Cascade Financial Services is proud to be able to offer VA loans for manufactured homes in Florida. We know that one-size-fits-all doesn't apply to financing a home, and we have worked hard to provide a variety of home loan programs for those in Florida. If you're exploring lending options, please don't hesitate to reach out to Cascade Financial Services to explore our VA manufactured home loan options. A member of our team would be happy to help answer any questions you may have.
VA (Veteran Administration) Loans
VA loans are designed to help veterans and service members become homeowners. Eligible surviving spouses may also qualify for a VA loan. These government-backed loans help get you the financial benefits you deserve and prove to be very beneficial in purchasing a home. There are certain requirements and eligibility criteria for manufactured home loans. A VA loan may help you get the house you want, while finding lending elsewhere may be difficult because of no down payment or less than a stellar credit score. VA loans have helped countless numbers of veterans find a home that they deserve and love.
To prove your veteran status, it's a good idea to obtain a copy of your Certificate of Eligibility (COE) from the Department of Veteran Affairs if you don't have one already. This will verify your service in the military to meet the requirements for a VA loan. You don't need to have it to start the application process, but you will need it before closing to ensure you do not delay your loan completion. Cascade Financial Services specializes in VA manufactured home loans in Florida and will be glad to talk to you about your options. Please give us a call or check out our website for more information.
VA Manufactured Home Loan Qualifications
Specific qualifications must be met to qualify for a manufactured home loan. These qualifications apply whether your home will be existing or brand new. The home must be attached to a permanent foundation to qualify for a VA loan. This allows the house to be classified as being real property in the state of Florida. This and other requirements will enable us to be confident that veterans and their families live in a sanitary, safe, and structurally sound home.
- The permanent foundation must meet HUD criteria and be classified as a dwelling.
- The manufactured home must have been constructed after June 15, 1976. This ensures that the home meets the Federal Manufactures Home Construction and Safety Standards.
- The homesite can't be located on an area of leased land. The land must be owned or come with a lien payable to a bank or title company.
- VA loans must be for a primary residence.
- These loans require a minimum credit score of 620, though Cascade Financial Services may finance you with a lower score.
Is Any Manufactured Home Eligible?
There are certain criteria that a mobile home must meet to be eligible for a VA manufactured home loan. These specific criteria include:
- The home must have a safe and sanitary waste disposal system.
- The home must have properly working electric, cooling, and heating systems.
- The roof must be considered to be in good enough condition to withstand the elements for the foreseeable future.
- The manufactured home must be an adequate size and show it will support living necessities.
- The home must have a continuous, clean water supply to the kitchen, bathroom, and laundry area.
- There must not be lead-based paint in the home.
- The entire house structure must be free of any wood-destroying insects, fungus, or dry rot.
- The manufactured home must be on a street that is easily accessible to be reached in the event of an emergency.
The appraisers will look for these, or other significant issues, that may cause future problems. They also want to ensure the home you're purchasing is safe, sanitary, and sound. If you have any questions about eligibility or wish to discuss a manufactured home, please reach out to Cascade Financial Services today.
What Are the Benefits of VA Loans?
There are numerous benefits of using a VA loan to purchase a manufactured home, including the following:
- There's a possibility that your loan will be 100% covered for a modular home, which means that no down payment will be required. For a manufactured home, the limit is 95% which means a 5% down payment will be required.
- Loans are guaranteed by the VA but are funded by private lenders.
- While there is a VA funding fee that must be paid, it can be financed. Disabled veterans can apply to have this fee waived.
- Comparable FHA loans require mortgage insurance while VA loans do not.
- The seller may pay the buyer's closing costs of up to 4%.
About Cascade Financial Services
Cascade Financial Services provides lending options to states across the country, including Florida. Our mission is to make homeownership attainable, regardless of what type of home you want to purchase. We're one of the most trusted manufactured home lenders in the industry, and with our friendly and eager lending experts, your dream is closer than you thought. We offer a wide variety of financing options, including VA loans. We offer competitive rates, loan programs designed to fit your specific needs, and in-house underwriting.
Our purchase process is easy. First, you have to connect with us. This is as easy as speaking to one of our loan experts about your loan options. We will then work on getting you prequalified for your loan. Once you're pre-qualified, start looking for a new home. We can recommend manufactured home dealers in Florida as well.
Reach Out to Cascade Financial Services Today
If you're interested in more information on VA manufactured home loans, reach out to the team at Cascade Financial Services today. One of our team members will be happy to get you the answers to your questions and provide you with information about applying for a loan in Florida. You can reach us online via our secure messaging service or by phone at 877-869-7082. You can even start the prequalification process online.