Financing Modular Homes
Construction loans for modular homes are similar to a conventional construction loan. The major difference between a site built home and a modular home construction loan is the number of draws and inspections require by the bank. The typical construction loan for a modular includes five draws. The first draw is often for the deposit of the home. Once the home is delivered and set on the foundation, the bank make an additional payment. Once the home is on the foundation, the bank will make payments for completion of the required tasks required to complete your home.
Financial Savings Building a Modular Home
An advantage of building modular home is the shorter construction period which can save you money on construction loan interest. Home world has been building modular homes for over thirty years and have relationships with both mortgage brokers and banks that can help you secure a construction mortgage to build your home in New Jersey, New York and Pennsylvania.