{"id":3514,"date":"2015-04-03T14:00:37","date_gmt":"2015-04-03T18:00:37","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=3514"},"modified":"2015-04-01T09:46:18","modified_gmt":"2015-04-01T13:46:18","slug":"va-loan-criteria-for-modular-home","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/va-loan-criteria-for-modular-home.html","title":{"rendered":"VA Loan Criteria for Modular Home"},"content":{"rendered":"

\"Modular<\/a>A criteria or guideline is always given whenever the construction of a modular home is financed by a lender or bank. The following criteria pertains to the criteria when applying for a VA loan for modular home construction.<\/p>\n

Modular Home must be Classified as Real Property<\/h3>\n

It\u2019s possible for modular\u00a0homes<\/a> to be classified as a vehicle, or personal property, instead of real property. When the home is transported to the site, it needs a vehicle\u2019s license to travel upon public roads, much like a travel trailer would.<\/p>\n

Modular Home must be Affixed to a Permanent Foundation<\/h3>\n

According to the VA lender\u2019s handbook, the modular\u00a0home<\/a> can\u2019t simply be left on the wheels it was transported on. It must be placed on a permanent foundation.<\/p>\n

A foundation not only supports the weight of the modular home<\/strong>, but also helps the structure withstand strong wind. Without a good foundation, the home could topple. In some areas of the country, VA even requires hurricane ties to be installed on the home per local code.<\/p>\n

Conforming to Minimum Property Requirements<\/h3>\n

According to the VA handbook, the modular\u00a0home must be at least 10 feet wide and 400 square feet if a single wide, or 20 feet wide and 700 square feet if a double wide to be eligible for financing.\u00a0 There is no age restriction for the manufactured home.<\/p>\n

Beyond manufactured home-specific requirements, VA sets forth general Minimum Property Requirements<\/a> for any home that is financed with a VA loan. The overall goal of MPRs is to ensure that the veteran is buying a home that is livable and free from major defects.<\/p>\n

Conforming to Local Building Codes<\/h3>\n

Counties, cities, and states have building codes that all structures must adhere to. For example, a county may require a certain amount of insulation in the home, or various standards for electrical wiring. The manufactured home will have to adhere to these standards as well.<\/p>\n

In case you still have questions about modular homes, you may contact\u00a0Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile, you can check our\u00a0modular home price sheets<\/a>\u00a0by signing up to our\u00a0blog<\/a>.<\/p>\n

Topic: Modular Home Financing<\/h2>\n