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2: Qualify for Financing
Unless
you are paying cash for your home
and improvements, obtaining a Construction
Loan will be necessary to facilitate
your Modular Home Project.
Here is important information about
Construction Loans for Modular Homes.
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Consider the Following:
1. A construction loan is much different and more costly
than regular mortgage financing;
2. A construction loan has a higher interest rate than
residential homemortgages.
3. Check loan options
at www.MyConstructionLoan.com |
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4. A construction loan is a
line-of-credit that is used
to pay pre-determined costs
of a construction project. Once
construction is completed, the
Construction line-of-credit
is paid off with a residential
mortgage.
5.
Typical pre-determined construction
costs include
- a.the
Lot purchase or payoff,
- b.permits
and fees,
- c.the
factory constructed home,
- d.on
site costs, and
- e.any
other subcontractors and suppliers
who perform work and provide supplies
as the job progresses.
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