In the ever-evolving landscape of homeownership, prospective buyers are presented with a number of options, each catering to different preferences, budgets, and lifestyles. Two popular choices that often spark debate are modular and manufactured homes. Understanding the distinctions between these housing options is crucial, especially when it comes to securing a home loan.
Modular homes are constructed in sections or modules
off-site and then transported to the desired location for assembly. Unlike
manufactured homes, they often adhere to the same building codes and standards
as traditional stick-built homes. This can be a significant advantage when
seeking financing, as modular homes are typically viewed more favorably by
lenders.
Manufactured homes, on the other hand, are built entirely
in a factory and transported to the site as a complete unit. While these homes
offer affordability and quicker construction timelines, they are subject to
different building codes, which can impact loan eligibility. Financing for
manufactured homes may come with more stringent criteria due to perceived
differences in durability and long-term value, but that shouldn’t stop you from
seeking this option if it works for you!
When navigating the path to homeownership with either modular or manufactured homes, it's crucial to work closely with your lenders who specialize in these types of properties. Lenders experienced in modular and manufactured home loans can guide buyers through the intricacies of the financing process, ensuring that the chosen home aligns with both their preferences and financial capabilities.
In conclusion, the choice between modular and manufactured
homes extends beyond architectural preferences; it significantly influences the
financing journey. Prospective buyers should weigh the benefits and drawbacks
of each option and collaborate with their knowledgeable lender to secure a loan
that transforms their homeownership dreams into reality.
Team Lasson is here for all of
your home buying needs! If you’re
thinking about making the leap into home ownership in the near future, please
contact us today to get started. We can
help you determine what loan program works best for your financial goals. The first step in preparing for your big
purchase is to get pre-approved for a mortgage at Lake of the Ozarks. Please visit www.yourlakeloan.com or
give us a call at (573) 216-7258 to get started.
Michael Lasson
Senior Mortgage Banker
NMLS #: 493712
Flat Branch Home Loans – Team Lasson
2882 Bagnell Dam Blvd
Lake Ozark, MO 65049
Cell: (573)
216-7258
Email: teamlasson@fbhl.com
Website: www.yourlakeloan.com
**The postings on this site are my own
and do not necessarily represent Flat Branch Home Loans positions, strategies,
or opinions.
Flat Branch Home Loans
NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing
information, visit NMLSConsumerAccess.org