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Modular Home
Loan
If you're thinking about building your own home, you might
take a drive through a few neighborhoods to get an idea of
what kind of house would suit you best. Have you ever stopped
to wonder whether any of the houses that catch your eye are
modular homes? Don't be quick to answer "no"--once
today's modular homes are fully constructed, they look just
like traditional stick-built homes. However, they can offer
even more quality, energy-efficiency, and house-per-dollar
than a traditional house. That why, in some states, one out
of every four new homes is a modular house. And that means
finding a modular home loan has never been easier.
Unlike their cousin, the mobile home, modular homes comply
to the same state and local building codes and zoning laws
as do traditionally-built dwellings. They come in all shapes
and sizes, from 1,000 square-foot ranches to deluxe, 6,000
square-foot-plus manors. Even the poshest neighborhoods have
seen an increase in modular home construction. That's because,
also unlike a mobile home, a modular home appreciates in value--often
to a greater degree than a stick-built abode.
That's because modular homes are constructed in a controlled
environment: the factory. With skilled craftsmen moving from
station to station, these homes are put together much more
quickly and efficiently than a house built on site. Because
they are going to have to withstand a long truck ride to your
property, they're built especially well--with about 20 to
30 percent more wood used in framing. Modular homes are less
expensive to build, and they save money year after year in
maintenance and energy costs.
Find the Perfect Modular Home Loan
Because of their excellent quality and resale value, many
lending institutions have started up programs especially for
modular home loans. Modular homes are eligible for FHA and
VA loans, and 100 percent financing deals are also possible.
Some lenders also offer interest only loans, where you pay
just the interest during the construction phase. Keep in mind
that you will need to provide the same financial information
that you would for a traditional mortgage, including two years'
worth of tax returns, your current income, and any outstanding
debts.
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