Modular Home Loans & Financing

If you’re looking to build or buy a new modular home, one of the first and most important questions is how you’ll pay for it. While a modular home differs from a home built on-site in several ways, the financing process is the same. CIS is a proud modular home mortgage lender here to help borrowers achieve their dreams of homeownership.

What Are Modular Homes?

Modular homes undergo construction in a factory or other off-site facility before their transportation to a home site. Modular homes travel in sections, and once the final piece arrives, a contractor finishes assembly on a permanent foundation.

After assembly, a modular home undergoes the same construction process as an on-site home. Contractors connect the home to utilities and install appliances. Unlike a mobile or manufactured home, a modular home must meet the same local building codes as homes built entirely on-site.

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The Advantages of Modular Homes

Modular homes offer a range of benefits for homeowners — here are a few to start.

1. Fast Building Times

Modular construction lends itself to faster building times than traditional housing. Since the construction process takes place indoors, contractors can eliminate delays due to weather.

2. Environmental Friendliness

The process of constructing a modular home creates significantly less waste compared to traditional homes. Manufacturers keep building materials in secure storage, which prevents damage and theft. Many manufacturers also reuse or recycle leftover materials to further reduce waste.

As for long-term impact, many modular homes are energy-efficient. You can lower your carbon footprint and your energy bills.

3. Lower Construction Costs

The modular home business model reduces or eliminates the need for subcontractors, which helps to lower overall construction costs. Modular homes are also faster to build, which means less overhead.

Many manufacturers build modular homes with a standardized process, resulting in further savings.

4. Design Flexibility

Homeowners have greater flexibility when designing their modular homes compared to traditional houses. Many construction firms will work with you to create a design that fits your needs and preferences.

5. Durability

Modular homes are subject to many federal and local quality and safety regulations, so you can count on their durability. Many modular homes are resistant to natural elements like damp, cold and high winds. The sections that make up a modular home must also withstand travel requirements, leading to increased construction durability.

6. Ideal for Rural and Remote Locations

When you choose a modular home, you don’t have to worry about finding contractors who can spend extended time at your site. Modular homes are quick to build and easy to transport, making them ideal for hard-to-reach building locations.

How to Get a Modular Home Loan

You have a variety of mortgage options for financing your modular home. Specific qualifications for borrowers will vary depending on the type of loan you choose. Here are some of the modular home loan options that might be available to you.

Conventional Loans

A conventional loan is any financing option that doesn’t receive backing from the federal government. Conventional loans are a popular option for many homebuyers, but borrowers must have a high credit score to qualify.

FHA Loans

FHA loans receive backing from the Federal Housing Administration, allowing lenders to be more lenient with loan qualifications. Borrowers can apply for an FHA modular home loan if they have low credit scores and a debt-to-income ratio below 50%.

VA Loans

VA loans are for qualified veterans and active service members. They receive financial backing from the United States Department of Veterans Affairs. If you qualify for a VA modular home loan, you can use it to buy a home, land or both.

Construction Loans

If you want to build your own modular home, you could be eligible for a construction loan to cover all the building costs. To receive approval for this type of loan, you’ll need to show the lender detailed construction plans.

Personal Loans

Since modular homes are often less expensive than traditional homes, you may be able to finance the purchase with a personal loan. A personal loan lender cannot foreclose on your property if you default on payments, making this option viable for financing your modular home.

Apply for a Modular Home Mortgage With CIS Moving Home Today!

Make your dream of homeownership a reality with CIS Moving Home. We offer various options to help you find modular home loan rates that fit your needs. To learn more about our loan programs, contact us today!

Ready to get started? Apply Now!

Ready to get started? Apply Now!

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