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Modular Home Financing
Most modular home manufacturers give their buyers a variety of
options to finance their new home. Modular home financing is usually
done as a construction loan and the builder is paid at different intervals
as the home is built. In most cases, the buyer only pays interest on the
money borrowed during the construction process, and then the loan
switches to a mortgage once it is built and installed onto a property.

Many modular manufacturers offer in-house financing, but customers
can shop banks as well for the best rates and options. Many lenders do
finance construction loans, but the fees and points associated with
those loans vary. Homes and properties must be appraised just like ay
other home loan.

Construction loans differ from existing home loans because there may
be unforeseen cost overruns during construction. Down payments on
construction loans vary from five to twenty percent. The good news is
that modular homes are built in controlled environments and therefore
are much less expensive to build than on-site constructed homes.

In Wyoming, there are many reputable modular home dealers that have
relationships with local lenders and general contractors. Choosing, and
constructing a modular home can be stress free with the right type of
financing, and there are many resources online that can help buyers
along those lines. Lenders can also assist buyers obtain property to
build on and provide package loans for construction and land.  
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