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Modular Home Financing
When talking about financing for a modular home it is important to reiterate
the fact that a modular home is different than a mobile home or other
manufactured home that is built to HUD standards.  A modular home is built to
the standard of the state and locality that it is built on, so a modular home
loan is treated the same as a loan for a site built home that would be built in
the same location.  Therefore, modular home financing options are exactly
the same as they would be for a traditional site built home.  The purchase of
an existing modular home requires a traditional mortgage just like you would
have with a site built home.    If you are building a modular home on your
land, your modular home financing will consist of a construction loan.


Modular Home Construction Loan
A modular home construction loan is essentially the same as a construction
loan for a site built home, but there are a couple areas that may differ
slightly.  In a loan like this, the borrower submits the plans and proof of land
ownership and enters into a loan for the total amount needed to build the
home.  The builder is paid in draws at different stages as construction is
completed.  The  loan payment would be calculated on the amount of that has
been paid to the builder at each interval, although the borrower usually
doesn't make their first payment until the completion of the house.  One
difference of modular home construction is that a modular home takes much
less time to complete, which means that there will probably be less draws.  
Another difference is that since the majority of the construction of a modular
home takes place at a factory while the remaining work is done by an
independent builder, the company that manufactures the modular home will
often expect a payment for the entire amount of the home at the time that it is
delivered to the site.  Once the home is completed, the construction loan
used in financing your modular home can be converted to a traditional home
mortgage.  
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