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.