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Manufactured Home Purchases Available for Military Veterans

June 4th, 2014

According to themortgagereports.com, Veterans Administration (VA) loans for buying a home through the Department of Veterans Affairs are often the least expensive route for homeownership for current and former U. S. military personnel. VA loans allow up to 100 percent financing with no required mortgage insurance and can be used to buy manufactured homes (MH). The program, which has helped millions of veterans and service personnel in the last 70 years, covers primary residences, not investment property or second homes. The VA does not make the loan, it only insures a portion of the loan, MHProNews has learned. The VA Guaranty gives lenders the backing to offer 100 percent LTV (loan-to-value) mortgages to qualified borrowers, but lenders have to meet certain guidelines set by the VA. Qualified borrowers can often obtain mortgage rates lower than those offered by Fannie Mae and Freddie Mac. ##

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