Increasing the Value of a Modular Home through Additions

Posted by Legendary Homes on December 30, 2014 in Jackson, Modular Homes with No Comments Yet

Increase the value of your modular home through regular maintenance. Modular home additions are ways to increase the home’s value and keep it up-to-date, which will be able to compete with newly constructed homes.

Modular Home Additions

Instead of purchasing a new home when you have run out of space, consider an addition to your modular home for increased square footage. A well-designed, functional addition will increase your home’s value and appeal to a larger audience of buyers, such as those with large families.

Modular home addition projects will provide a larger return on investment than others. According to the National Association of Realtors, a remodeled or additional bathroom on average will add 71 percent of the cost to the value of a home. Kitchen additions will add 72 percent of the remodel cost to the value of a modular home.

Budget for Modular Home Addition

The key to a successful and profitable addition project is to set a budget, stick closely to it and not include overly expensive finishes that are not common in the neighborhood in which you live.

Appraisal of Modular Home

Have your modular home appraised prior to any large additions projects. Ask the appraiser or real estate agent to provide you with current housing sale data in your neighborhood. Consider visiting modular homes for sale in Jackson, Michigan to see what others have done and what features are popular in your area. This will provide a direction for projects that will be on target for where you live.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

If you are considering changes to your modular home, keep in mind that prospective buyers will be looking for the latest design styles and finishes that do not point to any particular decade.

Basic Steps in Buying a Modular Home in Jackson, Michigan

Posted by Legendary Homes on December 29, 2014 in Modular Homes with No Comments Yet

If you are looking to buy a modular home, you don’t need to worry. The process of purchasing a modular home can be broken down into a few basic steps.

Look for a Property

A modular home that is for sale can be located on the local multiple listing service or on the Modular Homes For Sale website. On the HUD website, foreclosed properties can be separated by state, county and zip code. Selecting criteria for your area will reveal which homes are listed and actively for sale along with information such as asking price, year built and square footage. Other important details may include required repairs, eligible bidders, the as-is value and acceptable modular home financing.

Place and Submit a Bid

Once you have located a desirable property, you will need to contact a HUD approved broker to view the property and submit a bid. HUD uses an electronic bidding system that allows buyers to submit a simplified bid prior to writing a full offer. These bids must be placed only by HUD designated brokers who are listed on their web site. An electronic bid must contain information such as your offering price, Social Security number, address and type of financing.

After your bid is accepted, HUD allows two business days in which to receive the actual written offer. HUD has specific forms to use that are separated by region and are provided on the HUD Pemco Asset Management web site. If you plan on living in the modular home, the form you need will be different from the one used by investors. Your broker can help you select the right paperwork for your situation. All offers must contain proper and complete forms or contract revisions may be necessary.

Conduct Inspections to the Modular Home Property

HUD typically does not make repairs to listed homes during the course of a real estate transaction, although there may be repairs they will pay for in order to bring the home to FHA minimum property standards. Any noted defects may be disclosed in the property condition report attached to the property specifications. However, you should conduct your own inspections on the modular home so that you are fully informed about any after-closing repairs you might be responsible for.

Close the Deal

Once all inspections have been conducted and you feel comfortable proceeding to closing, your lender can prepare loan documents for signing. Unless HUD has required you to use a HUD designated closing company, you can select a local closing company of your choice. In order to do this, you must sign an additional form that allows HUD to release the contract and any pertinent transaction information to the selected escrow company.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

How Can to Purchase a Modular Home as a First Time Buyer

Posted by Legendary Homes on December 28, 2014 in Modular Homes with No Comments Yet

A modular home is built following the environmental concerns. It is typically a residential property. Manufacturers of modular homes construct the ‘modules’ in an environmentally controlled factory. Modular homes are energy- efficient and high quality despite having a lower financing assistance.

For first time buyers of modular home, it is best to learn what the basic steps in purchasing the property are;

Eligibility to Purchase

As long as you have the cash or can qualify for a loan, you can purchase a modular home. They’re offered first of all to people who intend to be owner-occupants rather than investors. In fact, the initial bid period is open only to those who intend to occupy these homes. If they’re not sold at that time, bidding is then opened to investors and any other interested persons who are eligible.

Bidding for Modular Home

For home buyers, including first-timers, the bidding process on a modular home is fairly straightforward. HUD offers its home inventories through Internet listing websites. A number of large property management companies maintain the sites. Real estate brokers must first register with HUD. They’re then allowed to submit bid offers and purchase contracts on behalf of their clients. HUD will also pay the commission for the broker if it accepts her client’s bid and purchase offer.

Modular Home Financing

HUD doesn’t directly finance the purchase of its modular homes. Winning bidders pay either through their own savings or through mortgage financing. For first-time modular home buyers, the government offers many different kinds of federally insured (FHA) or guaranteed (Veterans Affairs, for eligible military veterans and their families) mortgage programs. Some even feature assistance with down payments, plus there are no-down payment programs as well. It’s also not necessary to have an approved mortgage in order to bid.

Considerations When Buying a Modular Home

HUD homes aren’t warranted or guaranteed. The agency recommends that a professional home inspection be done before bidding. HUD also has its properties appraised before it puts them on the market. Once that’s done, they’re offered at fair market value based on those appraisals. That doesn’t mean a low bid won’t be accepted, though. If it gives HUD an expected return on investment, there’s a good chance the agency could approve it.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

Ways to Finance Modular Home Construction Even in Bad Credit

Posted by Legendary Homes on December 27, 2014 in Modular Homes with No Comments Yet

Financing a modular home of any kind can be a difficult experience for those with poor credit. In a difficult economy, lenders want to be sure they aren’t taking any major chances when giving out loans and individuals with bad credit are often considered to be high risk. Even so, there are plenty of ways you can work towards financing a modular home with bad credit, and it doesn’t have to be as hard as it’s often made out to be.

Pull your Credit Report

Credit reports can be acquired in a variety of ways, and the most important thing you can do is ensure that you’re getting one from each of the three biggest credit. While some services will require you to purchase a subscription in order to access your credit report, you’re allowed one free report per year from each bureau, which can be acquired by visiting www.annualcreditreport.com. Keep in mind, however, that you typically have to pay a small subscription fee to see your credit score; it’s worth paying the extra money to see where you are and what needs fixing. Once you have this information in-hand, bring it to a credit counseling professional, as this will help them to assess your situation and make any necessary recommendations regarding financing a modular home.

Come Up with a Solid Down Payment

Purchasing a modular home is quite different in many ways from purchasing a typical home, as mobile homes depreciate in value, while the alternative tends to appreciate over time. As a result, lenders want to see a significant up-front down payment before handing out a loan, especially if they’re working with individuals who have poor credit. If you can put together a down payment of 20-30 percent of the final cost, you’ll have a much better chance of getting a loan to finance your purchase. Those who have poor credit and can’t afford a down payment will have a significantly more difficult time trying to get a loan than those who can.

Consider a Modular Home

The US Department of Housing and Development offers special loans to purchase or refinance a modular home to those who qualify and meet the necessary income limitations. Maximum loan rates can differ depending upon which type you need. The best way to go about looking into a loan for a modular home is to have a clear picture of what is you need before locating a dealer that complies with the Model HUD Home Installation Standards, as well as the any applicable state laws.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Financing

Terminologies You Need to Learn about Modular Home Financing

Posted by Legendary Homes on December 26, 2014 in Modular Homes, Mortgage Lenders with No Comments Yet

Basically, you shop around for the terms and conditions about modular home financing before you dwell on the action phase. This would include looking for a builder or contractor that best suit your situation and requirements.

Appraisals

An appraisal will be needed at the approval phase and when your loan converts. Your lender may add these fees to your closing costs, roll them into your loan, or require you to pay them (ask you lender).

Down payment

Typically, 20% is required when applying for a modular home loan. Some lenders have different programs that require less of a down payment, but they will cost you more in interest.

Deposits

The ome modular home manufacturer and/or general contractor will require at least a 10% deposit. Some may agree to wait until you close. If you do pay them a deposit, your lender will consider this as part of your down payment.

Inspections

All inspections during modular home construction are your responsibility. Inspectors’ fees vary by region and individual businesses, but most inspectors charge $100- $150

Land (or finance)

You may already own your land. If not you will need to either purchase it out-right or finance it. You may finance it separately or as part of your construction loan package.

Building Permit for Modular Home

This will most likely be included in your builder’s contract. If you are acting as your own general contractor, you will need to pay for this. Building permits vary in costs, even within the same state (check with your local building department).

Title for Land

This should be included as part of the financing of the land. If you own the land already, or you are paying for it, you will need to get a title/deed

Closing costs and points

Closing costs vary between lenders and loan programs. Points will also vary, but they are based on a certain percentage of your loan.

Conversion fees

Check with your lender. They should be less than closing costs, but this will vary by lender.

Getting educated on the process makes everything easier to understand, easier to navigate, and easier to handle.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Financing

Legendary Homes Inc. Can Assist You in Your Modular Home Financing Woes

Posted by Legendary Homes on December 25, 2014 in Modular Homes, Mortgage Lenders with No Comments Yet

If you have been worrying about financing the construction of your modular home, you need not worry anymore. Legendary Homes Inc. in Michigan helps those in need of modular home financing along with Premiere Home Mortgage.

Modular Home Financing Process

The way a modular home is financed is in a two-part process. First, there is a construction loan. This loan is typically an interest only loan. This means that while you are in the construction phase you only pay interest on your loan, you do not have to pay down the principal amount. The amount of the loan you are paying interest on is the amount of money you have used, to date, from your loan to pay for your construction.

Choosing a General Contractor

Over the course of the project, you will spend a significant amount of time with your chosen general contractor, so it’s best to find someone you get along well with. A contractor or modular home builder that is a good fit to your project is a builder that is familiar with, and geared toward, building the type of home you are seeking to have built. If you want an entry level home for the best price possible, then a builder who usually builds very high end homes for people with unlimited budgets is probably not a great fit. Conversely, if you are seeking to have a complicated high end custom home built and require constant attention and unlimited options, you may not want to hire a builder who typically builds simple entry level homes. Good builders are flexible in what they can build, but it’s best to try to find a builder who regularly builds the type of home you want. This will help you get the best value combination in price, service, options, etc.

In the end, financing is financing, whether you are buying a conventional home, financing a stick built home, or financing a modular home construction project. That being said, borrowing large sums of money can be nerve-wracking. The process of getting approved for a loan can be anxiety provoking if you haven’t been through it before. Getting educated on the process makes everything easier to understand, easier to navigate, and easier to handle.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Financing

Where to Find Lenders for Modular Home Financing in Jackson, Michigan

Posted by Legendary Homes on December 24, 2014 in Modular Homes, Mortgage Lenders with No Comments Yet

Modular Home Floor Plan

Modular home is built in sections in a factory setting, indoors, where they are never subjected to adverse weather conditions. The sections move through the factory, with the company’s quality control department checking them after every step. Finished modules are covered for protection, and then transported to your home site. They are placed on a pre-made foundation, joined, and completed by your local builder.

Modular Home Financing

In Jackson, Michigan securing the best modular home financing can be a challenge. Very few lenders will provide progress payments for transportable homes and modular home construction. That is why Legendary Homes Inc. has simplified the process and can offer clients the modular home financing options to put back progress payments until the construction of a modular home is complete, saving you thousands in interest costs.

Our lending partners at Premiere Home Mortgage have access to some of the best options available for financing modular homes in MI. The focus of our partnership is helping those individuals and families that are buying a home in need of renovation, purchasing a new modular or manufactured home or remodeling their current residence. We offer loans that most mortgage companies do not tender and that few can provide with excellent customer service.

You can get pre-qualified from any of the many lenders who do modular construction loans. There are lenders who specialize in modular construction loans and have features about their construction loans that are important such as one closing and up to 95% financing including land.

Please keep in mind when choosing a lender that the modular home is to be paid upon delivery to your site, not upon installation to the foundation. We recommend you are in a 12 month construction loan starting the day you receive your building permit. We also recommend using one of our referred lenders as they are familiar with our construction process, which makes your project run smoother for all involved.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Financing

The Magic of Modular Home Financing in Michigan

Posted by Legendary Homes on December 23, 2014 in Modular Homes, Mortgage Lenders with No Comments Yet

When financing modular home construction, you will need to learn what is its magic. Many have been looking for the benefits of modular financing but only a few understands the process. Others also have difficulty distinguishing modular home financing from stick- built financing. So to assist you in deciphering what is modular financing, here are the summary of the financing process and its features;

Modular Home Financing Process

During the modular construction phase, you will typically be paying interest only on the money that you have used thus far in the process. As work is progresses, more money is paid out and your payments will increase accordingly. When modular home construction is completed and you have obtained your certificate of occupancy, the loan would then be converted into a permanent mortgage with principal and interest payment. In addition to these modular home financing options, some lenders offer the choice to also convert the land purchase loan into the mortgage with the construction loan. That way one bank finances it all. Most lenders allow a time period of up to one year to complete the modular home construction.

Difference Modular Home Construction Loan and Traditional Home Loan

The major difference between a regular construction loan and a modular home construction loans is the disbursement or schedule. These are pre-arranged scheduled payments paid to your contractor and/or dealer as specific portions of work are completed. In modular home construction, you will have two draws that will be significantly different than with stick built construction. These will be your deposit for the modular home, and the payment upon delivery of the modules. The cash- on- deposit payment required by the modular home manufacturer at delivery once caused a snag with the lenders. Lenders did not want to pay until the modular home was on the foundation and inspected, but the manufacturer wanted to be paid before the house was set on the foundation. This has been worked out with most lenders and they have measures in place to make this work for both sides. Still, it is a good idea to make sure your lender is familiar with construction loans to avoid any issues around this payment.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Financing

Where to Get Money for Modular Home Construction

Posted by Legendary Homes on December 22, 2014 in Modular Homes, Mortgage Lenders with No Comments Yet

Modular home construction needs to be funded. But what are the resources you need to check to execute the building process of your modular home?

Basically, there are three resources for consumers who wanted to build a modular home. These resources for modular construction are the private funds, lending institution, and the general contractor or dealer loan.

Private Funds of Modular Home Buyer

If you are fortunate enough to have access to enough private funds to build your own modular home, you probably won’t be reading this page. However, you may not know that you can use the equity in your current home to build a new home. If you are already a homeowner, and you have enough equity in your current home, you may be able to take out a home equity loan to pay for the construction of your home.

Lending Institution for Modular Home Construction

You may borrow directly from a lending institution, which specializes in modular home construction. Lenders provide loans, for modular home construction, that are very similar to conventional stick built home construction loans. There are a few options for how to best deal with your personal circumstances. You may want to get a loan to purchase the land only. This would be useful if you are using other sources to build your home, but need money for the land. You may just want to buy the land, and then take some time to decide on how you want to proceed with construction and/or save for construction. If you need to finance the construction, you will need a construction loan, and then you will need a mortgage, once the modular home is complete.

General Contractor/ Modular Home Dealer Construction Loan

The general contractor or modular home dealer loan is a loan for the construction of the home. The modular home dealer is more likely to finance the loan if he is the contractor, and especially if he owns the land on which the home will be set. This would make it easier to take possession of the modular home should you be unable to pay for it. Once the construction is completed, you would need to obtain a mortgage. This would be a more conventional purchase. The lender would pay off the construction loan and issue you a mortgage, as with any other home purchase.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Financing

What Lies Beneath the Modular Home Construction Industry

Posted by Legendary Homes on December 15, 2014 in Modular Homes with No Comments Yet

Modular home construction industry has been growing by 20- 25% annually in the US. It is seen to be budding in the coming years as more customers have accepted its benefits. One of every ten homes built in the Michigan is a modular home.

Modular Home Construction

A modular home represents both cutting-edge technology and quicker build-times for today’s home buyer. Modular homes are assembled in a controlled environment where they are out of the weather and have increasing build quality and efficiency. Factories purchase materials and supplies at huge discounts and pass on these savings to the modular home buyer. The controlled build environment combined with the ability for tight quality control produces a bonus for modular home buyers and that’s superior quality.

While under construction in the factory the modular components undergo stringent quality control inspections at each stage of the process and receive code compliance inspections and certification prior to leaving the factory. The modular sections are then transported to your home site where they are assembled and closed in, usually in one or two days, protecting the new modular homes from the hazardous elements.

Modular Home Building Code

A modular home is built following the Energy Star compliance guidelines. Energy Star rated modular home must meet guidelines for energy efficiency set by the U.S. Environmental Protection Agency. These modular homes are at least 15% more energy efficient than homes built to the 2006 International Residential Code (IRC), and include additional energy-saving features that typically make them 20–30% more efficient than standard homes.

Features of Modular Home

Today’s modular home comes with many of the same features typically found in a stick-built home: living and dining rooms with vaulted ceilings, skylights, fireplaces, modern kitchens and premium appliances. Modular construction industry by its very nature is green. It recycles materials, reducing material waste and a having a low environmental impact on the job site. Additionally, modular homes are built to withstand transportation and generally contain 30% more lumber than traditional housing.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home Addition

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Legendary Homes Inc
10197 S Meridian Rd US 127
Clarklake, Mi 49234
(517)206-2435
http://LegendaryHomesInc.com
Todd_Rutledge@LegendaryHomesInc.com

Located in Jackson County Michigan