{"id":3515,"date":"2015-04-04T14:00:44","date_gmt":"2015-04-04T18:00:44","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=3515"},"modified":"2015-04-01T11:59:53","modified_gmt":"2015-04-01T15:59:53","slug":"key-factors-to-have-a-va-loan-for-modular-home","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/key-factors-to-have-a-va-loan-for-modular-home.html","title":{"rendered":"Key Factors to Have a VA Loan for Modular Home"},"content":{"rendered":"

\"Modular<\/a>VA loan for a modular home approval may be easier than many think. Understanding the key factors help you on the VA home loan process.<\/p>\n

VA Entitlement<\/h3>\n

Borrowers must, first and foremost, be eligible for VA loans for modular home<\/strong><\/a>. This means they must have satisfied the service requirements and have enough \u201centitlement\u201d available to be considered for a VA loan.\u00a0Entitlement is a word used to refer to the amount the VA will guarantee for a particular veteran borrower.<\/p>\n

Modular Home Property Eligibility<\/h3>\n

The lender’s handbook states that VA modular home<\/strong> loan benefits are to be used mainly for owner-occupied properties.\u00a0The VA lists single-family homes, VA-approved condos, townhouses and multi-family modular homes as properties generally eligible for VA financing.\u00a0The VA also guarantees the financing of modular homes<\/a> if they are attached to a permanent foundation; but not all lenders offer VA loans for modular homes.<\/p>\n

Length of\u00a0Occupancy<\/h3>\n

By law, VA borrowers must occupy the homes they finance.\u00a0VA borrowers must verify that they will occupy their homes within a reasonable time.\u00a0For most, this means within 60 days after closing.\u00a0Borrowers who are deployed away from home may receive an extension of up to 12 months. A spouse is the only relative that can satisfy the occupancy requirement in a VA-eligible borrower\u2019s stead.<\/p>\n

Income & Credit<\/h3>\n

VA-eligible borrowers must qualify for the loans they obtain. Veterans must have steady and ample income and satisfactory credit.\u00a0Lenders<\/a> are given some flexibility to decide whether a borrower is a safe credit risk within VA guidelines.\u00a0VA-approved lenders may set their own credit score minimums. The VA recommends borrowers have no more than 41% debt-to-income ratio and at least enough residual income to cover typical living expenses.<\/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