If you have decided that you want to stop paying rent and purchase a home, you may be overwhelmed with all the available options. I found myself in this position a few years ago and started searching for affordable housing solutions that fit my taste and my budget. My research led me to investigate modular housing.

I soon discovered a new world of housing options that I did not know existed, but soon learned that this was the best way for me to own the home I really wanted.

These homes are every bit as good as site-built ones. All laws and regulations for other homes also apply to modular homes. They have to conform to the same building codes that are required for the area where they will be located. There are even many advantages to purchasing a modular home that is built using automated construction in an inside facility. If the weather turns nasty, you do not have to worry that the construction on your home will be delayed.

You can expect delivery on the specified date. It is much faster and cheaper to purchase a modular home and still get everything you expect in a new home. This is a smart and easy way to get the home of your dreams without a lot of hassle, but it will pay to be vigilant.

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Financing Do’s and Don’ts
As with all important transactions, there are some things you should pay careful attention to when it comes to financing your modular home. It is important to find the right lender that will bend over backwards to help you with your financing. Since many lenders do not know the difference between a modular home and a manufactured one, you need to shop around until you find one that does. Once you do find the right one, check out their rates for a 30-year fixed mortgage. Educate yourself regarding current interest rates so that you do not pay more than you have to pay.

Down Payments
I found out the hard way that you cannot get 100 percent financing on anything, but especially not a mortgage. That meant that I had to have money for the down payment before I could even think about buying a home. Fortunately, most lenders only require a five percent down payment. Before shopping for a home, it is important to know how much you can afford to spend. Because you will be able to purchase a brand new modular home at a fraction of the cost of a site-built one, your final amount to be mortgaged will be substantially less.

Interest Rates
When financing your modular home, you might want to check with the lender to see if you would be able to get a break on the interest rates if you pay more down. However, this means that more money would have to come out of your pocket initially. If you are thinking about borrowing the money for the down payment, you might as well forget that idea. That sends up a red flag to the lender because that means that you will have another debt that has to be repaid. If you have extra money to pay down, you can get a better interest rate by paying ten or twenty percent down instead of five. Be aware that the lender will want to know the source of the money.

Legal Issues
Even though you may feel confident enough to read the contract and finalize the necessary papers needed when financing your modular home, you might want to use an attorney. I know my limitations and that I sometimes can overlook something important. You definitely do not want to make a mistake by not carefully reading the fine print. I would advise anyone who is not absolutely certain about the contract details to seek legal help. It is much better to be safe than sorry. 

Take a Look at Some of Our Previous Work

We have built an incredible number of homes and each one has its own story. View examples of our work and hear from our happy home owners.