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Thursday, January 2, 2014 - Article by: nationwidelenderforyou - AFG - Message

We offer refinance and purchase loans NATIONWIDE on a manufactured home, including VA loans. Call us 7 days a week at 800 315 8803 discuss a VA loan on a manufactured home.

A VA loan, is for homeowners who VA eligibility.

Eligible borrowers for the VA loan program may include:

oServicepersons on active dutyoVeteransoMembers of the National GuardoReservistsoSurviving spouses of deceased veteransoCadets at the U.S. Military, Air Force or Coast Guard AcademyoMidshipmen at the U.S. Naval AcademyoOfficers of the National Oceanic & Atmospheric Administration

If you are one of the above you will need your COE. The only borrowers that do not require a COE are those applying for VA IRRRL (Streamline). A COE is a Certificate of Eligibility (COE) and it provides the evidence that the borrower meets the minimum terms of eligibility to apply for a VA loan. Do not worry about hunting down your COE, at we will handle that for you, if you do not have your COE handy. To start your application please call us at 800 315 8803, we are available 7 days a week or you can visit

Bart at is a proud veteran that has been offering VA loans NATIONWIDE since 1987. Please call him at 800 315 8803, 7 days a week to discuss you VA loan or visit him at Bart offers VA Purchase on a manufactured home, VA Refinance on a manufactured home, VA JUMBO on a manufactured home, VA IRRRL (Streamline for underwater mortgages) on a manufactured home and VA JUMBO IRRRL loans on a manufactured home. He also offers all these VA loans on single family homes, 2 units (duplexes), 3 units (triplexes), 4 units (quad plexes), modular homes, town homes, coops and condos. These VA loans are offered NATIONWIDE.The U.S. Department of Veterans Affairs' home loan guaranty program (AKA VA Loan) is possibly one of the best loan programs for eligible borrowers. It allows the eligible borrower to purchase a property without a down payment, refinance up 100% of the value, or streamline (AKA VA IRRRL) an underwater mortgage. In addition no mortgage insurance is required on a purchase or a refinance, regardless of the loan to value (LTV). In addition to offering great rates and terms, VA Loans typically have lower funding fees plus the funding fee can be included into the cost of the mortgage. For cash out loan, usually, the new loan is limited to 90% of the appraised value of the house with a 680 credit score or better; however, we go to 100% with a 620 or higher credit score. We also can allow the lien(s) on the property to be current or delinquent, and we also allow one late payment on the mortgage in the past year. On all VA loans our minimum credit score is 620 with a 100K or $100,000 loan amount minimum. In addition to those guidelines, here are some the things we look for in order to lend on a manufactured home:

oClient must own the land and property. (Land can be owned separately from the property.)oProperty must be on a permanent foundation at the time of the loan closingoIf you have well and septic, they must be at least 50 feet apart and 100 feet from the houseoProperty must be a double wide or largeroProperty must be built after June 1976oProperty cannot have moved more than once

Call Bart at 800 315 8803 to discuss your VA Loan scenario, he offers aggressive rates on all VA Loans.

Or continue reading to learn more about VA Loans.

The BASICS of a VA Loan:

The VA does not originate (AKA give out), set interest rates and or fund a VA loan; however they guarantee a portion of the mortgage will be repaid if the borrower default on the loan. VA loans are offered through lenders like Bart Gabe ( that are approved to offer a VA loan and quote rates and terms. (Call us 7 days a week at 800 315 8803 or visit to start a VA loan application.)

The VA outlines their general guidelines or basic set of policies, and lenders typically build overlays upon the general guidelines. Essentially, an overlay is an additional rule or guideline. For example the VA outlines that a borrower can apply for a VA loan 2 years from the discharge date of a Chapter 7 Bankruptcy; however most lenders require additionally seasoning (AKA time - in this case added years) for those who have had a bankruptcy, short sale, deed in lieu, foreclosure etc. It is important to note does not require any additional seasoning.

We will entertain an VA borrower 2 years from a Chapter 7 discharge, 2 years from a Short Sale AKA Shortsale (or ever earlier, if all payments were made on time for the last 12 months prior to short sale), 2 years from a Foreclosure, and 2 years from a Deed in Lieu. Call us at 800 315 8803, 7 days a week to discuss your loan scenario or visit to start your VA Loan.

As we have previously mentioned there are a variety of benefits of a VA loan. In addition to being able to obtain a VA loan with little out of pocket because there is no down payment requirement/no equity requirement, the funding fee can be rolled into the cost of the loan and most of the closing costs are covered, most VA loans are assumable. Assumable loans allow a homeowner to transfer another eligible borrower their rate and terms outlined in their loan. Also, it is important to note VA loans do not have a prepayment penalty.

Costs Involved with a VA Loans:

Although, the VA limits certain closing costs and lender fees, borrowers should expect to pay some standard closing costs and a 1% lender fee. Please note, whenever these fees relate to services performed by a third party, the borrower will only pay the actual amount charged by the third party. Below are some of the standard fees:

(1) Appraisal and compliance inspections(2) Recording fees(3) Credit report(4) Prepaid items (taxes, assessments, and similar items)(5) Hazard insurance(6) Flood determination(7) Survey(8) Title examination(9) Title insurance(10) Special mailing fees for refinancing loans(11) Mortgage Electronic Registration System (MERS) feeBorrowers also pay a VA funding fee. This fee is a percentage of the loan amount. The amount of the funding fee depends on the borrower's type of service, the purpose and type of loan, the size of the borrower's down payment, etc.

The funding fee can be included in the loan amount, and does not have to paid at closing.

Also note if you are a disabled veteran, the funding fee normally is waived or discounted for veterans who receive VA disability compensation and unmarried surviving spouses of veterans who died in service or as a result of a service-connected disability.

How do I apply for a VA Loan?Call us 7 days a week at 800 315 8803 to start your cash out VA loan application, we will review your credit, income, assets etc. Please remember, we offer VA Purchase, VA Refinance, VA JUMBO, VA IRRRL (Streamline for underwater mortgages) and VA JUMBO IRRRL loans on single family homes, 2 units (duplexes), 3 units (triplexes), 4 units (quad plexes), modular homes, MANUFACTURED HOMES, town homes, coops and condos NATIONWIDE. We look forward to working with you on your VA home loan and thank you for your service!

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