As a Florida mortgage consultant, I get a lot of questions from realtors and clients alike. So, occasionally I like to share the questions I receive and answer them on the Florida Mortgage Blog. I recently received one such question from a realtor partner of mine who was helping a client shop for a manufactured home in Marion County, Florida. This particular client was a veteran, and qualified for mortgage financing with a Florida VA loan. Her question was: Can you get a VA loan for a manufactured home that has been moved from its original build site?
The short answer is: Nope.
The long answer is: Like conventional loans, VA loans require that the manufactured home (MFH) be built on or after June 15, 1976. All MFHs built after this date will have two very important certifications, which are also required for VA loan approval: 1) the Certification Label (a.k.a., the HUD tag) located on the outside of the home; and 2) the Data Plate, which is a piece of paper afixed inside the home (typically inside a kitchen cabinet or closet). TIP: Don't ever remove that piece of paper, manufactured homeowner! If you do, it could possibly make the resale of your MFH more difficult later on. They also require that the MFH's foundation be permanently afixed and that the home be on "real land" (not a land lease). If the MFH is ever moved from its original build site, it is no longer eligible for Conventional loans, VA loans, FHA loans, or basically any "traditional" mortgage financing.
I further explained to the realtor, that if a buyer really wants a MFH that has been moved from its original build site, then basically their best option is to buy it cash, or receive financing from a private bank via an installment loan (not a mortgage loan). This is not advantagous for most buyers, however, because an installment loan of that size would require a much higher down payment and, consequently, have a higher interest rate compared to current mortgage interest rates via conventional, FHA, or VA loans.
If you're a buyer looking to purchase a manufactured home, and you're not sure if you qualify, then get started today by filling out a secure online application. I have helped many clients buy a manufactured home in Florida, and it would be my pleasure to assist you in finding the best mortgage financing options available to you.
If you're a realtor with a question for your buyer, please don't hesitate to reach out. I don't have all the answers (far from it, actually), but if I don't know the answer, chances are I have the resources to help you find it, so you can, in turn, help your buyers.
NMLS #1682906
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