Can I get a Construction to Permanent (CTP) loan for a piece of land and a modular home to put on it?
Modular Home Questions May 23rd, 2010I want to purchase a piece of land, a modular home, and i need to put utilities on the property……would a CTP loan be the best loan to get?
May 23rd, 2010 at 10:45 pm
It is one good alternative. I am buying a modular home and already own the land. Even had we gone with a site built home, the bank was offering a construction to permanent. SHOP AROUND. I discovered some banks are geared to just offer the construction loan, which is typically a higher interest rate until it transfers to a permanent loan. Most banks just like to do the permanent financing. Wells Fargo does both. The banks I contacted considered a modular home just like a site built home. The problem you might have is a high down payment since you don’t have any equity in your land if you are just purchasing it. I was told the down payment was going to be 20%, had we not owned the land. Contact several banks and I discovered it was best to tell them what you are doing and let them tell you what they have available. If you ask such a specific question, there’s no conversation about other methods of financing they might be willing to do for you. The representative you first talk to, might just concentrate on your specific question, and not think to go ask someone what else they could do for you.
May 23rd, 2010 at 10:45 pm
Amy,
There several ways you can complete this project and there are several different programs available for you to choose from. To answer your question accurately I would need more information on the land and the structure. Please feel free to check out my profile and email me your contact information so I can help you pick out the right loan program. I look forward in hearing from you.