It is possible to get a mortgage for all new homes built by ModBox Developments. However, the availability and terms of mortgages can vary depending on several factors, such as your financial situation, the specific lender, and the type of modular home being built.
Here are some key points to consider when it comes to obtaining a mortgage for a new home built by Mod Box Developments:
1. Financing Options: It’s important to research and compare different lenders. Some lenders may have specific loan programs or guidelines tailored to specific construction types of homes.
2. Certification and Compliance: Ensure that the home being built by ModBox Developments meets all applicable building codes and regulations. Lenders may have specific requirements regarding certifications and inspections, so verify that the home will comply with these standards.
3. Appraisal: Depending on the lender’s policies, an appraisal may be required to determine the value of the home being built. The appraised value will help determine the maximum loan amount the lender is willing to provide.
4. Down Payment: Lenders typically require a down payment for mortgage loans. The specific amount can vary based on factors such as creditworthiness, loan program, and other considerations. Be prepared to make a down payment when applying for a mortgage.
5. Documentation: When applying for a mortgage, you will need to provide standard documentation, such as proof of income, employment history, credit history, and any other documents typically required by lenders for mortgage applications.
Remember, it’s important to consult with a mortgage lender or financial advisor who can guide you through the process and provide personalized advice based on your specific circumstances. They will be able to help you understand the options available and guide you towards the best financing solution for your new home.
Modbox Developments would be happy to help you find a suitable advisor, as they have extensive experience in this field.