Copyright 2007 modular resource home
Modular Home Financing
When talking about financing for a modular home it is important to reiterate
the fact that a modular home is different than a mobile home or other
manufactured home that is built to HUD standards. A modular home is built to
the standard of the state and locality that it is built on, so a modular home
loan is treated the same as a loan for a site built home that would be built in
the same location. Therefore, modular home financing options are exactly
the same as they would be for a traditional site built home. The purchase of
an existing modular home requires a traditional mortgage just like you would
have with a site built home. If you are building a modular home on your
land, your modular home financing will consist of a construction loan.
Modular Home Construction Loan
A modular home construction loan is essentially the same as a construction
loan for a site built home, but there are a couple areas that may differ slightly.
In a loan like this, the borrower submits the plans and proof of land
ownership and enters into a loan for the total amount needed to build the
home. The builder is paid in draws at different stages as construction is
completed. The loan payment would be calculated on the amount of that has
been paid to the builder at each interval, although the borrower usually
doesn't make their first payment until the completion of the house. One
difference of modular home construction is that a modular home takes much
less time to complete, which means that there will probably be less draws.
Another difference is that since the majority of the construction of a modular
home takes place at a factory while the remaining work is done by an
independent builder, the company that manufactures the modular home will
often expect a payment for the entire amount of the home at the time that it is
delivered to the site. Once the home is completed, the construction loan
used in financing your modular home can be converted to a traditional home
mortgage.
When talking about financing for a modular home it is important to reiterate
the fact that a modular home is different than a mobile home or other
manufactured home that is built to HUD standards. A modular home is built to
the standard of the state and locality that it is built on, so a modular home
loan is treated the same as a loan for a site built home that would be built in
the same location. Therefore, modular home financing options are exactly
the same as they would be for a traditional site built home. The purchase of
an existing modular home requires a traditional mortgage just like you would
have with a site built home. If you are building a modular home on your
land, your modular home financing will consist of a construction loan.
Modular Home Construction Loan
A modular home construction loan is essentially the same as a construction
loan for a site built home, but there are a couple areas that may differ slightly.
In a loan like this, the borrower submits the plans and proof of land
ownership and enters into a loan for the total amount needed to build the
home. The builder is paid in draws at different stages as construction is
completed. The loan payment would be calculated on the amount of that has
been paid to the builder at each interval, although the borrower usually
doesn't make their first payment until the completion of the house. One
difference of modular home construction is that a modular home takes much
less time to complete, which means that there will probably be less draws.
Another difference is that since the majority of the construction of a modular
home takes place at a factory while the remaining work is done by an
independent builder, the company that manufactures the modular home will
often expect a payment for the entire amount of the home at the time that it is
delivered to the site. Once the home is completed, the construction loan
used in financing your modular home can be converted to a traditional home
mortgage.
Find Modular Lenders
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachussets
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Maine
Maryland
Massachussets
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Home
Modular Homes
Panelized Homes (SIPS)
Log Homes
Land For Sale
Green Building
Modular Home Prices
Mortgage Lenders
Mortgage Calculator
About Us
***New Sections***
Pre-Owned Modular Homes
Student-Buiilt Modular Homes
Timber Frame
ICF Homes (Insulated Concrete)
Modular Homes-Free-Info-Blog
Link to Privacy Policy
Modular Homes
Panelized Homes (SIPS)
Log Homes
Land For Sale
Green Building
Modular Home Prices
Mortgage Lenders
Mortgage Calculator
About Us
***New Sections***
Pre-Owned Modular Homes
Student-Buiilt Modular Homes
Timber Frame
ICF Homes (Insulated Concrete)
Modular Homes-Free-Info-Blog
Link to Privacy Policy