Planning and Finance

modular home planning and finance

Understanding the Building Process

Construction of your new home can be both fulfilling and challenging through the process of contracting.  This is not a “built with your own hands” kind of project.  Although it may sound fun to tackle, most of us would never finish the project.  A modular home or prefabricated home will come to the site in sections and be about 80 to 90% complete at the time it is delivered to the site.  The project is more of a assembly type project with some onsite work to finish it up.

Some people wish to save money by doing their own “self contracting“, which involves hiring professional contractors.  Subcontracting to have the major work completed.  Their job is to be the “general contractor” who will coordinate the construction project.  This requires a great deal of people skills and good organization.  Communication with the subcontractors is a big key for a project to run smoothly.  It greatly helps to have a clear understanding of the basic work that will be done by the subcontractors.  During this process, Legendary Homes is only a phone call or email away.  We are here to help make your project successful as possible!

Working With Your Lender

Finding and selecting a lender is one of the first and most important order of business to do.  It’s recommended that you find a financial institution that will provide both a construction loan and a mortgage together to avoid extra fees.  This is known as a “one time” close.  You only close one time so you save from having to pay a lot of the closing costs twice.  Plus theirs only one approval and no re-qualifications.  If you are looking at being your own general contractor, then you will also want to make sure your financial institution will allow that.

NOTE: If you don’t have much experience in construction, we recommend that you let Legendary Homes provide the complete “turn key” service!

First off, you’ll need to get pre-approved for a construction loan. You should get an idea of  the total amount they will loan.  This will help you in deciding what type of home you will look at as far as the size and additional options you will be able to afford.  They will now want you to bring a signed contract showing the floor plan, options and site improvements.  Once that’s done, the construction loan process can begin.

NOTE: Remember, the lender is the expert and it’s your job to listen and ask questions.  Get suggestions from them on what they recommend.

One of the first items required is a completed sworn statement.  A sworn statement is a itemized breakdown of what the project will cost to build.  Including the actual bids from the subcontractors and suppliers for the labor and specific material that will be used in the construction of your home.  The lender will require this so they can be sure you can actually build the home for the amount of money you want to borrow.

How The Loan Works

Once the lender approves the application, the construction loan can be finalized.  Once finalized the lender will issue the money towards the construction in “drawls”.  The lender will generally issue the first drawl at closing.  This will be for the deposit on the home and some towards the “on site” work, such as excavation to get the project underway.  Most financial institutions will charge interest only on the amount that has been drawn out during the construction process, but we do have a lender who offers “No Payments During Construction”.  Please contact us for details.

When being your own general contractor you will never actually see the money.  The lender will generally have a title company handle things such as verifying the work is completed, collecting lien waivers, and to pay the bills or they may issue checks directly to the subcontractor with your approval.  This can vary by the state you are in and the policies of the lender.

Your Role As Contractor

If you decide to take care of your own general contracting, you will need to do your part and come through on items like materials and scheduling.  Modular construction allows the process to move forward at a rapid pace with the scheduling of subcontractors.  The nice thing about the speed of modular construction, for both onsite and offsite, is the ability to have multiple tasks being able to take place simultaneously.

It’s your job as a general contractor to make sure that the materials get to the job site on time and that subcontractors are scheduled and communicated with in the correct order, that the work is done properly and that everyone stays on schedule and they know about any changes.

As a general contractor, you will deal with many people such as bankers, subcontractors, insurance agents, the building inspector and many more.  The building of your home will go much smoother if you are able to communicate and work will with each person.

Construction to Permanent Loans

Contact Legendary Homes if you need a lender.  Our lenders offer One Time close, One Time Approval, and No re-qualifications.

Our lenders specialize in low down payment Construction to Permanent loans Including the following:

  • Down Payment as low as 3.5%
  • Modular or Manufactured
  • Gifts or land equity allowed for down payment
  • No Payments During Construction
  • FICO score as Low as 620

Call Todd at Legendary Homes (517)206-2435  for details

Next Step: Sites, Permits, & Subcontractors


Legendary Homes Proudly Services the Following Communities


Addison MI
Adrian MI
Allen MI
Amboy Center MI
Austin MI
Ann Arbor MI
Bankers MI
Blissfield MI
Britton MI
Brooklyn MI
Camden MI
Canton MI
Cement City MI
Clayton MI
Clinton MI
Coldwater MI
Columbia MI  
Concord MI
Divils Lake MI
Deerfield MI
Dundee MI
East Lansing MI
Eaton Rapids MI
Frontier MI
Grass Lake MI
Hanover MI
Hillsdale MI
Horton MI
Hudson MI
Jackson MI
Jerome MI
Jonesville MI
Lansing MI
Leoni MI
Liberty MI
Litchfield MI
Manitou Beach MI
Michigan  Center MI
Morenci MI
Montgomery MI
Moscow MI
Mosherville MI
Munith MI
Napoleon MI
North  Adams MI
Norvell MI
Onsted MI
Osseo MI
Parma MI
Pleasant Lake MI
Pittsford MI
Quincy MI
Reading MI
Rives Junction MI
Sand Creek MI
Somerset MI
Somerset Center  MI
Spring Arbor MI
Springport MI
Tecumseh MI
Tekonsha MI
Three Rivers MI
Tipton MI
Vandercook Lake MI
Waldron MI



Legendary Homes Proudly Services the Following Counties To Name a Few
Michigan, Ohio and Indiana



Legendary Homes Proudly Services the Following Zip Codes



Legendary Homes Inc
10197 S Meridian Rd
Clarklake, Mi 49234

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My wife and I were blown away by the Legendary Homes website. Todd has done an outstanding job displaying so much information. We met with Todd and his wife at the model home and were very impressed with the home. They were extremely friendly and knowledgeable. We look forward to working with them in the future.

Mar 21, 2018
John Gumbert

Todd was very helpful and knowledgeable! We had many questions that he was happy to answer!

Feb 26, 2018
Julie Dostal

Just a quick informational meeting for me!! All was great! Received the info I was searching for!!

Feb 20, 2018
Scott Legas

Todd did a great job answering all of our questions. The model home was absolutely beautiful!

Feb 17, 2018
Stacy R

Had lots of information about their beautiful homes and tons of options on everything great service!

Feb 17, 2018
Caleb Dlugokinski

My wife and I had a meeting with Todd, going over homes and price lists. We both came away from the meeting hoping we can find some land so we can build our future home.

Feb 01, 2018
James E

Very happy with our new home! Todd helped us every step of the way. He answered any and all questions right away, great communication. Very pleased

Aug 04, 2017
William Wilson

Todd was a pleasure to meet with...We've been looking for quite some time to purchase a home, but this seller market has been tough, so we decided to look into modular homes. Todd was able to get us into a consultation quickly, answered all the questions we had for beginners, broke down the pricing and potential unanticipated costs, and presented us with a great deal of material to go home with and review. Eventhough we were able to get an offer accepted on a home within a couple days of meeting with Todd, we will definitely be considering a modular home with Legendary Homes for our future purchase. Thanks Todd!

Aug 04, 2017
Nikki Schaefer

I cannot say enough good things about Todd Rutledge & Legendary Homes. I was frustrated with the running around, people trying to take advantage of my lack of knowledge and the time that I had to spend researching what I needed to do in order to make my move a reality. Then I found Todd. He gave me the information & tools that I needed, he understood & worked with my budget & he showed great professionalism. He was timely & considerate. But most of all, he showed great integrity. I know that I can trust him to look out for my families best interest. He went above and beyond. Thank you Todd!!

Jul 21, 2017
Sherry Phillips

I appreciated Todd taking the time to speak with me at the model house about the various options and things to consider when building a home. He was clear, direct, and easy to work with. Legendary Homes works with Redman Homes, which offers solid construction and just a few decisions to make in terms of finishes. For those who get analysis paralysis, this is a blessing! Definitely worth a look if a solid, simple home is the goal.

Jul 08, 2017
Sean DeGennaro

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We are available other times by appointment

Please call, text or email Todd to set up a time to meet 517-206-2435

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