Have any of you used your VA Loan to purchase land and a Modular home?

SFC Private RallyPoint Member — Sat, 11 Sep 2021 22:37:32 -0400

I'm speaking Modular NOT Manufactured. How did the process go? Any insight is appreciated. Thank you.

Response by PO1 Jamie Springman made Sep 12 at 2021 1:39 AM

PO1 Jamie Springman — Sun, 12 Sep 2021 01:39:26 -0400

I have not done it myself but I have some friends that have tried. For you it depends on some information. 1- are you buying the land with the modular home already there? 2- are you looking to buy the land and build the home at the same time? 3- are you wanting to buy the land and build the home at a later date? If you answered yes to #1 then, yes you can get a VA loan, and its pretty standard. If you answered yes to #2 then, yes you can get a VA loan but there are far more restrictions such as (but not limited to) builders, plans, and building sites must be VA-approved, require several inspections, and the builders must provide at least a one-year warranty. Finally, if you answered yes to #3 then, no, VA loans can not be used to buy vacant land. You need to talk to an approved VA lender in your area, they will have all of the information you need and you can get the info before ever applying for a loan.

Response by MSG Randall Rankin made Sep 14 at 2021 7:51 AM

MSG Randall Rankin — Tue, 14 Sep 2021 07:51:38 -0400

Please be very aware of what terminology you use. Modular and manufactured are NOT the same!

Response by MSG Randall Rankin made Sep 18 at 2021 10:19 AM

MSG Randall Rankin — Sat, 18 Sep 2021 10:19:57 -0400

Went as well as could be expected. Had to get a structural inspection because the basement floor was poured in one slab and it was cracked (a normal occurance). It really all depends on the inspector.