b. Allowable Loan Purposes and Calculation of Maximum Loan Amount (continued)

Allowable Loan Purpose

Maximum Loan

The loan amount is limited to:

To purchase a manufactured home and a lot to which it will be affixed

The lesser of

·   the total purchase price of the manufactured home unit and the lot plus the cost of all other real property improvements, or

·   the purchase price of the manufactured home unit plus the cost of all other real property improvements plus the balance owed by the veteran on a deferred purchase money mortgage or contract given for the purchase of the lot, or

·   the total reasonable value of the unit, lot, and property improvements, plus

·   the VA funding fee.

To refinance an existing loan on a manufactured home and purchase the lot to which the home will be affixed

The lesser of

·   the sum of the balance of the loan being refinanced plus the purchase price of the lot, not to exceed its reasonable value plus the costs of the necessary site preparation as determined by VA plus a reasonable discount on that portion of the loan used to refinance the existing loan on the manufactured home plus authorized closing costs, or

·   the total reasonable value of the unit, lot, and real property improvements, plus

·   the VA funding fee.