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I am a disabled veteran and I have a credit score of 629 is it possible to get a VA loan?

I would like to buy a mobile home on its own land. I am 80% disabled and never used my VA loan.
  • December 22 2013 - Hendersonville
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Answers (8)

There is obviously a lot more information an lender will need to determine whether or not you will qualify for a loan. However, that credit score would be OK and the fact that you are disabled may qualify you for a reduced, or waived, VA funding fee.
  • December 23 2013
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Thomas, Thank you for your service and I echo Cory, You can use your VA loan to purchase a home that is either a modular home or a stick build home.  I am in the Johnston County area and we have several dealers that offer modular homes.

The biggest difference between a modular home and manufactured is that the modular home is built in a factory and placed on a permanent foundation immediately.  Manufactured homes are mobile unless placed on a permanent foundation.

I will be happy to assist you in this process.  You may contact me via private message.

  • December 22 2013
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sorry I had trouble posting the whole response for some reason...

Thomas, Fist thank you for your service!  My father was in the military for 23 years so I more than most understand the sacrifice you made.  Thank you!!!

 Your credit score will not prevent you from obtaining a VA loan assuming it is the middle score of a tri-merged credit report.  With your disability your VA funding fee will also be waived.  Usually 2.15% (approx) of your loan amount.

 --Here is the guideline as it is stated in the VA lender handbook.

To be eligible for a VA loan term of 30 years, a manufactured home must be:

•   classified and taxed as real property

•   properly affixed to a permanent foundation (Section 12.10)

•   substantially conform with VA MPRs (Chapter 12), and

•   conform with applicable building code and zoning requirements for real estate.

The further guidelines mentioned are quite lengthy, also each property will be different and giving you a uniform answer based on you owning the land is near impossible.  Also one major hurdle you will encounter often is that you need a lender who does not have an overlaying condition to the VA guidelines that prevent them from working with a mobile home or a lower credit score.

VA loans are great for in that you can do 100% financing with no mortgage insurance.  I would suggest talking to someone like Hamp Yonce about seeing what you could get per-qualified for as a regular home and compare the payments to the mobile home... keep in mind that lenders willing to offer loans on mobiles find them more risky and in turn usually have higher interest rates so you might be suprised at what you will be able to afford.

Good Luck!

 

Cory

  • December 22 2013
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Thomas, Fist thank you for your service!  My father was in the military for 23 years so I more than most understand the sacrifice you made.  Thank you!!!

 Your credit score will not prevent you from obtaining a VA loan assuming it is the middle score of a tri-merged credit report.  With your disability your VA funding fee will also be waived.  Usually 2.15% (approx) of your loan amount.

 --Here is the guideline as it is stated in the VA lender handbook.

To be eligible for a VA loan term of 30 years, a manufactured home must be:

•   classified and taxed as real property

•   properly affixed to a permanent foundation (Section 12.10)

•   substantially conform with VA MPRs (Chapter 12), and

•   conform with applicable building code and zoning requirements for real estate.

be different and giving you a uniform answer based on you owning the land is near impossible.  Also one major hurdle you will encounter often is that you need a lender who does not have an overlaying condition to the VA guidelines that prevent them from working with a mobile home or a lower credit score. 

Good Luck!

 

Cory

  • December 22 2013
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A Real Estate Agent will be nearly useless if you're intent on buying a manufactured home. You're also located in the heart of manufactured home country. Have you spoken to any manufactured home dealers. In your case, I would probably check with the nearest Clayton Homes dealer.

On the other hand, I wouldn't waste my VA entitlement on a manufactured home, unless it was a crane-set, true modular home. I'd be way more likely to call Sharon Lewis, and see what she could help me get into.

The company I work for has an office in Charlotte. We do VA and MH loans. Contact me by email, through my profile, and I'll help get you pre-approved, if it is possible. The credit scores are low. There are possibly ways to improve them, quickly. There are also many other considerations, beyond your credit scores.
  • December 22 2013
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My suggestion would be to speak with your Realtor and ask for recommendations for a lender who is familiar with VA loans. Also check out the VA home loan page for some extra information. http://www.benefits.va.gov/homeloans/
  • December 22 2013
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  • December 22 2013
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I went to a first time home buyer class last week, and the speaker stated that with a VA , the min credit score is 600 and none VA is 640.
  • December 22 2013
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