VA Home Loan Airstream?

[Philip34]

Anyone ever done it? I live in upper Northeast Washington, just a few miles south of Canada. I am looking for a 35-footer to live in forever. Obviously, I would buy a new one, if I could. Anyone ever bought a used one this way?

[overlander63]

Originally Posted by Philip34

Anyone ever done it? I live in upper Northeast Washington, just a few miles south of Canada. I am looking for a 35-footer to live in forever. Obviously, I would buy a new one, if I could. Anyone ever bought a used one this way?

Hi, and welcome to te forums. I seem to remember there being criteria that have to be met before VA will give you a loan.

[rettoc625]

Unless things have changed in the past 30 years, the VA doesn't actually loan the money, they just provide a guarantee to the bank in case the home owner defaults. Similiar to private mortgage insurance.

My first hubby and I got a VA/CHFA loan back in the late 70s. (CHFA is the Connecticut Housing Finance Authority that provides lower rates for first time home owners who meet certain income and credit guidelines.) We still needed to apply for a mortgage through a local bank that worked with those programs. Not all banks do. There was substantially more paperwork involved and the process took about a month longer.

The big plus for us at the time was 100% financing. At 21 we had no money!

The program may be different. It seems everything the government promised to veterans has changed since then.

Mary

[greywolf]

VA will not guarantee a loan for a camper, they are a depreciable asset, in the same catagory as a mobile home or vehicle. It'd be cool if they would, but the VA is going to insure the highest possible recovery in case of foreclosure. You could possibly build up equiety in a house and then get a 2nd mortguage to buy a rv but in this situation of high default/foreclosure rates it's going to get more difficult borrowing money unless one has high credit rating.

[jdalrymple]

Perhaps a reverse mortgage on your home, then by the time that is used up the trailer should be paid for.

[dwightdi]

VA and FHA demand the "house" meets many requirements before they will approve a loan. Many of those requirements can not be met by a portable home without any land rights. Many banks and other entities offer car type or RV loans which would have to be the way you would go. If you maintain a primary residence, you can still take the interest on the loan on the RV as a second residence, if it meets the IRS requirements.

[OTRA15]

BTW angelmike, your post from early this morning is probably awaiting approval from the admins, before it shows up here IMO.

Also, this thread is from 2007 for everyone's information.

Peter

FYI
FWIW

[eugene32]

Originally Posted by OTRA15

BTW angelmike, your post from early this morning is probably awaiting approval from the admins, before it shows up here IMO.

Also, this thread is from 2007 for everyone's information.

Peter

FYI
FWIW

IRS requires a mortgage type of loan where the RV is the collateral, before you can put the interest on your taxes. That along with it having a kitchen, bathroom, and bedroom.

[uraljohn]

There is also the question of funding the points on the loan. On a VA loan the seller is required to pay 2 points (2% of the loan value). The veteran is not permitted to pay this charge on the closing statement. Most of the time the cost is rolled into the selling price of the home. However, it still has to appraise.

If the veteran is using his/her VA Home Loan Benefit for the second time the points go to 21/2%. There are also inspections required for a VA loan qualification.

An RV most likely would not qualify for a VA loan.