Midwest Modular Homes can assist you with all your financing needs. Our relationship with the Industry lenders is second to none. Below you will find the types of loans available for our homes. Midwest Modular Homes is not a bank and although we have worked with a multitude of banks and lenders over the years, you are not limited or required to work with any specific lender and should always search out and consider any lender that is going to be able to structure a loan that best serves your needs.
Home Only Loan:
Are you wanting to build your home in a park, on rented ground or just not wanting to tie up your land in a loan? This could be the loan for you. Our lenders can get you into your new or pre-owned home with as little as 5% down.
Do you own your own land or do you want to purchase land? Midwest can combine all your site work (foundation, well, septic, utility hook-ups and more), including paying off your existing land mortgage or the complete purchase price. Explained below are the different types of construction loans available to our customers.
Conventional loans are typically offered by banks and credit unions and usually require a down payment of 20% of the total loan (land equity may be used as down payment). Although a conventional loan may have tougher credit requirements than FHA, VA and USDA loans, if you are in a position to use one, you may find that interest rates are lower and you will not have mortgage insurance.
FHA loans are insured by the Federal Housing Administration and administered by FHA- approved lenders. Since the loans are 100 percent covered in case of mortgage default, FHA financing offers lower down payment and relatively lenient qualification requirements. FHA loans are common among first time home buyers and consumers with minimal credit history. An FHA home loan down payment is typically around 3.5%.
VA loans have many advantages that make it one of the most appealing paths to
homeownership. This great program is reserved exclusively to those who bravely served our
country and select military spouses.
When combined, the benefits of the VA mortgage allow service members and Veterans to take
advantage of substantial cost savings under qualification requirements designed specifically for
the military and their unique needs. Lower payments, no down payments and easier to qualify
are a few of the advantages with the VA loan. This is especially helpful for first-time home
USDA loans are designed by the government to help medium income families living in rural and
suburban communities buy a new home. The advantages of USDA loans are no money down,
low interest rates, 30 year fixed rates, government guaranteed, flexible credit guidelines and the
ability to roll your closing costs into the loan.
Please call today for more information or to get pre-qualified.