Congratulations! You can be living in your custom manufactured home in as little as 4 months from the issuance of your building permits! With a small down payment, our lenders can provide construction loans and permanent fixed mortgage financing. NewWest can manage ALL the steps – land purchase, design, engineering, permits, home manufacture, installation and on-site construction.
The financing for the construction of a new manufactured home is a specialized lending process as it it includes land acquisition, cost of home and on-site work. Having a firm understanding of what your financing options are, is very important for the success of your new home loan and ownership experience. We’re here to help you navigate the financial waters.
Lenders will not close a standard mortgage until the home is finally inspected and “Certificate of Occupancy” is issued. Therefore, unless you can self-finance you will require a “construction to perm” loan. Typically you will place a down payment on the land equivalent to 20% of the entire project. This value is determined by an “as-built” appraisal based on the final plans for your home. Then the lender will provide construction loan advances for land purchase, design, engineering, permits, home manufacture and on-site construction. After the home is complete all these advances are rolled into one standard mortgage. NewWest maintains relations with many lenders and we can recommend the best lender for your project.
Pre-qualification is an important first step. This will serve as a reality check so that your manufactured home building plans match your budget. You will need to speak with a qualified lender familiar with manufactured construction who can provide financing options based on your needs and project strategy. Please see our financial approval checklist for the documents you will need for pre-approval.
With your pre-approval in hand, we can assist confidently purchase land, design and build your new dream home.
Financing Approval Checklist
All lenders will request the Uniform Residential Loan Application and the following documentation to process your loan application.
Please prepare yourself for the lending process by assembling as many of the items as you can, listed on the form below and we will assist you in finding the best lender.
1. Past 2 year’s W2’s
2. Copies of pay stubs covering the most recent 30 days (unless self-employed)
3. Most recent 2 years federal tax returns
4. 2 months bank statements, (all checking and savings accounts), including all pages even the last page which is usually blank
5. Most recent statements for other investments (retirement, stocks, bonds, etc.), including all pages even the last page which is usually blank
6. Documentation concerning divorce decree, foreclosure, bankruptcy, or child support
7. Rental agreements for investment properties owned
8. Current mortgage payment statement and home insurance information
9. Statement for any 2nd Mortgages or Home Equity credit lines