Financing Modular Homes
Financing a modular home attachment is usually the same as financing a traditional stick-built home or home addition. Modular homes and stick-built homes are permanent structures and can sustain or appreciate in value over time, but there are some small differences when financing a modular home.
Financing a WheelPad Accessible Modular Home Attachment
Approach a mortgage company that has experience with modular home construction. If you go to a company with no modular home financing experience, you may encounter some headaches because an inexperienced mortgage company may try to fit your new modular home attachment project into one of their predesignated loan packages instead of having the proper loan for you and your new modular home.
As with buying a traditional stick-built home, a modular home or addition may have a fixed interest rate or an adjustable one for the life of the loan. Once your loan is approved, you may have up to a year to have your new home constructed and delivered. This will be plenty of time since most of our modular homes are constructed within a few months.
Veterans and military members can look to use their hard-earned VA loan benefits when purchasing a modular home. Whether the home is brand new or an existing modular home, it needs to be affixed to a permanent foundation and classified as property to be eligible for a 30-year VA loan. You will also need to conform your home and builder with the VA’s minimum property requirements.
We recommend that you approach several mortgage companies to find the best one that suits your needs.
How Much to Finance: Other Costs to Consider
In addition to the purchase of your WheelPad accessible home, you need to consider local permits and your contractor’s estimate for installation and site preparation. If the tiny home is on a foundation or permanently connected to utilities, there may be state and local property taxes to pay. If the tiny house is on wheels, though, there likely won’t be property tax assessed, however, there may be vehicle taxes or fees.