Manufactured Homes

| January 1, 2010 | Core Information | No Comments

Manufactured Homes in Mobile Home Parks

Many times, the Veteran is looking to downsize to a smaller home or simply looking for a home at a reasonable price but cannot afford a single family residence or condo. The California Department of Veterans Affairs Home Loan Program (CalVet) offers financing for Manufactured Homes in Parks at low rates and reasonable terms.

Current Limits on purchasing a Manufactured Home in a Park include:

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 1.0% higher than the current rate offered. Using Pre-Ullman bonds as the funding source, CalVet sets your available interest rate at 6.50%. This is still very competitive with interest rates offered by most 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 requiring the borrower to invest a greater sum into the purchase.  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 not to exceed 20 years from today’s date.

For more information, please contact us at 800-734-5572. We look forward to helping you with your new home.