HFN: The Weekly Newspaper for the Home Furnishing Network - THE MODULAR SQUAD.(modular homes)(Brief Article)
October 4, 2004 -- Byline: Michael D. Devine Sears may have been the first retailer to sell prefabricated homes, but maybe it's time for another major retailer ...
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There are about 200 modular home manufacturers that assemble sections of modular units inside factories. Most modular units are made in complete, box like sections. Multiple-section units and stack-on units are common. Modular homes are the strongest of frame type homes built, and are 95% complete when they leave the factory. They are sold as .factory direct. or through a network of builders. During 2001 about 166,000 modular homes and apartments were sold. This number has more then doubled in the last two years, making modular housing the number one choice among homebuyers surpassing even the HUD-housing industry.
This is the traditional method of construction financing that many lenders still offer today. A double-close CTP loan provides two separate loans: an interim interest-only. construction phase loan to build the home and then a new permanent, fully amortized mortgage when the home is completed. There are two applications - two sets of fees - two closings - two loans. There are few advantages to this loan type simply because it is more expensive than a single-close CTP loan.
Related keywords: District of Columbia modular homes, prefab homes, Oregon modular homes
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