TIME TO TAKE A NEW LOOK AT MOBILE-HOME FINANCING

THE VETERANS ADMINISTRATION (VA) GUARANTY ON MOBILE-HOME LOANS HAS BEEN RAISED TO 50 PERCENT, IN ACCORDANCE WITH PUBLIC LAW 94-324. THE GUARANTY REPLACES THE NEED FOR A DOWNPAYMENT AND FINANCING IS SET UP AS AN INSTALLMENT LOAN. ALL VETERANS WHO SERVED ON OR AFTER SEPT. 16, 1940 ARE ELIGIBLE. LOAN M...

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Bibliographic Details
Published in:ABA banking journal 1976-08, Vol.68 (8), p.68
Main Author: Coon, Robert C
Format: Magazinearticle
Language:English
Subjects:
Finance
Home financing
Home loans
Houses
Housing
Interest rates
Mobile
Mobile homes
Veterans
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Summary:THE VETERANS ADMINISTRATION (VA) GUARANTY ON MOBILE-HOME LOANS HAS BEEN RAISED TO 50 PERCENT, IN ACCORDANCE WITH PUBLIC LAW 94-324. THE GUARANTY REPLACES THE NEED FOR A DOWNPAYMENT AND FINANCING IS SET UP AS AN INSTALLMENT LOAN. ALL VETERANS WHO SERVED ON OR AFTER SEPT. 16, 1940 ARE ELIGIBLE. LOAN MAXIMUMS ARE $12,500 FOR A SINGLE-WIDTH AT 12 YEARS AND 32 DAYS, AND $20,000 FOR DOUBLE-WIDTH AT 20 YEARS AND 32 DAYS. LOAN MAXIMUMS ARE INCREASED IF A LOT IS ALSO BOUGHT ALONG WITH THE MOBILE-HOME. USED MOBILE HOMES ALSO QUALIFY. INTEREST-RATE CEILINGS ARE 12 PERCENT SIMPLE INTEREST ON THE SALE OF THE MOBILE HOME ALONE AND 8 1/2 PERCENT ON THE MOBILE HOME PLUS A LOT. THE VA DOES HAVE CERTAIN LOAN PARAMETERS THAT LENDERS MUST ADHERE TO. FOR MORE INFORMATION, LENDERS SHOULD CONTACT 1 OF THE 49 VA LOAN GUARANTY OFFICES ACROSS THE U.S. LIST.
ISSN:0194-5947
0005-5492
2161-5101