All factory-built homes are trailers.
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.
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.
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 and decks or patios have to be built. Some custom on-site work might need to be done. You'll also want a nicely-graded, level yard with planted grass seed. On average, it's about another 8 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.
You can't get a mortgage
for a modular home.
Just like a site-built home, you will need a construction loan. A construction loan is not difficult to obtain and Lahti Homes is an approved builder with several local financial companies. If you do not already have financing, we will ask that you start by getting pre-approved. The pre-approval allows us to work within your budget and provide accurate pricing. Then things start to move pretty quickly. You’ll be asked to send the bank your recent tax returns and some other paperwork. The bank will then order an appraisal to determine the value of your new home. The only part that is different, versus a typical mortgage, is that you're borrowing the money in advance (of having a house). The funds for closing will go into an escrow account and are drawn-on as work is completed on the house. Once you have your certificate of occupancy, your loan is now a regular mortgage.