Does FHA Loan Caters Both Modular Home Construction and Customization?

Modular Home Financing thru FHA Loan in MichiganThe FHA loan is a government insured loan which allows a little more flexible modular home construction loan than the conventional loan. FHA loans do have a few more requirements than the conventional loan, such as mortgage insurance. The FHA loan is geared for both the construction and customization of modular home in Michigan.

FHA Loan Program

The FHA loan program offers two loans, one for home improvements and another for purchase of a modular home, for those who might not otherwise qualify for a conventional loan. That is the reason why it seems there’s nothing the government won’t do to encourage modular home ownership or modular home customization.

FHA approved lenders in Michigan make loans to eligible borrowers to finance property customization or purchase of a modular home, and HUD insures the lender against loss if the borrower defaults. Credit is granted based on the applicant’s credit history and ability to repay the loan in regular monthly payments.

Interest Rate of FHA Loan

These are not low interest rate loans, the rate is based on the prevailing interest rate in your area at the time loan is made. The maximum modular home customization loan for a single family home is $25,000. The maximum home purchase loan for a modular home is $48,600, $16,200 for a developed lot on which to place a modular home, and 64,800 for a modular home and lot in combination.

Term of FHA Loan for Modular Home

The maximum term for a property customization loan on a single family home is 20 years. The home purchase loan term may not exceed 20 years for a manufactured home only. Modular home lot loans are limited to 15 years. A loan on a single-module home and lot is limited to 20 years, while a loan on a multi-module home and lot can extend to 25 years.

Downpayment of FHA Loan for Modular Home

A loan on a new modular home requires a minimum cash down payment of five percent of the first $5,000 of the purchase price and 10 percent of the balance. The same down payment is required on all combination loans, whether the home is new or existing. The minimum down payment on an existing modular home loan or home lot loan is 10 percent of the purchased price.

In case you still have questions 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, FHA Loan

Comments are closed.

Photo Gallery Slideshow


Photo Gallery Slideshow


Reviews

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


Contact Us


Hours

Mon through Fri 9:30 am to 5 pm and Saturdays 10 am to 2 pm.


We are available other times by appointment

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


© 2020 Legendary Homes Inc. - Terms Of Service | Privacy Policy | Contact Us | Testimonials
Legendary Marketing Group http://LegendaryMarketingGroup.com