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Does a mobile home on leased land qualify for a VA loan

by joan.alvares929 from Irving, Texas. Jan 27th 2015 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

It really depends on your definition of "leased land".... if your talking about a MFH where you lease a space, then typically this will not work.. if your talking about a residential parcel that is leased and there is a MFH architecturally attached and meets HUD's "Real Property Standards", then so long as the lease is longer than the term of your mortgage, it is allowable.. Not every lender will allow for this but VA will so it might take some shopping to find that one lender.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 27th 2015
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Joan Gallardo (apply@clearlending.com)
#195 ranked lender in Texas - 23 contributions

I understand under certain circumstances you can do a VA loan with manufactured homes as long as land is leased longer than loan term.

Jan 27th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

You may be able to, as long as it meets certain criteria. More information would be needed.

Jan 27th 2015
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Unfortunately not. VA requires a mobile home to be affixed to a permanent foundation and classified as "real property". A mobile home on a leased space does not meet the real property requirement. I would be more than happy to assist you with a VA loan for a mobile home. Feel free to call, email, or text message me anytime. -Derrick Novakowski | Sr. Mortgage Banker | dnovakowski@novalends.com | 214-455-1780

Jan 27th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Standard VA loans require private property. A park, or other leased land generally would not apply.

Jan 27th 2015
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David Bailey, MBA (dbailey@westloan.com)
#219 ranked lender in Texas - 19 contributions

VA requires the home to be converted to "real property" which means you would own the land and the home. The rare case is certain places in CA, HI and a few other states where they have 100+ year leases that don't have a monthly fee. Generally you will see a $1 lease fee for the entire remaining term of the lease. You will likely be looking for an FHA Title 1 loan to be able to purchase the home on leased land. If you are purchasing inside a park, they should have lenders that will lend in their community. -DB

Jan 27th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Not in a MH park.

Jan 27th 2015
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