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

Allowable Loan Purpose

Maximum Loan

The loan amount is limited to:

An IRRRL to refinance an existing

VA loan on a permanently affixed manufactured home and lot

The sum of

·   the balance of the VA loan being refinanced, plus

·   allowable closing costs, plus

·   up to 2 discount points, plus

·   the VA funding fee.

Note:  This is the only type of permanently affixed manufactured home loan that does not require full underwriting and an appraisal.  The provisions applicable to IRRRLs apply (See section 1 of chapter 6) except the term of the loan may be as long as 30 years and 32 days.