I am a servicemember or veteran. Will I be able to get a conventional or VA mortgage on a manufactured home?
VA-guaranteed home loans are available for manufactured homes, though maximum loan amounts vary. Please access the VA’s website or call 1-877-827-3702 for further assistance.
Manufactured homes are also eligible for government-insured loans offered by the Federal Housing Administration (FHA) and the Rural Housing Services (RHS) under the U.S. Department of Agriculture. As with conventional mortgages, there are many factors involved in determining the loan amount you will qualify for under these programs. These factors include:
- State laws
- Whether the home is attached to the land
- Whether you are also purchasing the land
- Neighborhood covenants
Make sure you consult more than one lender. Don’t take the deal offered by the company selling the home without careful comparison.
Also, keep in mind that manufactured home values have been known to drop faster than those for site-built homes. If you receive Permanent Change of Station (PCS) orders, it may be challenging to sell your manufactured home for enough to pay off your debt, even in a favorable real estate market. Moving the home to your new location may not be feasible or may be very expensive.
If you’d like advice as you consider whether to buy a manufactured home, consult your installation’s Personal Financial Management Program (PFMP) counselor, Legal Assistance Office or military housing office. You can find your nearest PFMP office online by selecting “Personal Financial Management Services” in the “Program or Service” drop-down box.