VA Loans

[donjon19]

Hi,
I am new to this. My husband & I are looking into buying a new manufactured home in central florida in a 55+ community on a rented lot. He has been told the VA will not finance the home because it's on rented land. According to the VA website that shouldn't be a problem. Can anyone shed any light on this.

[rmurray]

At one time many lenders offered VA financing on manufactured homes but many vets took advantage of the $0 loans and defaulted..When they did the VA sustained huge losses. Over the years the program has changed and gotten much more rigorous on credit qualifying..Esencially the program does not exist especially for manufactured home in lease communities. Even with land home/packages VA program is nearly gone...The program still exists but there are no lenders I know of who market this type of finance...Vets are VERY vocal when vet programs are formally eliminated. The income and credit requirements almost eliminate all buyers...Years ago we used to finance E-2 and 3's in service..But now the income requirements require an in service vet to virtually be an officer.

Sorry but you will have to expect a downpayment..With good credit homes can be financed with as little as 5% downpayment..Good Luck