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Modular Home Loans

Steps to Financing a Modular Home

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Pre-Qualifying Modular Home Construction Loans

The prequalifcation stage of your mortgage is used to pre-approve you for financing to build your modular home. The amount of money you prequalify for combined with any liquid assets will generate your estimated building budget.

Information Required - You will need to provide your loan officer financial information to calculate how much of a home you qualify to build. You will need to provide: income; monthly bills and cash on hand. It is also helpful for your loan officer to have information on your building lot: locations and form of ownership.

Importance of Correct Information - It is imperative to give your loan officer the correct information pertaining to your income and debts at the time of pre-qualification. All of the information will be verified one way or another in the process.

Calculations - The loan officer will perform some simple calculations using your income, debts and assets to prequalify you your modular home loan. The two primary calculations used will be your debt to income and mortgage payment to income ratio. Most banks do not want to see your total debt to income ratio to exceed 38%. Most banks want your loan to mortgage ratio to be below 28%.

Loan Amount - The pre-qualification amount of the loan in addition to any assest, cash or equity stake in the building project will determine your building budget. This is the time to talk to a builder about the cost of building a modular home if you have not already done so. Being pre-qualified give the modular builder the information he will need to show you homes that will fit your building budget.

Credit Report - If you decide to move forward, you will give the loan officer approval to pull and review your credit report. Some mortgage bankers and brokers might charge, many do not. Your credit report will indicate you credit worthiness to repay your mortgage. The credit report lists car payments, house payments, secured and non secured debt, student loans and any other creditors reporting to the one or all three of the primary credit agencies.

Time Table - Modular Home Mortgage Time Table - Financing a modular home usually takes around 60 to 120 days to complete the loan and be able to break ground on your prefab home.

Steps to a Modular Home Construction Loan

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  1. Pre-qualification
  2. Application
  3. Appraisal
  4. Disbursement Schedule
  5. Initial Settlement
  6. Construction
  7. Rate Lock
  8. Modification
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