In our previous blog, we briefly touched on the fact that many veterans are missing out on homeownership opportunities because they believe the misconception that manufactured homes are not covered through VA loan programs.
While there are plenty of standards a manufactured home must meet to be eligible for VA coverage, this should by no means affect your decision to buy a manufactured home.
VA home loans for manufactured homes can be difficult to get from some lenders, but VA Nationwide is not one of them.
Why is it so difficult to get a VA mortgage loan for a manufactured home?
Despite the fact that many manufactured homes meet the VA standards they’re required to meet, many VA mortgage lenders still refuse to approve these loans.
Which loans a lender chooses to approve and which he chooses to disapprove is completely up to that lender, so this is not a VA issue; it is a lender issue.
If you’ve encountered a VA mortgage lender who would not approve your manufactured home loan, perhaps you’ve been working with the wrong lender.
When the lenders at VA Nationwide see a manufactured home, we see opportunity, but when most lenders look at a manufactured home, they see high risk and low profit.
Since the last recession, VA lenders have become consistently hesitant to approve manufactured home loans because of property depreciation and the risks of delinquency and foreclosure.
Others refuse because they don't know the loan guidelines, property guidelines, the proper reports required, and a myriad of other issues that could arise they don't know how to counteract.
If you decide to work with a VA Nationwide mortgage lender, you won’t encounter any such hesitation. Because we are a direct lending bank offering these loans in all 50 states, we have our own in-house underwriters that review to our guidelines.
We consistently close Manufactured Home Loans every day, and every day we get new applications specifically with this program. Marry that with seasoned Manufactured Loan Bankers, this makes us a powerhouse lender fighting on the side of the customer, thats you!
We do VA mortgage loans for manufactured homes.
We believe in doing everything we can to help our veteran clients and their families meet their real estate goals, whether those goals include a manufactured home or not.
Contact a VA mortgage lender at VA Nationwide today to learn more about your real estate options.