Yes. Ask mortgage lenders and banks in your area and you will see that they don’t only finance site built homes, but also modular homes. So if you want to build your homes using modules, you need contact a general contractor for his services as well as pay the dealer for the modules. In the same way, you need to own a lot in order to have a place for your modular home. If your private funds are not enough to build your home, you can get from other sources like the equity loan from your other property. You may also sell some of your personal assets or apply for a financing in a mortgage company or from the modular dealer themselves. So these are your sources of fund when you build a modular home.

Since modular financing is different from that of a ‘stick built’ home, construction lenders have different requirements in modular home financing. Here are some of the many advantages and payment options some of the financing packages offer.

1. No higher rates for interim financing.
2. Interest rates are fixed and adjustable.
3. Financing can be up to 95% of the appraised value including the value of the home and the land.
4. Payments are interest only and only on the funds disbursed during construction.
5. You can use the equity in your land as down payment.

Unlike in the past, you have more financing products and potential lenders to choose from. Seek the opinion of a mortgage lender, your agent or a financial adviser whether you qualify for a modular financing.

The amount of loan that you can get depends on your credit history and monthly income. This is the same in all kinds of financing even when you get to finance your modular McKinney Texas Real Estate. Having a good credit score and a stable job will always make you qualify for a low interest mortgage. Low credit scores or bad credit means applying for a mortgage loan but with a slightly higher interest rate. With your credit history and monthly income, the lender will know if you are capable in paying back the loan or not. According to the rules, not more than thirty percent of your monthly income should go to your monthly payments.

Want to build a modular Atherton California Real Estate? Do your homework first and speak directly with your lenders to determine the best mortgage option for your modular Antioch California Real Estate to help you clarify info on loan amounts, mortgage qualification, and requirements.