aqtpie269 Posted January 12, 2005 Report Share Posted January 12, 2005 Hello agian .. We are trying to purchase home using our VA guaranty the home was listed modular (1983 was set on permant foundation with 3/4 basement) now saying mobile and lender says VA requires 20% down on mobile... Anyone know if this is VA standard or lenders ?? Should I shop around for better offer?? Thanks in advance... Link to comment Share on other sites More sharing options...
Helifixer Posted January 12, 2005 Report Share Posted January 12, 2005 HI aqtpie269. I am also purchasing a home thru VA. According my agent Va will only cover Mobles or Modular up to certain age. I think to 10 yrs max. I am not exactly sure so here is a link to VA Loan regs. http://cfr.law.cornell.edu/cfr/cfr.php?title=38&type=part&value=36Sounds more like that VA will not cover and bank wants to get you in with a conventional or different type of loan. VA Loans are made for no money down purchase. For Va to request 20% down does not sound right. What bank are you dealing with? If you don't mine me asking? Link to comment Share on other sites More sharing options...
aqtpie269 Posted January 12, 2005 Author Report Share Posted January 12, 2005 1st premier mortgage He also reffered us to a credit repiar who then called saying he could remove 6 lines increasing our score more than 20 points for 500 that is when I found this board and am disputing on my own. .. the home was built in 1983 I found a reference to va not considering modular the same as mobile so thought we would have no problem but now it seems this home is considered a mobile not modular.Have switched lenders now and they arent wanting to use VA either say better deal through USDA at 100% Great plains Mortgage .. Thanks for Info some of the Va regs can get confusing. Link to comment Share on other sites More sharing options...
firstsource Posted January 12, 2005 Report Share Posted January 12, 2005 I know the many reasons why people purchase a mobile home that has been converted into "real property", but long term, you are much better going with a stick build home. (or a well built Modular home)Buy something that will increase in value, as historically SFR's have. Remember, if you are having a problem getting a loan now, it may make for something hard to sell in the future.Charles Link to comment Share on other sites More sharing options...
amortgageman Posted January 12, 2005 Report Share Posted January 12, 2005 Shhhh...... Do not blow the secret here about USDA loans. They are fantastic. Pretty much these loans require the same credit qualifications as VA or FHA financing, but are restricted to rural properties, except there are maximum income guidelines that must be met. A USDA loan has a 1.5% upfront mortgage insurance premium, but no monthly mortgage insurance. (This can be less expensive than the VA funding fee, depending on the qualification of the borrower)(FHA charges 0.5% monthly mortgage insurance). This is what is making USDA a better deal. The only real disadvantage to USDA is the inability to streamline refinance. This is a purchase program only.Another advantage for USDA is the ability to make improvements to the home and have the costs of improvement added to the loan amount (as long as the loan amount is lower than the future appraised value). Now to differentiate between modular and manufactured......... If there is a steel frame, then it is manufactured. The cutoff dates on whether or not the home will qualify is 1976. In all cases, a manufactured home MUST be on a permanent foundation. Some lenders are picky when it comes to financing manufactured homes. Although not in the guidelines, some lenders will only do manufactured homes on new homes only. P.S. I had a lender request an appraisal yesterday for an FHA streamline, no appraisal, refinance. Go figure. Link to comment Share on other sites More sharing options...
aqtpie269 Posted January 12, 2005 Author Report Share Posted January 12, 2005 Thanks alot for all the info!! I was not aware of the USDA very good info!! We really are not concerned about resale it is in our home town less than 150 people house is in excellent shape regardless of mobile or modular very few homes in area with enough space for us and very low price of 34000 for 3 bedroom 2 bath and 3/4 basement can be used as 4th bedroom.. we would never plan to sale all our family in this little town it is best bet we would retire to this home once Hubby out of Army.. value of home will probalby never go up much because of area. 6 full fenced lots also roof and siding less around 7 years old.. Just what we need for price and the area we wanted to have home in. We were approve onine for loan of 60000 through lendingtree but they wont loan under 50000 that is why we are now shopping local lenders. Great plains mortgage says they can do 100% but will have to take care of a CO on CR to get loan then pay closing costs. Just not sure I can afford to pay for both !! Thanks and any more info or advice is greatly welcome!! 8) Link to comment Share on other sites More sharing options...
firstsource Posted January 13, 2005 Report Share Posted January 13, 2005 RE: FHA Streamline-Appraisal?Hope not. If they have paid their mortgage on time, that is it, right? Link to comment Share on other sites More sharing options...
Helifixer Posted January 13, 2005 Report Share Posted January 13, 2005 Wow. I leard something new today. Got to love this forum. Thanks firstsource for new info. I will keep your site on my fav. Link to comment Share on other sites More sharing options...
amortgageman Posted January 13, 2005 Report Share Posted January 13, 2005 RE: FHA Streamline-Appraisal? Hope not. If they have paid their mortgage on time, that is it, right?Text says CURRENT on mortgage, and lower the payment. Some may want twelve months on time (some will let one late pay slide, some say just current), regardless of other credit for streamline, no appraisal (as long closing costs added in do not exceed the original loan amount).That's the lender's law, not FHA. Real kisser is the LTV is about 65% now. The borrower has had the loan for 7 years, and is streamlining to a lower payment and 15 year mortgage, cutting 8 years of the loan.Make's it a nice day when you are a broker and can use a different lender. I still think most of them want to originate loans, don't they??? Link to comment Share on other sites More sharing options...
Recommended Posts