Modular Home Financing

Modular home financing is different than financing a "stick built" home. Unfortunately, not all construction lenders are set up to handle the different requirements involved in modular home financing. Most will try to make your project "fit" their loan program, rather than fitting the modular home financing program to the unique requirements of your project.

Modular home financing packages offer many advantages and payment options.

Fixed or adjustable interest rates
No typically higher rates for interim financing
Eliminate a second set of closing costs with a single close Construction/Perm loan
Use the equity in your land as down payment
Finance up to 95% of the appraised value (includes your land and the value of the home)
Construction periods are available up to one year
During construction, payments are interest only and only on the funds disbursed
Draw schedules are customized to meet the unique needs of the modular home builder. Your dealer wants to be paid when the package is delivered. Our lenders understand the process and will work with the dealer to ensure there are no delays.
Appraisal comps do not have to be modular construction if none are available in your immediate area

Several Modular Home Financing options include:

One Time Close Modular Home Financing Single Rate. "One Step" program which protects you against increasing rates and extended lock fees. Interest only fixed rate during construction and modifies into a permanent loan after construction. Great flexibility and low rates on ARMs.
One Time Close Modular home financing Prime Rate Based. "Two Step" program allows you to borrow up to 95% of your total cost for a Principal Residence and up to 90% on a Vacation Home. Based on the Prime Rate during the construction period with interest only collected on funds disbursed. Allows a 12 month construction phase.
Lot Loans. Designed for those who found the perfect lot but are not ready to build.

I have written a newsletter covering construction/perm loans.

I have a list of modular home financing documentation needed to process your loan.

There is a new page detailing modular home financing loan fees.

I have detailed information on extended interest rate locks with a float down option.

I have a page on calculating mortgage modular home financing qualification ratios.

I have included detailed Frequently Asked Questions and common misconceptions about the process of building your home with modular home financing.

We offer the ability to qualify and close a modular home financing loan into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my No Docs page.

One final but important note. Construction loans are complex and are a specialized area of mortgage lending. I have many years of experience in construction loans and in most years will close in excess of $3,000,000 of these loans. As an experienced mortgage broker, I have access to most construction loan programs available today and will research the market for the construction loan program which makes the most sense for you. I prefer to analyze your goals and financial situation before I recommend a loan program but I will always make sure you clearly understand the options available to you. I stay with my clients from the beginning to the end of the project. If there is an issue with the lender, I will intercede on your behalf. I work for you, not the lender.

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As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.

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