VA lenders review home loan applicants’ income, assets, employment and credit history. As with other types of VA home loans, qualifying for a mortgage for a manufactured home requires applicants to obtain a Certificate of Eligibility (COE) from the VA. In most cases, VA-approved mortgage lenders are able to help borrowers obtain a COE.
In addition to financing the purchase or refinance of sited manufactured homes, VA also finances the installation of manufactured homes on land purchased by loan applicants. In addition to MPRs required of existing homes financed by VA, there are additional VA compliance guidelines for homes under construction. In the case of manufactured homes, this typically means installation of a manufactured home onto a lot.
VA-approved mortgage lenders work with the VA to ensure that building codes and zoning regulations applicable to manufactured homes are met. In cases where a manufactured home doesn’t meet minimum property requirements, the VA may issue exemptions or alterations to its MPRs. The VA reviews requests for exemptions and variances from minimum property requirements under certain conditions, but the home buyer and mortgage lender must submit a written request for variation or exemption to the VA.
Does the VA finance manufactured homes? The answer is yes! Interested buyers should contact LendingTree’s network of VA-approved mortgage lenders to request mortgage quotes and to learn more about VA financing for manufactured homes.