VA Manufactured Home Loans are available in Delaware. Veterans with a certificate of eligibility can obtain home loans for manufactured homes. The home needs to be a Class C; real property. The title needs to be retired and the home and land taxed together.
Credit scores of 500 and above are allowed. There is no down payment and the seller can pay all of the closing costs for the buyer. If the Veteran receives at least 10% disability income from the military, there is no up front funding fee. Other wise an up front funding fee is added to the loan amount. No private mortgage insurance is required.
Manual underwriting for borrowers with no credit scores is allowed with several good credit references. The main credit reference will be the current housing payment.
Fixed interest rates are available on 15, 20, 25 and 30 year terms. And, 3/1 and 5/1 adjustable rate mortgages are also available.
If the Veteran already owns a manufactured home, cash out refinances are available at attractive interest rates up to 100% of the appraised value.
This is the second article in a series regarding loans for manufactured homes in Delaware.
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