Questions and Answers on Manufactured Home Loans for Veterans

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 amounti 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).

Under the Title I program, approved lenders make loans from their own funds to eligible borrowers to finance the purchase of a manufactured home and/or lot, and FHA insures the lender against loss if the borrower defaults. Credit is granted based upon the applicant's credit history and ability to repay the loan in regular monthly installments.

Before your home is installed, make sure the site has been properly prepared. Careful attention to the following details will help ensure satisfaction with your home for years to come. Your retailer can provide you with valuable guidance and assistance.

Before you buy a manufactured home / mobile home, you'll need to decide where you want to live. You have several options. You can place your home on land you own or intend to purchase in a rental community or in a subdivision.

People often times forget about warranties, but it can be vital to your financial future so please read this and take it to heart. I know it takes time to read this page. And it'll take a lot more time to do what it instructs, but do it anyway. Having a good warranty and knowing the ins and outs of that warranty can save you a great deal of stress and money if something goes wrong.

The Manufacturer's Warranty
Warranty coverage varies among manufacturers. Retailers must make copies of warranties offered on the homes they sell available for you to review and read before you buy a home. Read them and compare coverage. The following questions may help you in doing this.