+1 vote
The double wide mobile home is one year too old for a Reverse Mortgage.  Want to replace it with a new one.  I gather I can cash out close to 100%, buy it back, with the right lender.
asked Nov 28, 2017 in VA Loans by William Warren

1 Answer

+1 vote
The VA does allow cash-out refinancing on mobile homes, provided they are classified as real property (you pay property tax, not vehicle tax), and are on a permanent foundation on land that you own. If you rent the site in a "deluxe park," you can't do a VA cash-out refinance. if you own the lot, however, you may be eligible. Understand, however,at although the VA allows lenders to approve cash-out refinances on manufactured homes to 100 percent, it is very difficult to find a lender that will actually make that loan. If you want a new home, you're probably better off selling the old one and using the cash as a down payment for the new one.
answered Nov 29, 2017 by GinaPogol (47,650 points)

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