{"id":2903,"date":"2014-12-23T14:00:40","date_gmt":"2014-12-23T18:00:40","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=2903"},"modified":"2014-12-23T14:00:40","modified_gmt":"2014-12-23T18:00:40","slug":"magic-modular-home-financing-michigan","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/updatedsite\/?p=2903","title":{"rendered":"The Magic of Modular Home Financing in Michigan"},"content":{"rendered":"

W\"Modular<\/a>hen 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<\/strong><\/a> 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\u00a0\u00a0features;<\/p>\n

Modular Home Financing Process<\/h3>\n

During the modular construction phase, you will typically be paying interest only on the money that you have used thus far in the process.\u00a0 As work is progresses, more money is paid out and your payments will increase accordingly.\u00a0 When modular home construction<\/strong> 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<\/strong><\/em><\/a>, some lenders offer the choice to also convert the land purchase loan into the mortgage with the construction loan.\u00a0 That way one bank finances it all.\u00a0 Most lenders allow a time period of up to one year to complete the modular home construction.<\/p>\n

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

The major difference between a regular construction loan<\/strong> and a modular home 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.\u00a0 In modular home construction<\/a>, you will have two draws that will be significantly different than with stick built construction.\u00a0 These will be your deposit for the modular home, and the payment upon delivery of the modules.\u00a0 The cash- on- deposit payment required by the modular home manufacturer at delivery once caused a snag with the lenders.\u00a0 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.\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 construction loans to avoid any issues around this payment.<\/p>\n

In case you still have question 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","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30,31],"tags":[111,245,389,404,407,425,445],"class_list":["post-2903","post","type-post","status-publish","format-standard","hentry","category-modular-homes","category-mortgage-lenders","tag-construction-loan","tag-home-loan","tag-modular-home","tag-modular-home-construction","tag-modular-home-construction-loan","tag-modular-home-financing","tag-modular-home-loan"],"_links":{"self":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/2903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2903"}],"version-history":[{"count":0,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/2903\/revisions"}],"wp:attachment":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}