Yes! USModular has established relationships and partnerships with competitive lenders that specialize in the custom modular home construction industry. These trusted lenders offer many loan types, from construction loans to permanent and mortgage loans.
USModular lenders can offer excellent financing for modular home projects in the local Los Angeles areas. Financing options are available for:
- Loan terms up to 30 years
- Short term construction loans
- Construction to permanent loans (mortgages)
- Vacation homes
- Stated income for self-employed
- Competitive rates for new modular homes
USModular works with lenders that understand and appreciate the time savings and quality provided to homeowners. These lenders adhere to our efficient and fast time schedule and will work just as efficiently to get your new modular home project completed on schedule!
What is the Difference Between a Construction Loan and a Mortgage?
A construction loan is a loan in which the funds are used to finance construction of a home, commercial building, or other building type. Repayment is generally based on factors that can only occur when the project is being built. Because of this, certain features of the loans are subject to stricter monitoring and more specific guidelines to ensure the project is completed so repayment can begin. Construction loans are generally meant to be short term loans.
A mortgage is a long term loan set up over a period of 15 – 30 years that requires monthly payments. A mortgage is comprised of collateral, loan principal and interest, and property taxes. The house itself is used as collateral in a mortgage.
Visit our site for more information on financing your modular home!
