Financing a modular home is similar to a site built home or building project in many ways. When financing a home, there are generally two main options, a Fix Rate Mortgage (FRM) and Adjustable Rate Mortgage (ARM).
The terms of the mortgage can vary depending on the financial institution. However, when financing a modular home, the most common loan is a 30-year fixed rate mortgage.
Do You Need a Construction Loan?
When you buy a modular home, as opposed to a site-built home, there is a possibility that you may have to secure another type of loan in addition to your mortgage.