Manufactured Home Loan For Regular Purchase And Inusrance

 The Department of Veterans Affairs (VA) Home Loan program guarantees loans made to eligible Veterans, Servicemembers, Reservists, National Guard members and certain surviving spouses.

VA guarantees a percentage of the loan. This helps the Veteran obtain a no-down payment mortgage at a competitive interest rate that does not require private mortgage insurance.

VA-guaranteed loans may also be refinanced. Go to Home Loan Interest Rate Reduction Refinancing to see the program requirements.

To obtain the most advantageous financing, VA encourages eligible Veterans, Servicemembers, Reservists, and National Guard members to meet with several lenders to determine the best mortgage terms to meet individual needs and circumstances.

Program Requirements

Persons who may qualify for VA-guaranteed loans include:

Veterans 

Reserve and National Guard members (called to active duty)

Active duty Servicemembers

Current Reserve and Guard members (after six years of creditable service)

Certain surviving spouses

To be eligible, the Veteran/Servicemember must have been discharged under conditions other than dishonorable and meet the length of service requirements.

As a requirement for a VA home loan, the Veteran, the Veterans' spouse, or dependent child must certify occupancy for the property.

Manufactured Home Loan Insurance

Federal Housing Administration (FHA) insures mortgage loans made by private lending institutions to finance the purchase of a new or used manufactured home.

Buyers of manufactured homes may apply for a loan through an FHA-approved lender or through a lender's approved manufactured home dealer.

To obtain an FHA insured mortgage, contact an FHA-approved lender:

http://www.hud.gov/ll/code/llslcrit.cfm

Application Process

To apply, you will need a valid Certificate of Eligibility (COE). There are several ways to obtain your COE:

You may be able to obtain a COE online through eBenefits.

If you are unable to obtain your COE through eBenefits, check with your lender. In most cases, your lender will be able to obtain a COE for you using the Automated Certificate of Eligibility (ACE) program.