Former Vets looking to buy first home with our VA Loan. Need lots of advice.

Asked by Anna Griffin, Athens, TX Tue Jul 26, 2011

My husband and I are looking to buy our first home, we're a family of four so we're in need of our own space. We had a harsh transition into the civilian world, long story short, the money we had set aside was pretty much gone within a few months, that plus the current condition of the job market really hit us hard. Right now my husband has a steady paycheck and I will start to go to school next month so I will receive my GI Bill benefits. We have our eyes on a manufactured home that is only $35000, we think it's the best choice for us. We have heard that it's hard to get approved for a VA loan to buy a manufactured house, does anyone have any tips, pointers or info that might help us out? thank you so much in advance. Have a great day!

Anna

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Miers James, Agent, Longview, TX
Tue Jul 26, 2011
Above any other step, you should talk to a mortgage professional that has extensive VA lending expertise. Once you have addressed the financing, the rest of the process can fall into place.

Two particular lenders come to my mind:
1) Rodney Malone - Supreme Lending - 903-446-9000 - http://www.rodneymalone.com
2) Deborah Parrott - Network Funding - 903-247-3864

Either of these would be an excellent resource for navigating your way to home ownership.

James E. Miers
Miers Real Estate Group, LLC
903-212-8787 - Office
903-746-4422 - Mobile
james@miersrealestategroup.com
1 vote
Jack Gillis, Agent, Dallas, TX
Wed Jul 27, 2011
To be eligible for a VA loan term of 30 years, a manufactured home must be
• classified and taxed as real property (whells removed and permanently affixed to ground)
• 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.

Some mortgage brokers will not want to do a loan that small so you may want to speak with a lender at a regional or national bank, as they will do a loan for $35,000 (assuming all other requirements or met.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes
Gerard Carney, Agent, Spring Hill, FL
Wed Jul 27, 2011
You need to go sit down with a local Realtor and have this chat! this is really not the place nor the start off point. Go sit down with a good agent and get some great advice, so guidance and loads of information!
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Jul 27, 2011
First of all, thank you for serving!
I was in the Navy during Nam, and NO ONE said that to me. I can appreciate what you are going thru.
Thank you.

The VA office is a safe harbor for us Vets: They really care about us and want to help. Everthing from the loan to suggestions about Realtors and Title Companies. Lean on them, use them, rely on them.
If they won't loan on Manufactured Homes, you need to know that before you go further. If they don't allow it, going to a VA Lender won't help.

You understand that this house is just a stepping stone; go with it. You will not be using up your VA eligibity and you can apply to have the total reinstated later, when you are through with this house.

Please use a Realtor to help you, they are free and you be glad.

Good luck and may God Bless
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Jul 27, 2011
You won't know about approval till you contact a mortgage broker. If you belief is a manufactured home stop by one of their lots speak direct with a sales agent

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
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