by Mary Beth Juergens I had the opportunity to speak during a session at the Iowa Manufactured Housing Association’s 65th annual meeting in Cedar Rapids held on November 12th. I want to again congratulate their entire association for organizing such an educational event. I enjoyed being among so many professionals with such enthusiasm and.
In 2015, federal prosecutors said Feazell decided she wanted to buy a mobile home. But she knew she. not meet Valex FCU’s credit requirements, federal prosecutors said. Feazell falsified documents.
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Regardless of what you may have heard, there are no 100-percent financing options for manufactured homes. All manufactured home loans require a down payment. However, your manufactured home loan approval is contingent not only upon whether or not you’re able to make a down payment, but also upon the amount you can afford to put down.
There are two types of manufactured homes – single wide and double wide. single wide homes must be at least 12 feet wide and double wide homes must be at least 20 feet wide. Both homes must have at least 400 square feet of living area to qualify as well. The site you will place the home on also plays a role in the financing.
Beyond manufactured home-specific requirements, VA sets forth general minimum property requirements 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.
According to the VA handbook, the manufactured home 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. There is no age restriction for the manufactured home.
VA Manufactured Home Loan Requirements According to the VA, a manufactured home must have permanent cooking, eating, sanitary, and sleeping facilities. It also must be lived in by the family year-round. Another important requirement is that the home must classify as real property.
FHA loans work the same way for manufactured or traditional homes: the required down payment is 3.5 percent if your FICO score is 580 or higher, and ten percent if it’s between 500 and 579. The.