Financing

For the most part, modular homes are considered the same as traditional stick-built homes. They are both permanent structures and will appreciate in value over time. There are some small differences in financing a modular home.

If possible, you should first approach a mortgage company that has experience with modular homes. Otherwise, you may encounter some headaches as the inexperienced mortgage company tries to catch up with and learn about modular homes. They may try to fit your modular home project into one of their predesigned loan packages instead of having a proper matching loan package to start with.

Financing is dependent on whether you are financing a Modular home or a manufacture home. A modular home will always be on your own land where as a manufactured home could be on leased land in a community or on your own land. If it is on leased land you would need a Chattel loan or Chattel financing, which is personal property financing on the home and is not tied to the land. Depending on which type of home you are looking at purchasing and where you are placing the home will determine the direction of financing we recommend for you.