Modular vs. MH, $ for $, loans?

[Bill]

I was considering a modular home vs. MH. At the end of the day, is the extra cost for a modular worth it. From what I gather Silvercrest and Karsten seem very well built. However, I can not find any price listings for these companies. I am considering a 2500+ sq ft.


Question 1: Are modular homes from Altmont, et cetera "better" built than MH from Silvercrest or Karsten? I plan on a permanent foundation slab.
Question 2: Which company offers a better value dollar for dollar?
Question 3: Does anyone know of a dealer that actually give an invoice price? I like the idea of asking for it and then just paying a markup over it.
Last question: Who could recommend a reputable mortage broker for a land/house loan, that won't take clients to the cleaners? The house will be in the foothills east of Sacramento, CA.

Thanks folks.

[David Oxhandler]

If your considering A modular home. You can easily do some independent research. Read the    Modular Home Buyers Guide   You can find it in print or E Book versions at the Manufactured Housing Book Store This book You will show you How to Save Thousands Before you Buy. Plus You will Receive the Author's Top Picks of Modular Home Builders in North America. The book also covers topics like, What are the advantages of choosing a modular home over a site-built home? Which modular home builders in the U.S. offer quality homes at reasonable prices? Do modular homes appreciate at the same rate as site-built homes? Can I negotiate a price? What is a fair profit? AND many othere questions like these Get educated before you buy. Save time and money with confidence and peace of mind.
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[Mrs. Z]

We too are considering the same and are considering the two manufacturers as you are. Please keep us posted. I believe my husband has ordered the buyers guide too. We're north of Sacto. in the lower foothills. Did you have a chance to visit the Woodland Mftr. site for Silvercrest?
Good luck!

[Ray]

Don't forget to shop Fuqua homes as well (had to throw that in since I sell them). Anyway, for a land/home construction loan I recommend checking with some of the local banks. You'll find some with very active construction loan departments and very reasonable pricing. Some will do construction and take out loans, where others will only do the construction financing. They will also tend to be the most flexible.

Some local loan brokers may be familiar with manufactured home construction lending as well. Call around and ask. Keep your eye out for construction sites where lenders have posted their signs as the construction lender too, these are usually the more active lenders.

[dave]

From a lending stand point, building a modular home is the same as building a stick built home. Meaning, all the standard loan programs are available to you. The issue with the manufactured home is the loan programs will be limited to a few Lenders who offer the product. Now, this is not to say that one type of home is better than the other. The issue is the Banks still do not look at the Manufactured homes as the same type of investment. TheBanks issue is the "Public" perception of manufactured is that they are double wide trailers and feel that it would be hard to re-sell the house if the Bank had to foreclose on it.

To sum it up, you have more lending options with a Modular home.

Hope that helps.

Thanks,

Dave Bartholomew
Branch Manager
Mortgage Now Inc

[Chris Tawney - Sunset Mortgage]

Bill, I financed 20+ CA modular homes in 2005. Have you decided on a modular vs. a manufactured? There is a big difference!

Is it "Altamont" Homes in Martinez you are asking about? Altamont is a general contractor/seller that sells homes from the major manufacturers. I have never heard of a manufacturer "Altmont"in CA.

I know of two sellers in CA that will sell to you for "invoice plus."

Email or call me at 866-898-1465 and I would be happy to talk to you about your project and our construction lending products.

Best regards,

Chris Tawney
Sunset Mortgage Co., LP