VA Manufactured Home Loan Calculator

Explore the convenience and affordability of VA loans for manufactured homes with our comprehensive loan calculator. If you're considering purchasing or refinancing a manufactured home, this powerful tool can help you estimate your loan eligibility and monthly payments. Discover how VA loans for manufactured homes offer flexible financing options tailored to meet the unique needs of homebuyers. With our user-friendly calculator, you can make informed decisions and embark on your journey towards owning the perfect manufactured home with confidence.

What is a Manufactured Home?

HUD has established building regulations to be followed when constructing a prefabricated house. The prefabricated home can be identified by its HUD tag, which is one of the effective methods.

These dwellings are built entirely in a factory and are constructed on wheels that can be removed after being towed to a permanent place, either privately owned or rented. Manufactured homes, or mobile homes or trailers, must have been built after June 15, 1976, and meet the Mobile Home Construction and Safety Act requirements to qualify.

VA Manufactured Home Down Payment Requirement

It's common knowledge that VA home loans are zero down payment, and that's true for new and existing homes. But did you know manufactured homes require a 5% minimum down payment?

Manufactured homes tend to have a higher default rate than stick-built or modular homes. Consequently, many VA lenders avoid financing manufactured homes. The VA Department of Veteran Affairs establishes guidelines for lenders who finance manufactured homes, and one of the lending rules is a 5% minimum down payment for a manufactured home.

Modular Home Requirements for a VA Home Loan

The home must meet certain requirements to be eligible for a VA home loan to purchase a modular home. These requirements include:

The modular home must be constructed on a permanent chassis that meets the manufacturer's requirements.
The home must be affixed to a permanent foundation that meets the VA's guidelines for a permanent foundation.
The home must have a minimum of 400 square feet of living space.
The home must be constructed and inspected per the local building codes and zoning requirements.
The home must be classified as real property and be located on a permanent site.
The borrower must own both the land and the modular home or have a lease for a minimum of 20 years.
A VA-approved appraiser must appraise the home to determine its Value and ensure it meets the VA's minimum property requirements.

It's important to note that modular homes that do not meet these requirements may still be eligible for a VA loan, but additional requirements and restrictions may apply.

Manufactured Home Requirements for a VA Loan

Manufactured homes are eligible for VA home loans but must meet specific requirements to be considered. Here are the basic requirements for a manufactured home to be eligible for a VA home loan:

The home must be classified as real property: To be eligible for a VA loan, the manufactured home must be classified as real property, meaning it is affixed to a permanent foundation and has a HUD data plate and certification label.
The home must be built after June 15, 1976: VA loans are only available for manufactured homes built after this date, as this was when HUD established construction and safety standards for manufactured homes.
The home must meet minimum size requirements: The manufactured home must have a minimum of 600 square feet of living space.
The home must be the borrower's primary residence: The manufactured home must be intended as the borrower's primary residence and cannot be used as a Vacation home or investment property.
The borrower must meet credit and income requirements: As with all VA loans, borrowers must meet credit and income requirements to qualify.
The manufactured home must be on a permanent foundation: The manufactured home must be permanently affixed to a foundation that meets HUD guidelines.
The home must be taxed as real estate: The manufactured home must be taxed as real estate, not personal property.

It's important to note that lenders may have additional requirements beyond these basic ones, so borrowers should speak with their lenders for specific information on VA loan requirements for manufactured homes.

VA Manufactured Home Loan Terms

Another requirement for manufactured housing is the loan term. The VA loan program offers 30 and 15-year repayment terms. However, manufactured homes have a shorter repayment term.

Here's a chart that illustrates the loan term for a manufactured home.

Manufactured home scenario	Maximum VA loan term
Double-wide manufactured home	23 years and 32 days
Double-wide manufactured home plus land	25 years and 32 days
Land purchased for a home you already own	15 years and 32 days
Single-family manufactured home and land purchase	20 years and 32 days

VA Manufactured Loan Calculator

Use our handy calculator tool to calculate your mortgage payment on a VA-manufactured home loan. Enter your loan amount, interest rate, and loan term, and we'll do the rest!

Note: The minimum down payment for a VA mobile home loan is 5%.

Learn more about VA backed manufactured loans


	Manufactured Home Calculator	Maximum VA loan term
	Double-wide manufactured home	23 years and 32 days
	Double-wide manufactured home plus land	25 years and 32 days
	Land purchased for a home you already own	15 years and 32 days
	Single-family manufactured home and land purchase	20 years and 32 days



	Sales Price
	Down Payment
	Interest Rate
	Loan Amount
	Monthly Payment

SOURCE: