Buying a home with a VA loan is a great way to get the house of your dreams at an affordable rate. The loan can be used to finance the purchase of many different home types and one of the most popular options for homebuyers looking to spend less is a mobile home. Financing a mobile home with a VA loan is possible. But there are a few key things you need to know about before you start looking at these non-traditional home types.
The Mobile Home Must Meet VA Requirements
When you use a VA loan to buy a home, you’re expected to choose properties that meet or exceed the requirements set forth by the VA. Mobile homes are no different. The house itself must be in livable condition with functioning electrical, plumbing, and heating systems. The roof and structure should also be in good repair and not at serious risk for damage or problems. These are the basic requirements that all VA-financed homes should meet before you can get the money you need.
Mobile homes take things one step further. They must be permanently and properly affixed to a permanent foundation.
What a Permanent Foundation Means
Mobile homes are unique in that you’re able to get them delivered to a piece of property. They’re built off-site and after the crew assembles the house, you’re able to move in without issue. Unfortunately, many mobile home builders install these homes on dedicated pads. The house sits off the ground but can still be patched into standard utilities without a problem…unless you’re trying to use a VA loan to finance the purchase.
Unfortunately, those fast installations mean you won’t be able to use a VA loan to buy the mobile home. The VA expects the mobile home to have a permanent foundation. This means a concrete slab or approved cinderblock foundation only. If you’re thinking of buying a home with a VA loan and know that the mobile home in question isn’t mounted on a foundation, you’ll need to continue your search.
You Can Always Buy a New Mobile Home
Remember, you don’t have to buy a pre-installed mobile home to use a VA loan. You can still use the loan to finance the purchase and installation of a new mobile home. When you do, you’ll be able to make sure the house fits the VA’s requirements from the get-go. If you’re ready to start exploring your home loan options, don’t wait. Contact our team to discuss your needs today.
