Got a question? We’ve got answers! If your question is not covered here, please contact us!
It depends on which house you are interested in. The following is a guideline for our homes:
Crestline Custom Builders-Modular only
Cavalier Home Builders-Modular and doublewide
Epic by Clayton-Doublewide only
The floor plan, interior, and options will not change whether Modular or doublewide.
Go to www.21stmortgage.com/web/payment-estimator.nsf/q1.html and use the Payment Estimator. This is an estimate, there are many factors that have to be considered.
Also, you can get payment estimations from other sources such as lenders, online estimators, and websites.
Credit score requirements vary by lender/Loan type. You will need to contact your lender for credit score requirements.
Note: Various factors may go into a credit score/decision and only your lender can determine your final eligibility. You should always work directly with lenders for answers specific to your situation.
Home only loans start at 5% down payment. If there are credit issues, they may ask for a larger amount.
Land/Home financing depends on the type of loan you qualify for. Some types of loans are USDA (zero down), FHA (3.5% down), conventional (5-20% down). If you have land that is paid for or that you have equity in, you can possibly use it as your down payment.
“Home only” means that you are financing the home only. There would not be any land tied up with the house. You can put the home on your property, a relative’s or friend’s property or a rental lot.
“Land/Home” means that the home and land are tied together making it real estate. This applies whether you own the property or if you are purchasing property.
“Land/Home”: We use all major banks such as BB&T, Credit Unions, Quicken Loans, Country Place, GoPrime, PNC and more. As long as the bank is willing to finance Modular, doublewide or singlewides, we are happy to work with them. We do reserve the right to speak with the lender beforehand to make sure of the guidelines that are required.
“Home only”: Although most major banks will not finance home only loans, we do have several lenders that do finance home only. If you are interested in this type of financing we have applications and are happy to help you. You can get the application from our “Buyer Resources” section and print, email or fax it to us.
Central air is for cooling ONLY. You will be relying on old fashion heat strips to heat your home and it will cost you plenty. Your electric bill will be much higher. A heat pump is for heat and cooling. They are more energy efficient and will save money on your light bill. We include a 14 seer heat pump in all of our homes whether Mod, Doublewide or singlewide. Our homes are Energy Star certified.
Off-frame Mods are preferred by most banks, appraisers and inspectors. They are as close to a site-built as possible and normally bring higher value than On-Frame Modular.
The Off-frame Mod has a double blocked foundation and a large crane is required to lift the house off the chassis and place it on the brick foundation.
The On-Frame Mod remains on the chassis and then the brick skirting wall is put up around the house.
The On-frame is normally less expensive. There is nothing wrong with the On-Frame Mod, we offer both, but it is important to know there is a difference when getting quotes from dealers. You would not want to pay an Off-Frame price for an On-Frame house so ask to make sure. Also, make sure that the lender you are working with will finance On-frame. Some banks only finance OFF-frame.
It depends on the market in your area, but normally the Off-frame DOES bring more value in appraisal than an On-Frame as it is as close to stick built as you can get and appraises with stick built. Most banks and appraisers prefer the Off-Frame. Many banks will not finance ON-Frame so make sure you ask before you purchase.
Yes, they can be customized. Changes and customizations may be determined by the builder offerings and/or house selected.