please only respond if it is pertinent to modular/system built homes; manufactured/mobile homes are another category not addressed here. comments on resale value compared to cost are also very welcome... thanks very much!
2007-03-21 16:54:12 · 2 answers · asked by cryllie 6 in Home & Garden ➔ Other - Home & Garden
I have a 3 BR, 2Bath Modular. They are Built very much Like a Stick Built House. Good Materials, not cheaply made like a manufactured home. I had no problem getting a Lender and My HomeOwners Insurance is cheaper because it is Not a Manufactured Home, Those burn up too fast and the Resale is not as great on them..
2007-03-24 16:29:58 · answer #1 · answered by donna_honeycutt47 6 · 1⤊ 0⤋
Modular homes in the lending world have similar consideration as Manufactured or Mobile homes. A Modular home is built off site and brought to the site and assembled. My only concern with this for you would be that finding financing will be challenging. While there are still a few lenders out there, you will not be able to get conventional financing over 80% of the purchase price. In other words, you will need to have cash in hand to put down 20%. You may have to use the finance company of the place that you purchase your modular. In some cases these rates are similar to those offered on personal property (cars, boats) and not real property (homes). If it is a resale, make sure you can find a lender who will do preapproved financing. In other words, don't find "the one" and then look for a lender. Line up a lender first, know what you will need to do to qualify. Good Luck.
2007-03-21 17:02:31 · answer #2 · answered by loan_wzrd 2 · 0⤊ 1⤋