| Will VHDA finance manufactured homes?
Yes—both types! This includes modular and manufactured homes.
| Why does VHDA have Mobile Mortgage Offices?
We decided in 1996 that the most efficient way to make VHDA’s affordable home loans available to folks living in rural area of Virginia would be to have an “office on wheels” that could provide easily accessible information to prospective first-time homebuyers about the best way to finance decent, affordable homes. VHDA is the only housing finance agency in the U.S. that provides mobile mortgage offices.
| What should I know about modular homes?
These types of single family homes, built to state building codes and delivered to the site in modular sections, are acceptable for all financing types subject to the approval of the mortgage insurer. Modular homes are eligible through all VHDA loans under standard property requirements.
| What should I know about manufactured homes?
These homes are built on wheeled chassis to federal Manufactured Home Construction Safety Standards administered by HUD. Although the chassis remain a basic structural element, wheels, axles and trailer hitches must be removed. The foundation must be permanently attached and anchored per manufacturer specifications and/or state and local building codes with full perimeter walls with brick or block skirting. Piers must be either mortared block or bonded (not dry stacked).
| What is a Mobile Mortgage Office?
The VHDA Mobile Mortgage Office is a converted recreational vehicle complete with computer equipment, a customer-friendly environment and an experienced home loan officer.
| Is there a maximum lot size for VHDA?
Yes. The maximum lot size for VHDA financed properties is two acres, but exceptions may be made to permit lots larger than two acres, but no larger than five acres.
| Can VHDA help me if I don’t have a Credit Score or credit history?
Yes. Applicants with limited credit files or no credit score can demonstrate a satisfactory repayment history through non-traditional creditors. For conventional loans, this requires a minimum of three (3) credit references verified within the most recent 24-month period.
| Are there other requirements to apply for VHDA loans?
Yes. Our free Homebuyer Class is required if you're applying for a VHDA home loan. If you're buying a house with your spouse or another person who will legally share the financial responsibility for making mortgage payments, then both of you must complete the class prior to loan approval in order to qualify for a VHDA mortgage.
| Are there exceptions to VHDA’s “first-time homebuyer” requirements?
Yes! A first-time homebuyer is someone who has never owned a home before, but can also be someone who hasn’t owned a home in the last three years. The first-time homebuyer restriction does not apply in Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties.
| Are different types of properties are eligible?
Yes! Although all properties financed by VHDA must be located in Virginia, all types of single family housing is eligible including stick built, modular, manufactured and condos. All must meet VHDA income and sales price loan limits.