SOUTH CAROLINA 1% DEPOSIT MODULAR HOME CONSTRUCTION PROGRAM!

[Richard Cooper]

If you are a South Carolina resident looking to purchase a manufactured home WITH land that you currently own or intend to purchase... please note that our Charleston based mortgage brokerage has just started to offer a brand new Program that could qualify you to buy a customized, factory-built sectional MODULAR home for a 1% DEPOSIT + Closing Costs + Interest Rate locking fee.

Quality modular homes range from affordable ranch styles (975 sq.ft - 2,850 sq.ft) all the way up to pier-supported 2-story "Carolina Coastal" styles of up to 5,000+ sq.ft and everything in between with prices from $53 per sq.ft and up.

A major advantage of our 1% DEPOSIT Program is that the Lender bases your loan amount on 95% OF FINISHED APPRAISED VALUE instead of the typical finished COST of your home.

What's the difference? Finished Cost appraisal (land with construction and improvement costs) = $145,000. Those Programs require that you bring 5% to the table ( $7,250) + Closing Costs.

Our new Program based on Finished Appraised Value. Assume that value comes in at $195,000. You come to the table with 1% (=$1,950) + Closing Costs and an interest rate locking fee. Loan amount available is 95% of $195,000 = $185,250.

In other words, you have access to $40,250 over and above actual cost!

What is the benefit? You have immediate access to any additional money that may be required to cover "change orders" or upgrades that you may decide upon after you have signed the construction work order... or to cover any changes that you may require after the house has been delivered and set.

Maybe the landscaping that you originally decided on needs to be upgraded or expanded... a larger deck area etc. YOU have the cash available to cover those costs.

Any cash remaining once your home is finished is applied to reduce the final loan amount when your construction loan converts to a conventional mortgage.

To qualify you will need to have a middle score of 640, and a debt-to-income ratio
not to exceed 47% of your gross monthly income. This Program is Full Doc only which means you must provide 2-years of Tax Returns and 2-years W-2s.

A Stated Income Program is available based on 90% of actual project cost.

Other MODULAR Programs available include a 95% Loan-to-Cost with a Middle score of 620 and an 85% Loan to Cost Program with a middle score of 585+

Your modular builder must be approved by us and the manufacturer must be on our Lender-approved list which includes HandCrafted, Crestline, Preferred Modular Homes, R-Anell, Signature and others.

For additional information, SOUTH CAROLINA clients (and SC Modular builders) should contact Richard Cooper at 843-762-2384 or email: [email protected]

NOTE: If you live in the Greater Charleston/Tri County area including Colleton County and do not yet have a lot on which to build your modular home please call for a referral to a Licensed Realty Agent who will act as your BUYER's AGENT or to one of our approved builders who is about to break ground on a very desirable ten acre subdivision located on Johns Island (suitable for higher end pier-supported 2-story Carolina Coastal homes).