Cascade is proud to be one of the few lenders in the United States that offers VA modular and manufactured home loans with construction financing included in the loan. These loans are meant to honor American military members by making it easier to secure an affordable loan for modular and manufactured homes.
Facts about VA Modular & Manufactured Home Loans
VA modular and manufactured home loans are a special type of home loan, and they therefore have special rules and regulations. Although the Cascade loan officer assigned to your loan application can give you more specific details regarding your unique case, here are some things you should know about VA modular and manufactured home loans.
- VA modular and manufactured home loans are funded by the private lender but are guaranteed by VA.
- Interest rates are determined by the lender, but at Cascade, you can expect the same great interest rates that we offer for our FHA loans.
- A VA modular and manufactured home loan can cover 100% of the loan. This means you may be able to obtain your home with $0 down payment.
- VA manufactured and modular home loans do require a VA funding fee. The VA funding fee is used to help defray the costs of the VA Home Loan program. A disabled veterans may have their VA funding fee waived.
- While most veteran borrowers do have to pay the VA funding fee, none are not required to pay a monthly mortgage insurance fee. On a comparable FHA loan of $150,000, this saves the borrower $68 per month.
- Like other loans, the borrower must have satisfactory credit and the ability to repay (stable income, acceptable debt to income, etc). Cascade VA loan borrowers should have a 620 minimum credit score; however, if your score is below this threshold, however, you may still qualify for a Cascade FHA loan.
- Veterans who have had a foreclosure or bankruptcy must wait two years from the finalization date to qualify for a VA modular or manufactured home loan.
- In some cases, the seller will pay the closing costs, as much as 4% of the contract sales price.
- To qualify, the modular or manufactured home must meet HUD and local codes.
- The home appraiser is selected independently by the VA, meaning the lender has little or no control over the appraisal process.
- The veteran must certify that he or she will be personally occupying the property as a primary residence.
These are some of the main facts about VA manufactured home loans but you can also learn more in the VA lenders handbook.
Cascade VA Modular and Manufactured Home Loans
Obtaining a VA manufactured home loan from Cascade is a similar process to our other loan products – prequalification, preapproval, contract, underwriting and closing. We also must verify your eligibility for the VA loan program.
Cascade’s staff is friendly and eager to help you understand the process of obtaining a VA modular or manufactured home loan. After you sign the initial application and disclosures, your loan file is transferred to a dedicated loan specialist who will work with you one-on-one, answering your questions and seeing your loan through to closing.
Cascade is proud to support the U.S. military with VA modular and manufactured home loans that are otherwise difficult to obtain. Contact us at 877-869-7082 to learn more about our VA modular and manufactured home loan programs, or get started right away by filling out our online application.