The commonly preferred financing routes for buying a modular home are: conventional mortgages (conforming loans purchasable by Fannie Mae/Freddie Mac), government-backed loans (FHA, VA, USDA/RHS), construction-to-permanent (one-time-close or two-time-close) loans, chattel/home-only loans for non-permanently-affixed units, and alternative options (personal loans or seller/owner financing). Lenders and mortgage brands that specialize in or discuss these options appear prominently in search results.

You need a Construction Loan for your project and most large banks that you have heard of don’t offer Construction Loans. 

The reality though is that you typically need to own the property or start out with a “Lot Loan”.  A lender can’t close a loan without having all of the costs.  So, you will need to have a formal contract from California Modular Houses, Inc., a contract from the General Building Contractor for the on-site work, and you will have to have had those plans reviewed by the local jurisdiction that approves your project so there aren’t surprises and changes later on.  Since a loan has a finite timeline, usually one year, it is extremely hard to get all of this done within a year and have the project completed.  We do recommend working through the plans first, before applying for your loan. 

Here are a couple of lenders that you can talk to: 

Randall Lee Nixon

Mortgage Loan Originator

NMLS # 256946

Mobile:               (619) 954-7816

Office:                 (858) 429-4654

rnixon@onetrusthomeloans.com

3838 Camino Del Rio North, Suite 305,

San Diego, CA 92108

 or

Ricardo Ramos

NMLS 259643

Non producing Branch Manager

Supreme Lending

2936 Hilltop Mall Rd Richmond Ca

(510) 501-5185

(800) 600-6326