Increased Loan Amounts – CalVet raised their maximum loan amount for purchasing a Manufactured Home in a Mobile Home Park to $175,000 so many more homes could qualify without requiring a greater down payment to meet the difference. New and existing homes do qualify under these terms.

Interest Rates – CalVet’s current formula for determining the interest rate for purchasing a home in a park is essentially 1% higher than the current rate offered. Using Qualified Veteran Mortgage Bonds and Unrestricted Funds as the funding source, CalVet sets your available interest rate at either 6.95% or 7.20%. This is still lower than interest rates offered by other lenders for Manufactured Homes in Parks which makes CalVet a great option for manufactured home purchases.

Qualified Manufactured Homes in Parks – Nearly any Mobile Home Park is acceptable, including age-restricted parks for veterans 55 or older. Rent space charged by the park is calculated into your final payment. Some co-op parks are also eligible.

Down Payments – CalVet recently updated their rules on down payments for Manufactured Homes in Parks. In the old days, 3% did the job, but after the recent mortgage crisis, the rules were changed to create a greater investment from the borrower.

For a brand new or never-been-lived-in Manufactured Home, the down payment requirement is 10%. For existing Manufactured Homes in parks, the down payment is 15%.

Age Requirements – Another restriction that recently changed is the age of the Manufactured Home. Gone are the days of financing much older homes built in the 1970′s and 1980′s. Now, CalVet requires the age of the home does not exceed 20 years from today’s date.

In other words, this is a moving scale. As an example, if today is Februrary 12, 2010, the manufactured home must have been built between today and Februrary 12, 1990.