VA will only go 25 years on manufactured homes.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
Justin Murray (JustinMurray)
#100 ranked lender in Illinois - 172 contributions
21st Mortgage Corp does these loans - no VA though. 1-800-955-0021
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
In the long run they may be better off finding a home and property that does qualify for VA financing. Financing a mobile home generally will be more expensive than a traditional home, and this particular property is going to be even more of a challenge than most.
Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions
I would call a local mortgage broker or a hard money lender
Ask our community a question.
Get an answer
Related Questions
