Dear Linda, I am the Branch Manager of Residential Home Funding. I am one of the only lenders that has an extensvie construction lending background. A onstruction loan for a modular is a different type of financing but not all that difficult.
I offer a ONE TIME CONSTRUCTION CLOSE that is specifically designed for Modular Homes.
Here are the benefits.
There is only one closing.
You can purchase the land, modular and soft cost and possibly include your closing cost with ONLY 3.50% required for your down payment.
After Closing...There are no mortgage payments until the house is completed and there is a Certificate of Occupancy in Place.
There is No Construction Carry
Regualr Rates apply.
Mobile Homes have another type of financing and you will have to know if you will own the land or if it will be a lease hold.
Camille Marotta 732-539-9300
Branch Manager NMLS 9838
Residential Home Funding 7 Pelican Drive, Suite 3, Bayville, NJ 08721