Modular Homes

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  • #70435
    K.M8991
    Participant

    I was recently qualified for 250k through NACA and I’m looking into buying an recently built modular home for 100k. Is it possible to use the remainder for buying modular home additions,fencing,deck and driveway remodel??

    #70448
    Nelsont
    Member

    Are you planning on buying the land from the modular home builder or do you have a piece of land picked out separately?

    #70452
    K.M8991
    Participant

    The modular home is already built on an acre of land. I just wanted to add A Pole Barn & Garage addition. Its 60K in Add-ons to an already built structure. I’m just not sure if it’s possible to add-ons with the HAND department.

    #70453
    Nelsont
    Member

    It is generally possible. You would need to hire an architect and have them submit plans to HAND to get approved before any construction occurs. You might need to add everything to a wish list. I am not sure about detached structures. Improvements to the house itself and additions are definitely doable within reason. Also depending on the scope there is a possibility you cannot close before the work is completed and passes inspection or you close before construction is completed but, can’t move in until it is.

    With a “rehab” loan through HAND you are allowed up to 110% of the expected after completion appraisal value so just keep in mind after everything is said and done what you purchase for 160+ will be worth closer to 200 or 250 so your taxes and insurance will be adjusted accordingly.

    I think if this is the house for you then go for it. If HAND denies any or all or your requests you will have plenty of room in the budget to get things done after closing…with less restrictions.

    #70454
    K.M8991
    Participant

    Exactly what I need to hear. Thank You so much for the response.

    #70483
    TTrumble
    Member

    Hello K.M8991,

    The key issue is whether or not the additions you want to make will increase the value of the home by at least the cost of the project. We give you a little wiggle room with the 110% LTV ratio when upgrades are included, but the specific improvements themselves will determine what can and cannot be done. The items you listed will probably be good to go, but that’s up to the HAND department to say for certain.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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