Yes! USModular has formed relationships and partnerships with competitive lending institutions that specialize in the in prefab property manufacturing in Riverside, CA. These trusted banks offer many different types of loans, from construction-based to permanent and mortgage loans.
USModular lending institutions can offer excellent financing for modular house projects in the local Riverside area. Financing options are available for:
- Competitive rates for new modular homes
- Loan terms up to 30 years
- Short term construction loans
- Construction to permanent loans (mortgages)
- Stated income for self-employed
- Competitive rates for new modular homes
USModular works with banks that understand and appreciate the proficiency and quality provided to homeowners. These lending institutions observe our efficient time schedule and will work just as effectively to get your new modular home project completed speedily!
Are There Differences Between a Construction Loan and a Mortgage?
A construction loan is a loan in which the money are used to finance construction of a home, Business building, or other building type. The repayment term is generally based on occurrences that can only occur when the project is being built.
Because of these conditions, certain stipulations of the loans are subject to stricter monitoring and more specific constraints to ensure the project is completed so repayment can begin. Generally speaking, construction loans are meant to be short term.
A mortgage is a long term loan written up for a period of 15 – 30 years that calls for monthly payments. A mortgage is made up of property taxes, collateral, and loan principal and interest. The house itself is used as collateral in a mortgage.
Visit our site for more information on financing your modular home!
