Financing a manufactured home differs from traditional home loans due to the unique construction process At Modal Homes, we have options in assisting our clients with securing financing through our established partnerships with our preferred lenders. When securing a loan for a manufactured home, it's essential to understand that banks typically secure the loan using the land as collateral during the construction phase. Unlike traditional builds where the mortgage encompasses both land and partially constructed house, manufactured homes are primarily built off-site in a factory setting. This means the bank may only have the land as security until the home is installed on-site or fully completed. To navigate these differences effectively, we recommend engaging with our preferred bank early in your planning process.
This early communication allows banks to understand the specifics of financing a modular home versus a traditional build.
Our team at Modal Homes work closely with our preferred lenders, who specialise in manufactured home financing. They have the expertise to tailor financing solutions that meet the unique needs of our clients.
We also facilitate negotiations with banks on behalf of our clients to adjust payment terms, ensuring a smoother cash flow during the construction phase. It's crucial to clarify to your bank that you are financing a fully completed modular home, distinct from kit homes which can pose more challenges in securing loans.
Through our network of preferred lenders, we provide access to specialised financing options that may include considerations such as a finance surcharge if payments are delayed until practical completion of the project. This transparency helps our clients make informed decisions about their financing needs.
For more information on how Modal Homes can assist you in securing financing for your manufactured home, please contact us. Our experienced team is ready to guide you through the process and help you achieve your homeownership goals.
