{"id":3514,"date":"2015-04-03T14:00:37","date_gmt":"2015-04-03T18:00:37","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=3514"},"modified":"2015-04-03T14:00:37","modified_gmt":"2015-04-03T18:00:37","slug":"va-loan-criteria-for-modular-home","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/updatedsite\/?p=3514","title":{"rendered":"VA Loan Criteria for Modular Home"},"content":{"rendered":"<p><a href=\"http:\/\/legendaryhomesinc.com\/blog\/financing\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-3198 alignright\" src=\"https:\/\/legendaryhomesinc.com\/updatedsite\/wp-content\/uploads\/2015\/02\/ranch-home-with-garage-300x180.png\" alt=\"Modular Home Financing and Floor Plans Jackson MI\" width=\"300\" height=\"180\" data-wp-pid=\"3198\" \/><\/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<h3>Modular Home must be Classified as Real Property<\/h3>\n<p>It\u2019s possible for <a href=\"http:\/\/legendaryhomesinc.com\/blog\/modular-home-floor-plans-options\">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<h3>Modular Home must be Affixed to a Permanent Foundation<\/h3>\n<p>According to the VA lender\u2019s handbook, the <a href=\"http:\/\/legendaryhomesinc.com\/blog\/modular-home-floor-plans-options\">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<p>A foundation not only supports the weight of the <strong>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<h3>Conforming to Minimum Property Requirements<\/h3>\n<p>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<p>Beyond manufactured home-specific requirements, VA sets forth general <a href=\"http:\/\/legendaryhomesinc.com\/blog\/financing\">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<h3>Conforming to Local Building Codes<\/h3>\n<p>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<p>In case you still have questions about modular homes, you may contact\u00a0<a href=\"http:\/\/legendaryhomesinc.com\/ModularHomePrices\/\" rel=\"nofollow\">Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile, you can check our\u00a0<a href=\"http:\/\/legendaryhomesinc.com\/ModularHomePrices\/\" rel=\"nofollow\">modular home price sheets<\/a>\u00a0by signing up to our\u00a0<a href=\"http:\/\/legendaryhomesinc.com\/blog\/\">blog<\/a>.<\/p>\n<h2>Topic: Modular Home Financing<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>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. Modular Home must be Classified as Real Property It\u2019s possible for modular\u00a0homes to be classified as a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30,31],"tags":[389,401,412,425,451,466,622],"class_list":["post-3514","post","type-post","status-publish","format-standard","hentry","category-modular-homes","category-mortgage-lenders","tag-modular-home","tag-modular-home-buying","tag-modular-home-cost","tag-modular-home-financing","tag-modular-home-michigan","tag-modular-homes-2","tag-va-loan"],"_links":{"self":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/3514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3514"}],"version-history":[{"count":0,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/3514\/revisions"}],"wp:attachment":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}