Myth #1: All factory-built homes
Manufactured homes are trailers, mobile homes, singlewides and doublewides. They are built to the federal building code called “HUD.” Modular homes are only similar in that they are built in a climate-controlled factory. Otherwise, they are very different. Modular homes are built to the IRC building code and your local building department requirements. Modular means more, and virtually any style of home, any look, can be achieved through the modular construction process.
Myth #2: Factories buy cheap products and construction materials.
All building products and finishes are the same brand-names that are used in any site-built home, and in many cases, better. Plus, all lumber used is sourced from North America. Every inch.
Myth #3: As soon as the home is set,
you can move-in.
Modular homes come from the factory about 85% complete, but there is still quite a bit of finish work that needs to be completed before you can move-in. Utilities, for example, have to be hooked-up to the mains and decks or patios have to be built. Some custom on-site work might need to be done as well depending on your home. You'll also want a nicely-graded, level yard with either planted grass seed or some other sort of landscaping. On average, it's about another 8-12 weeks from the day your home is set until you have your keys-in-hand. Of course, depending on the level of customization and post-set work, that time frame can vary.
Myth #4: You can't get a mortgage
for a modular home.
Just like a site-built home, you will need a construction loan. A “Modular” construction loan is a bit different than a standard construction loan but much easier for the lending institutes to fund. We can fill you in on all the details and you can either use a lender who we have worked with in the past which is the best way to proceed or someone you have worked with. In this case we just need to work through the funding details with them prior to you getting approved. If you do not already have financing, we will ask that you start by getting pre-approved. The only part that is different with a construction loan versus a typical mortgage, is that you're borrowing the money in advance (of having a house). The funds once you close will go into an escrow account and are drawn-on as work is completed on your new house. Once you have your certificate of occupancy, your loan gets settled and changes to a traditional mortgage.