Can’t seem to find a house to buy? You aren’t alone in this, the inventory is at a 20-year low, according to USA Today. Plus, in our area, homes priced between $120k and $200k seem to be flying off the market. For many families this creates a bit of a pickle because of the inventory they can’t find an existing home to buy but don’t have the amount of money required to build a traditional home. The solution may be found in manufactured and modular homes.
Phillip Gulley, a representative of Bypass Homes of KY, a manufactured housing retailer, shared some photos of his homes with us. I’ve included a few them below for you to check out! They have homes that range anywhere from a 1350 square foot ranch style to two-story cape cod options; I must say, they look luxurious! To find out more about Phillip’s company, please visit their site here. However, for most families, they are not going to be able to cover the costs outright; that is why Stockton Mortgage has created a Construction to Permanent Financing.
This financing program covers the costs of construction and rolls them into the permanent mortgage home loan. By combining the two phases, the buyer saves time, energy and money because they will only close on the loan one time, obtain one appraisal and one title. This also protects the builder and buyer from changes in life circumstances. The approval of the loan is done prior to the construction so the funding will not be affected should the buyer’s life circumstances change which could result in a change in credit or otherwise. Plus, the interest rate can be capped or locked at the closing which gives the buyer confidence in their decision.
Are you interested in finding out more about manufactured homes and if they are a good fit for you and your family? Reach out to our Construction-to-Permanent Financing expert, David Willoughby. You can visit his personal page here: http://www.smcapproved.com/find-an-office/georgetown/david-willoughby/