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YOU WANT TO BUILD A NEW MODULAR HOME BUT DON'T KNOW WHERE TO START. Answer |
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BUILDING A MODULAR HOME? Answer |
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WHAT ARE THE BENIFITS OF A MODULAR HOME? Answer |
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WHAT IS A MODULAR HOME? Answer |
| 5. |
WHAT IS A ON-FRAME MODULAR HOME? Answer |
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WHAT IS A MANUFACTURED HOME? Answer |
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WHAT IS A PREFAB MODERN HOME? Answer |
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How do I know how much house I can afford?
Answer |
| 9. |
How much cash will I need to purchase a home? Answer |
| 10. |
What is Eagle Nationwide Mortgage Company's Disclaimer Statement Answer |
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YOU WANT TO BUILD A NEW MODULAR HOME BUT DON'T KNOW WHERE TO START. |
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1. Get Pre-qualified- Once you're pre-qualified, you'll know exactly how much home you can afford.
2. Find a builder that suits your style - Many builders specialize in building modular homes of a particular style. If you've been watching the local home building market, chances are you've found a modular home style that you like.
3. Do your research - There's more to building a modular home than finding a style you like. By speaking with experienced professionals that have built Modular homes, you'll learn from their experiences and avoid surprises.
4. Interview your top two choices - After you've narrowed your search, you should interview your top two choices. It's important to like, and be comfortable with, the builder you choose. After you've completed these four steps, you'll be confident you've selected a builder and modular home that meets your needs and fits your budget . |
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BUILDING A MODULAR HOME? |
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WE CAN HELP!
When you come to us for modular construction financing you'll get more than just a loan. We'll help you understand the modular home building process, making you a more informed buyer, which can save you time and money. Find out how our construction lending experience makes home building easy and affordable:
- One mortgage application and closing.
- The ability to use your lot equity for down payment and closing costs.
- Low -Doc end-loan programs.
- A no construction interest payment option.
- Appraised value financing which allows financing to be based on your modular home's completed value, not actual cost.
- Lot Loans
- Pre-curbside and curbside funding options.
- Financing for modular homes as well as panelized, Modern, Pre-fab, and traditional stick built homes.
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WHAT ARE THE BENIFITS OF A MODULAR HOME? |
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The modular housing system is a fast-growing modern form of construction gaining a growing recognition of its increased efficiency and ability to apply modern technology to the needs of the market place.
Because modular homes are built in factories, you benefit from the assembly line production process. Labor is used with maximum efficiency, with skilled craftsman moving between workstations on the factory floor. Superior quality control, reduced waste, and faster completion (30-90 days versus 12-18 months for site-built construction in many States) are primary benefits.
The factories buy huge quantities of lumber, sheet rock, carpet, paint, and other building supplies. Therefore, they pay much less for each, and these savings are passed on to you. When you add up all the labor, material and time savings inherent in the modular home building process, you will find that the price of your home is generally lower than a traditionally built home of comparable size.
The increased efficiency of construction results in greater value for the homeowner. Work is never delayed by weather, subcontractor no-shows, or missing material. Harmful weather never touches the inside of your home.
The combination of reduced cycle time, more efficient construction, unlimited customization, and a growing shortage of skilled trades for on-site construction are the primary reason many builders and homebuyers are switching from traditional site-building to systems building.
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WHAT IS A MODULAR HOME? |
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A STRUCTURE DESIGNED PRIMARILY FOR RESIDENTAL OCCUPANCY, WITHOUT A PERMANENT METAL CHASSIS, DESIGNED AND CONSTRUCTED TO A STATE OR NATIONAL MODEL CODE SUCH AS BOCA, UBC OR IBC, WHICH IS MANUFACTURED IN ONE OR MORE SECTIONS IN A FACTORY FOR INSTALLATION ON A PERMANENT FOUNDATION AT ITS FINAL LOCATION. THE TERM DOES NOT INCLUDE MANUFACTURED HOUSING AS DEFINED BY THE NATIONAL MANUFACTURED HOUSING CONSTRUCTION AND SAFETY STANDARDS ACT OF 1974 (42 U.S.C.A. 5401-5426). |
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WHAT IS A ON-FRAME MODULAR HOME? |
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A STRUCTURE DESIGNED PRIMARILY FOR THE RESIDENTIAL OCCUPANCY, BUILT ON A PERMANENT MENTAL CHASSIS SIMILAR TO THIS USED IN THE CONSTRUCTION OF MANUFACTURED (HUD CODE) HOUSING, BUT WHICH IS DESIGNED AND CONSTRUCTED TO A STATE OR NATIONAL MODEL CODE SUCH AS BOCA, UBC OR IBC, WHICH IS MANUFACTURED IN ONE OR MORE SECTIONS IN A FACTORY FOR INSTALLATION ON A PERMANENT FOUNDATION AT ITS FINAL LOCATION. THE TERM DOES NOT INCLUDE MANUFACTURED HOUSING AS DEFINED BY THE NATIONAL MANUFACTURED HOUSING CONSTRUCTION AND SAFETY STANDARDS ACT OF 1974 (42 U.S.C.A 5401-5426). |
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WHAT IS A MANUFACTURED HOME? |
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A STRUCTURE, MANUFACTURED IN ONE OR MORE SECTIONS, WHICH IS BUILT ON A PERMANENT METAL CHASSIS AND DESIGNED TO BE USED AS A DWELLING WITH A PERMANENT FOUNDATION WHEN CONNECTED TO UTILITIES AND INCLUDES PLUMBING, HEATING AND ELECTRICAL SYSTEMS, AND IS MANUFACTURED IN ACCORDANCE WITH THE FEDERAL STANDARDS UNDER THE NATIONAL MANUFACTURED HOUSING CONSTRUCTION AND SAFETY STANDARDS ACT OF 1974 (42 U.S.C.A. 5401-5426) REFERRED TO AS THE HUD CODE. |
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WHAT IS A PREFAB MODERN HOME? |
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Prefab homes are factory-built and meet all housing permit requirements. They are not HUD or mobile homes, and they have no attached chassis. The sections of the home are constructed in the factory in either panels or modules. In the panelized version, the house is built in panels that can be loaded onto a truck, whereas in modular homes the pieces look like mobile homes. The parts are then transported to the building site and assembled. Panelized construction can be transported more easily as the pieces can be fit into a truck. Currently, the majority of prefab homes are built using panelized construction.
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How do I know how much house I can afford?
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Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. |
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How much cash will I need to purchase a home? |
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The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:Earnest Money: The deposit that is supplied when you make an offer on the houseDown Payment: A percentage of the cost of the home that is due at settlementClosing Costs: Costs associated with processing paperwork to purchase or refinance a house |
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What is Eagle Nationwide Mortgage Company's Disclaimer Statement |
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Programs Available to Qualified Borrowers on Approved Credit. Rates and Terms Subject to Change without Notice. The above does not necessarily represent the views of Eagle Nationwide Mortgage Company, a subsidiary of Eagle National Bank or any of its agents or employees. Eagle Nationwide Mortgage Company will safeguard your information and will not share it with any third parties other than those necessary to evaluate your loan application. For a copy of our complete privacy policy, please contact us. Eagle Nationwide Mortgage Company does not warrant the accuracy of any statements contained in the materials linked from this site, nor is Eagle Nationwide Mortgage Company affiliated with and of the entities providing or authors of the linked materials.
Entire contents copyright Eagle Nationwide Mortgage Company 2007 |
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