What Are My Financing Options for a Prefab Modular Single Family Residence?
What Are My Financing Options for a Prefab Accessory Dwelling Unit?
What are the financing options available for purchasing a modular home?
Common financing options for purchasing a modular home
Conventional mortgages (30‑year fixed, conforming/non‑conforming) and government-backed FHA, VA and USDA loans — if the modular home is placed on a permanent foundation and titled as real property these programs are generally available. (legalclarity.org)
Construction‑to‑permanent (one‑time close) loans — used when the modular home is built/assembled on your site; they convert to a regular mortgage at completion. (prefabmarket.com)
Dealer / captive financing and manufacturer programs — many modular/manufactured home dealers work with captive or preferred lenders (example: Vanderbilt and other captive programs) for bundled land+home or retail financing. (vmf.com)
Other lender routes — some national mortgage banks, credit unions, and portfolio lenders will finance modular homes (terms and availability vary by state and loan product). It’s common to compare quotes from conventional lenders, broker/specialty lenders, and dealer financing. (rocketmortgage.com)
Quick next steps
Confirm that the Modular home will be titled as real property (on a permanent foundation…if they can’t confirm this then they don’t know what a true Modular home is) — this determines which loan types are possible. (legalclarity.org)
Ask builders/dealers which lenders they work with (they often have experience with construction‑to‑perm or captive programs). (vmf.com)
Get prequalification quotes from at least one conventional mortgage lender, one specialty/chattel lender, and lender(s) the dealer recommends so you can compare rates, fees, and closing timelines. (prefabmarket.com)
Here are a few lenders that you can talk to:
Mortgage Loan Originator
NMLS # 256946
Mobile: (619) 954-7816
Office: (858) 429-4654
3838 Camino Del Rio North, Suite 305,
San Diego, CA 92108
or
Gail Anderson
Gail Anderson’s Real Estate and Loans
Direct: (925) 519-2437
807 Cumberland Drive
Pleasant Hill, CA 94523
or
Rajesh Bhavnani
VP of Originations
NMLS # 2513002
Direct: (424) 484-9978
Office: (877) 885-0111
2824 So. Robertson Blvd.
Los Angeles, CA 90034
Specializing in vacant land “Lot Loans” and Modular “Construction Loans”.
or
Ricardo Ramos
NMLS 259643
Non producing Branch Manager
Supreme Lending
2936 Hilltop Mall Rd Richmond Ca
(510) 501-5185
(800) 600-6326
Steps to Build a Modular Home in California
Check out our FAQ page read more in-depth answers to the most commonly asked questions about modular homes.
Step 1:
Secure Land
Having a property is usually the first step in building your dream home.
Without land, it is hard to choose a home model or determine what the balance of your budget for building is.
Step 2:
Modular Feasibility Study
This is where one of us comes out to meet you at the property and determine what size modules can be delivered.
There is a fee for this service but it’s a credit on the price of the home.
Step 3:
Choose Home Model
We now know what size modules can be delivered. You can choose a home model that meets your requirements. Start with the smallest one you will consider and work your way up to your dream home.
More detailed info about building California
Check out our Modular Steps to Building page for more detailed information about building a modular home throughout the state of California.
Step 4:
Working on Plans
This is where you start working with us on the plans for your Factory Built Home (Modular).
There are costs involved in the modular home plans but they are a credit on the price of the home.
Step 5:
On-Site Pans
You will needs some plans for the on-site portion of the project:
Topographical Survey
Civil Engineered Site Plans
Soils Report
Foundation Plans, etc.
Step 6:
Permitting
Now that your plans are completed it is time for submission. We have an Optional Permitting Service or we can introduce you to someone to help you.
Expect plan check revisions, rarely do plans get approved on the first or second submission.
Home Floor Plans & Pictures to Review
Take a look at hundreds and hundreds of images and floor plans of our homes. Your home can look exactly how you want it, you are only limited by your imagination & budget.
Step 7:
Contractor Interviews
We do know a few General Building Contractors that we can introduce you to. They are familiar with modular home and can certainly help you.
Sometimes though you may have a qualified local contractor you’d like to work with, this is also your decision to make.
Step 8: Modular Home
Delivery & Set
This is one of the most exciting parts of building a modular home. You get to see all of your hard work being delivered to your property.
You get to sit back, take pictures, and watch the show.
Then you get to walk through your house!!!
Step 9:
Completion of Modular
Your General Contractor will work to secure the modules to the foundation, connect the cross-overs, finish whatever on-site work there is, etc..
From there, the City/County will review and provide your Certificate of Occupancy. Time to move into your dream home!
Congratulations!!!
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