Modular Home Financing

Modular Home Loans

eLEND is pleased to offer home financing assistance to borrowers interested in purchasing or refinancing modular built homes throughout much of the United States. These borrowers have many of the same financing options as those buying or refinancing stick built properties.

The process of qualifying for a modular home mortgage is typically no different than it is for a loan to buy or refinance a home that was fully built on-site. The lender will look at the borrowers’ income, assets, credit score and history, other debts, equity position, and other factors to determine how likely they are to be able to repay the loan as agreed.

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Available Programs

Mortgage program choices include:

  • 30, 20, 15, and 10 year fixed rate mortgages
  • 5/1 FHA ARM
  • Government Financing such as FHA loans, VA loans, and USDA mortgages

Other requirements may apply. Contact us for details.

About Modular Construction

Advantages of Modular Homes

  • Affordable: The factory built system allows for efficiencies and volume levels tough to reproduce when building homes on site
  • Shorter Build Time: Modular homes tend to be ready more quickly than stick built homes. Building indoors all but eliminates costly delays due to weather that can impact a completion date.

Modular homes are very similar to stick-built homes, but they are prefabricated in a factory or other off-site facility, and then transported in one or more sections to the homesite. Once in place the home is assembled and finished in place.

Unlike mobile homes, modular homes must meet the same local building codes as stick-built homes, and also generally qualify for the same financing programs as homes built on-site from the ground up.

Many home shoppers are surprised to see what is available from today’s modular home builders. You can find just about any style of architecture, high end upgrades, open floor plans, innovative details, energy efficient designs, and LEED Certified homes. They can be built on a wide range of home sites, all across the country. Modular homes can even be custom built homes, contrary to what many believe are only “cookie cutter houses.” They tend to be smaller in size on average, but can be any size – even a modular mansion! In fact, in many cases when a potential buyer tours a modular home they would not know it was a prefabricated house unless they were told.

Each of these programs is backed by an agency of the US government, meaning they insure the lender against losses should the home go into default or foreclosure. This allows lenders to offer more favorable terms to borrowers and creates many home ownership opportunities.

Manufactured Housing eBook

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Take a look inside to learn more about Manufactured Home Loans. People are often surprised when they see just what is possible in today’s manufactured homes.

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