Buying land and modular home (not manufactured or mobile home) (RE market, mortgage)

[bande1102]

I am planning to relocate to another state within 5 years (probably closer to 3). I can currently afford to pay cash for the lot. My plan is to buy the modular in a few years. I'd probably need to take out a small loan for the modular itself. Can I even get a loan for a modular home?

I need help researching. Does anyone know of where to start with this? How do you research modular home builders?

Do some places prohibit modular homes?

[chet everett]

Originally Posted by bande1102

I am planning to relocate to another state within 5 years (probably closer to 3). I can currently afford to pay cash for the lot. My plan is to buy the modular in a few years. I'd probably need to take out a small loan for the modular itself. Can I even get a loan for a modular home?

I need help researching. Does anyone know of where to start with this? How do you research modular home builders?

Do some places prohibit modular homes?

In parts of the country where the building season is shorter that tends to encourage folks to consider modular, it really can be much faster. All the major modular housing firms have adopted standards that allows them to meet the national building codes so there are really no valid reasons for localities to oppose modular homes, there are some "modern high style" options that really look like very artistic custom homes and others that use very traditional forms that would fit into historic Cape Cod type neighborhoods.

The bigger firms will either finance the home directly or partner with a lender that gives a traditional loan, relatively easy to determine what your total cost of the home as well as delivery / site prep is going to cost...

Not sure if you are saying you want to get rolling on a plan that won't happen for 3-5 years or whether you are just asking so that when the time comes you have all ducks in a row but either way the key is going to be staying realistic about what sorts of costs are involved -- it is not really the "bargain" way to go, but is the best option for SPEED especially in areas that are not served by hordes of local carpenters and such. The firms that are most respected in the modular industry understand that getting a site ready is a specialized skill and they tailor the whole process to go smoothly -- Price Breakdown For Modular Homes

[bande1102]

Originally Posted by chet everett

In parts of the country where the building season is shorter that tends to encourage folks to consider modular, it really can be much faster. All the major modular housing firms have adopted standards that allows them to meet the national building codes so there are really no valid reasons for localities to oppose modular homes, there are some "modern high style" options that really look like very artistic custom homes and others that use very traditional forms that would fit into historic Cape Cod type neighborhoods.

The bigger firms will either finance the home directly or partner with a lender that gives a traditional loan, relatively easy to determine what your total cost of the home as well as delivery / site prep is going to cost...

Not sure if you are saying you want to get rolling on a plan that won't happen for 3-5 years or whether you are just asking so that when the time comes you have all ducks in a row but either way the key is going to be staying realistic about what sorts of costs are involved -- it is not really the "bargain" way to go, but is the best option for SPEED especially in areas that are not served by hordes of local carpenters and such. The firms that are most respected in the modular industry understand that getting a site ready is a specialized skill and they tailor the whole process to go smoothly -- Price Breakdown For Modular Homes

Thank you--that link is very helpful. I have found a parcel of land that I really like, so am planning to buy that first and then the house within the next year or so. Obviously before I buy I need to do alot of research.

I was thinking it would be cheaper b/c I would not be subject to as many weather-related delays. Since I won't be living there initially, I need something to go incredibly smooth and that won't require me to make a million decisions. The thought of having a plan to choose and then letting them just take care of it really appeals to me.

[blisterpeanuts]

Recently I inquired about purchasing a 90-acre parcel of land about an hour's drive from the city. I was told that a mortgage would be more likely if I simultaneously purchased a modular or prefab home to put on that land, thus improving it. Banks seem to be more comfortable with an improved property. I would think that would apply as well to purchasing a home for a piece of land that you already own. It represents an improvement on the property and thus is more marketable, should the bank be stuck with it in a foreclosure. Of course, it probably also depends on your other liquid assets.