ASK THE EXPERTS: MODULAR FINANCING?
July 28th, 2008 by Excel TeamFile Under: General
The home buying process requires a lot of homework and is full of questions. That’s why we’ve created this recurring “Ask the Experts” feature here on the Excel Homes blog. It features real questions with simple answers from Excel modular home experts like Robin Gamby, VP of M&T Bank, Mortgage Division. M&T Bank is a leader in modular financing, having financed over $1 billion in modular construction loans. Click on the “Ask the Experts” link on the right to ask one of our listed experts a question of your own.
HOW IS SECURING A MORTGAGE FOR A MODULAR HOME DIFFERENT FROM A MORTGAGE FOR A TRADITIONAL SITE-BUILT HOME?
This is a common question, and rightfully so. The dream of owning a home often begins with a mortgage. The truth is, there are very few differences between a modular home and a regular site-built home and therefore very few differences in mortgage options. In fact, standard site-built homes and modular homes are the same in the eyes of the bank. These similarities include appraisals and insurance as well. This is in contrast to mobile homes, which require different financing.
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Great comments. Do you require a different appraisal system, comp’s or is it all the same system?
Hello Steve,
Appraisals for modular homes should follow the same guidelines and criteria of a conventional site built home.
The appraiser would use comparables following standard appraisal guidelines.