Lenders

There is no distinction between modular and site built homes as far as appraisal or financing. Banks and lending institutions treat both types of construction the same. Likewise, there is no difference in insuring the modular property.

LHC Modular Homes works with various lenders and provides access to a unique construction loan that will allow qualified applicants to build their own home with 100% financing of land, material and labor. Generally, out of pocket expenses are less than $1,000 and you have the opportunity to earn equity.


WHAT ARE THE TERMS, INTEREST RATE AND CLOSING COSTS THAT I’ll HAVE TO PAY?

Rates and closing costs vary by program and are subject to change. Our lending institutions offer very competitive rates and low closing costs. Your Account Executive and lending institution can provide you with further details. Subject to customer qualifications and lending institution programs, the following are available:
Closing costs can be financed through the construction loan.
Terms range from 9-12 months for the construction loan.
One time close (construction/permanent) option is available.
A no payment option during construction is available.


WHAT IS THE DOWN PAYMENT REQUIREMENT?

Down payments vary by program and your individual qualifications. These qualifications include, but are not limited to, credit history, income, and current obligations.
Program offers 100% financing for land, materials, labor and closing costs on loan amounts up to $300,000, as determined by the lending institution.
State income customers and loans over $300,000 may require 5-10% down.


WHAT ARE THE OUT OF POCKET EXPENSES?

This varies by lending institution; however, some of the following approximate amounts usually apply:
Initial order review and set up fee = $250
Appraisal and credit fees = $300 -$350
Land deposit = varies by seller, usually $200 - $500

Dependent on lending institution and region, in which you are building, you may also have to pay for a building permit, Architectural & Engineering (A&E) stamps and builders risk insurance policy prior to close. Some or all of these items may be reimbursed at the time of the closing. Please confirm with the Loan Officer processing your account for details and any other miscellaneous items.


*All loans are referred to a third party lender who has agreed to participate in the LHC Modular Homes program. LHC Modular Homes is not a direct lender.