Tidewater Custom Modular Homes Blog

Mortgage Rates have created the perfect storm for modular home construction. Assuming a 20% down on a 30 year fixed mortgage, monthly payments on a median priced home are now the lower than they have been in 40 years.
 
What does this mean to you? It means it is the perfect time to build your dream home. This is a great time to buy a home! Tidewater Custom Modular Homes offers a superior modular home, unparalleled service, and competitive pricing.

Modern technology has enabled modular home designers to create any style house. But modular technology has also enable modular homes to be built in far less time. Modular construction rivals or surpasses stick built homes in quality as well. This means that combined with the lowest monthly home mortgage payments in 40 years, you can have a custom built home in less time and with better quality than traditionally built homes.

Let Tidewater Custom Modular Homes build your next home.

Many people in North Carolina and Virginia experienced firsthand the wrath of Hurricane Irene.  Thousands of homes were damaged or destroyed.  For victims, this may be a great time to buy a home from Tidewater Custom Modular Homes.  Not only are we offering the current Factory tour rebate of $1000, families rebuilding due to disaster damage can take advantage of a $2000 credit from Tidewater Custom Modular Homes, Inc, the manufacturer of our fine modular homes.  But we will match that credit! That gives you a total “disaster credit” of $4000.

This credit will be given out at the completion of your modular home construction project. Receive the credit  in the form of cash rebates if you purchase your new home prior to December 2011.
 
All we need from you in order to issue the $4000 credit, other than proof of loan approval, is that you are a confirmed Hurricane Victim.
 
Join us at one of our "Plant Tour Events" every Saturday to receive the factory tour $1000 credit. Like we always say, you have to see it to believe it. And believe it; Tidewater Custom Modular would like to give you $5000 in total credits. Contact TCMH if you are a victim of the hurricane.

To build a modular home you need to pay the modular home company for building the modules and the general contractor for his services. If you do not own property, you also need to purchase that.

There are two typical sources of these funds. The first is private funds, such as personal savings, an equity loan on another property, or the sale of personal assets. The second is obtaining a mortgage through a lending institution, like a bank or mortgage company.

There is one major difference between paying for an existing, already built home and paying for building a new home. When you buy an existing home you pay the seller in full before you take possession of the home, usually through the mortgage. When you build a home, you make periodic payments as the work is completed. This protects you and the lender should something prevent the completion of the home on the GC end. Receiving compensation as the job progresses also protects the modular home company or dealer and the general contractor should something prevent you from paying for the finished home.

When you use a lender to build a home, you obtain a "construction loan" which is a short-term loan usually four- to twelve-months' duration. The loan provides for a series of payments as work is completed. Once the local building inspector issues a certificate of occupancy and the lender agrees that the home is essentially complete, the lender pays off the construction loan and issues you a mortgage.

What is the most different regarding construction loans for modular home construction is the time line. With traditionally built, stick built homes, the construction process is very long, a year or longer in some cases. The modular construction process is much shorter, a couple of months only.