How to Buy a Modular or Manufactured Home with a VA Loan

Are you dreaming of homeownership but worried about the cost? What if I told you that a Modular or Manufactured home could be your ticket to an affordable, comfortable, and stylish living space-all with the help of a VA Home Loan?
In today's video, we're diving deep into how you can purchase these versatile homes, whether it's a Single Wide, Double Wide, Mobile Home, Trailer, or Prefabricated home, using your VA benefits. We'll break down the key differences between Modular and Manufactured homes, their specific requirements, and why they're a fantastic option for veterans. Stick around, because by the end of this video, you'll have all the knowledge you need to make your dream home a reality without breaking the bank!
Highlights:
- Differences between Modular and Manufactured Homes:
- Modular Homes: 80-90% completed in a factory and assembled on site to a permanent foundation.
- Manufactured Homes: Pre-built and attached to a fixed foundation.
Modular Homes:
- Typically treated as a Site-Home (conventional home).
- Requirements:
- Remove all running gear.
- Crawl space covered by vapor barrier.
- Skirting with an access hatch.
- Permanent foundation meeting state and local requirements.
Manufactured Homes:
- Generally less expensive than Modular Homes.
- Often referred to as “mobile homes” or trailers.
- Requirements for Used Homes:
- Must be built after 1976 (post-standards).
- Placed on a permanent foundation that can withstand supporting and wind-overturning loads.
- Must meet state and local requirements.
- Compliance with HUD Manufactured Home Construction and Safety Standards.
- Square Footage Requirements:
- No less than 400 sq ft for a singlewide.
- No less than 700 sq ft for a doublewide.
Additional Insights:
- Pros and Cons:
- Cost and resale value comparison.
- Manufactured homes typically depreciate over time.
- Modular homes generally follow market trends like site-built homes.
- Building Codes:
- Manufactured homes follow HUD code.
- Modular homes follow site-built home standards.
- Size and Durability:
- Manufactured homes offer customizability.
- Modular homes may not hold up as well to high winds or hurricanes.
Why Choose a VA Loan?
- No down payment required.
- No PMI (Private Mortgage Insurance).
- Potential property tax breaks.
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DISCLAIMER: The content of VA Housing Education at Waterman Bank is meant for educational purposes only. We will not extend credit of any kind without speaking to a loan officer. Any calculations should be verified independently. This website should not directly be used to make decisions on home offers, purchasing decisions, is not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. The views expressed on this site and videos are those of the individual author and do not necessarily represent those of Waterman Bank and are not intended to provide legal or compliance advice. VA Housing Education at Waterman Bank is not affiliated with or approved by the VA, FHA or any other government agency. Contact Waterman Bank for your lending needs.
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[@user-dw3jo6lq5m]

Great info!

[@HomeOwnership1]

Thank you for watching!

[@josecolon8143]

Interesting.

[@King-ww1kz]

What would a barndominium be considered??

[@HomeOwnership1]

Yes you can as long at it meets state and local codes.

[@kiree79w65]

What is your advice about Crossmods?

[@vahousingeducation]

Thank you for watching! This is the first time I've heard of CrossMod. I checked them out, and from what I have read, they are just "higher-end Manufactured Homes." They came up with a different name to differentiate them from "manufactured homes" so people would be interested in them.

[@DewayneKimble]

Is there such a thing as triple wide?

[@vahousingeducation]

Great question! Yes - you can buy a triple wide and a two level home.