{"id":3444,"date":"2015-03-23T14:00:43","date_gmt":"2015-03-23T18:00:43","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=3444"},"modified":"2015-03-23T16:46:23","modified_gmt":"2015-03-23T20:46:23","slug":"modular-home-financing-in-michigan","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/modular-home-financing-in-michigan.html","title":{"rendered":"Modular Home Financing in Michigan"},"content":{"rendered":"

With modular home\u00a0financing, you will need to understand certain terms and techniques. Modular home companies in Michigan offer\u00a0construction loans that focus in prefab housing<\/a>.<\/p>\n

\"Modular<\/p>\n

To further understand modular home financing<\/strong><\/a>, it is effective to understand the difference between construction loan and a traditional home loan.<\/p>\n

Modular Home Financing: Construction Loan and Traditional Home Loan<\/h3>\n

The major difference between a regular construction loan and a modular construction loans is the disbursement or schedule.\u00a0 These are pre-arranged scheduled payments paid to your contractor and\/or dealer as specific portions of work are completed.<\/p>\n

In modular home<\/strong><\/a> construction, you will have two draws that will be significantly different than with stick built construction.\u00a0 These will be your deposit for the modules, and the payment upon delivery of the home.\u00a0 The cash- on- deposit payment required by the modular manufacturers during\u00a0delivery once caused a snag with the lenders.<\/p>\n

Lenders didn\u2019t want to pay until the prefab\u00a0home was on the foundation and inspected, but the manufacturer wanted to be paid before the house was set on the foundation.\u00a0 This has been worked out with most lenders and they have measures in place to make this work for both sides.\u00a0 Still, it is a good idea to make sure your lender is familiar with modular home construction loans to avoid any issues around this payment.<\/p>\n

In case you still have questions about modular homes, you may contact\u00a0Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile, you can check our\u00a0modular home price sheets<\/a>\u00a0by signing up to our\u00a0blog<\/a>.<\/p>\n

Topic: Modular Home Financing<\/h2>\n