{"id":2917,"date":"2014-12-26T14:00:28","date_gmt":"2014-12-26T18:00:28","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=2917"},"modified":"2014-12-26T14:00:28","modified_gmt":"2014-12-26T18:00:28","slug":"terminologies-need-learn-modular-home-financing","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/updatedsite\/?p=2917","title":{"rendered":"Terminologies You Need to Learn about Modular Home Financing"},"content":{"rendered":"

\"Modular<\/a>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.<\/p>\n

Appraisals<\/h3>\n

An appraisal will be needed at the approval phase and when your loan converts.\u00a0 Your lender may add these fees to your closing costs, roll them into your loan, or require you to pay them (ask you lender).<\/p>\n

Down payment<\/h3>\n

Typically, 20% is required when applying for a modular home<\/strong> loan.\u00a0 Some lenders have different programs that require less of a down payment, but they will cost you more in interest.<\/p>\n

Deposits<\/h3>\n

The ome modular home manufacturer and\/or general contractor will require at least a 10% deposit.\u00a0 Some may agree to wait until you close.\u00a0 If you do pay them a deposit, your lender will consider this as part of your down payment.<\/p>\n

Inspections<\/h3>\n

All inspections during modular home construction are your responsibility.\u00a0 Inspectors\u2019 fees vary by region and individual businesses, but most inspectors charge $100- $150<\/p>\n

Land (or finance)<\/h3>\n

You may already own your land.\u00a0 If not you will need to either purchase it out-right or finance it.\u00a0 You may finance it separately or as part of your construction loan package.<\/p>\n

Building Permit for Modular Home<\/h3>\n

This will most likely be included in your builder\u2019s contract.\u00a0 If you are acting as your own general contractor, you will need to pay for this.\u00a0 Building permits vary in costs, even within the same state (check with your local building department<\/a>).<\/p>\n

Title for Land<\/h3>\n

This should be included as part of the financing of the land.\u00a0 If you own the land already, or you are paying for it, you will need to get a title\/deed<\/p>\n

Closing costs and points<\/h3>\n

Closing costs vary between lenders and loan programs.\u00a0 Points will also vary, but they are based on a certain percentage of your loan.<\/p>\n

Conversion fees<\/h3>\n

Check with your lender.\u00a0 They should be less than closing costs, but this will vary by lender.<\/p>\n

Getting educated on the process makes everything easier to understand, easier to navigate, and easier to handle.<\/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":"

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.\u00a0 Your lender may add […]<\/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":[389,404,425],"class_list":["post-2917","post","type-post","status-publish","format-standard","hentry","category-modular-homes","category-mortgage-lenders","tag-modular-home","tag-modular-home-construction","tag-modular-home-financing"],"_links":{"self":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/2917","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=2917"}],"version-history":[{"count":0,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/2917\/revisions"}],"wp:attachment":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}