Modular Homes VA Blog
VA Guarantee for Modular Homes
The VA will guarantee loans for prefab homes and modular construction. However, it's all about risk. So, here is what is important to remember, and what is not.
A. The VA does not loan the money, it guarantees a portion of the loan that the lenders or banks make for the purchase of you modular home. That means that the VA takes the risk out of the loan by assuring that (typically) 25% of the loan will be paid off. It is truly the only government guaranty available on the market.
B. Lenders lend the money. These lenders are mortgage companies and banks who rely upon the VA Guaranty to make your loan. Lenders honor the rules of the financial markets, rules that are set by Fannie Mae and Freddie Mac.
A modular home is not the same as a manufactured home for VA purposes. Although the parts or sections of a modular home are built in the factory and then moved to the building site, the home must still be put up and completed at the building site. A veteran may obtain a loan to purchase a modular home under VA's regular home loan program.
Modular Homes
These can sometimes be called prefab homes. The pieces of the home are actually built in a factory. They are then shipped to your building site, assembled, wired, finished, equipped with sinks and furnaces, connected to utilities, inspected and handed over, all in the space of a few days. The result is a custom designed, newly built home with everything brand new. This approach to new home ownership can often be the best possible bang for your buck. And, banks lend on modular homes the same as a stick built house.
However, there is sometimes confusion in the Fannie Mae Freddie Mac world about manufactured homes and modular homes. You and your loan officer need to approach with care to make certain that everyone understands that the VA term for manufactured home is not the same as that often used in the residential mortgage world.
Bottom line
For modular homes, if otherwise qualified for the loan, the VA will guaranty the loan and the lenders will do the deal.
For more information on modular homes for veterans, contact Tidewater Custom Modular Homes.
Excerpts - Ezine
Modular Home Facts
Modular homes are constructed in an environmentally protected factory. The quality control methods can now be applied to home construction. A better built, quality controlled home is now available to homeowners.
The cost savings can be significant, up to 30%. The benefits of a modern assembly line, low waste, reusable designs, and bulk material buy savings bring down the costs for new modular homes.
Modular construction offers shorter, more predictable building schedules. The home is constructed on a set schedule from the factory. When it is delivered to the property, it can be weather tight the same day. The amount of effort to finish and move in is minimal and the time and stress is reduced.
Modular homes are not mobile homes. They are built to local and states building codes.
Modular homes offer a great way to build a new home economically. It provides a way to build, even during inclement weather when all other construction has stopped. With interest rates so low, and the slow season approaching for builders, no one should pass up the opportunity to build a new modular home. Contact Tidewater Custom Modular Homes.
Excerpts - SB Wire
The Many Pro's of Modular Construction
If you are considering building a new home, you should understand modular construction and understand the pro’s of buying one.
1. Modular homes can be constructed almost anywhere.
2. They are generally more affordable, in dollars and time, than stick built homes.
3. The floor plan can be customized.
4. Modular homes are built and in “move-in condition” much faster than stick built homes.
5. With modular construction there are no weather, worker or material delays. Also, there are no construction material thefts from the site.
6. These homes are factory built and must comply to all local and state building codes. They are also 3rd party inspected while being constructed in the factory.
7. Most modular homes will save energy.
8. You can easily add more rooms or additions in the future.
9. Modular homes stay beautiful for years and appreciate in value just like traditionally built homes.
For more information on modular homes, contact Tidewater Custom Modular Homes.
Understanding Modular Construction
Many people are hesitant to consider modular homes because they think that the construction design is limited, but that is no longer the case. In fact, just like with stick built homes, the first phase of modular construction is designing your floor plan.
Modular homes are then constructed and assembled using factory production methods. Each section of the home are made by expert builders in a factory. After each section is done, a separate team of workers inspects the quality of their work.
This quality inspection process is just one reason why many people highly prefer modular or prefabricated homes. And since they're made inside a controlled environment, there are no imperfections and weather related damages or delays.
If you have limited time, modular construction is a perfect choice. Modular home construction is so efficient that you can have your home ready in just a few weeks.
For more information on modular homes, contact Tidewater Custom Modular Homes.
Excerpts - Ezine
Warmest Holiday Wishes and Appreciation From Tidewater Custom Modular Homes
We warmly and humbly reflect upon calendar year 2012 with a genuine sense of professional accomplishment and appreciation for both our clients and those of you following our blog. The final quarter of every calendar year is fun for us as we expand our custom modular home product and service offerings. Today, however, is a not a day to look forward. Today is a day to look back and reflect upon the relationships created in 2012 and to those of you spending your first Holiday season in your new Tidewater Custom Modular Home.
We also extend our deepest appreciation to all of you for your testimonials and referrals that make TC Modular Homes the recognized leader for both quality and value in custom modular home construction across Newport News, Hampton, and Virgina Beach.
With great anticipation for helping more dreams come true in 2013, we wish you all the warmest of the Holiday season.
Modular Homes vs. Site Built Homes
In modular construction, the framing, roofing, plumbing, cabinetry, interior finish, heating, air conditioning, and electric wiring are exactly what you would expect in a conventional stick built home. The main difference is the location of construction. Stick built homes are built right on-site, exposing the material to inclement weather, vandalism, and other adverse conditions.
Modular homes are constructed in climate-controlled facilities, which protects the materials from degradation. The modules are then transported from the facility to the site. This means that modular homes need to be extremely sturdy. Therefore, gluing and screwing are used to ensure sturdiness during travel. Also, modular homes must comply with interstate and local building codes which means they are stronger, higher quality homes.
The costs for modular construction are also lower than site-built construction for two main reasons: 1) building material is purchased in bulk and 2) construction is handled in an efficient, assembly-like manner. This translates into an average 20% savings for modular built homes.
Modular homes can also be constructed in as little as 12 weeks. This is because modular homes are built indoors using full-time indoor crews. As a result, modular companies do not suffer the no shows, bad weather, and other common time concerns of the traditional contractor.
For more information on modular construction, contact Tidewater Custom Modular Homes.
Ezine
Modular Homes, Prefab Homes, Manufactured Homes - What's the Difference?
In the building industry, "prefab" is short for "pre-fabricated" homes and this means homes that are built offsite, either whole or in parts. The buildings are then assembled at the final building site. — Prefabs break down into four categories:
Modular homes: These homes are built in modules in an indoor factory, then delivered and assembled onsite. They must conform to local and state building codes for that particular site. These homes can be custom designed or one can order already designed modular floor plans. Modular homes are very similar to site built homes and can be as humble or as grand as the homeowner would like. Modular homes offer multiple design and options.
Panelized homes: These are modular homes made of premade wall panels and pieces that are assembled onsite. Because there are more pieces, more time and effort are required for assembly.
Pre-cut homes: With a "house in a box" concept, these kits can be assembled by do-it-yourselfers or local construction crews. Log-home kits are a popular example.
Manufactured homes: This is the group commonly called "mobile homes." Constructed almost entirely in a factory, the finished unit is placed on a steel chassis and towed to the building site. By law, the chassis stays in place after delivery. These homes are built under special federal guidelines. Some communities do not permit manufactured homes.
For more information on modular homes, contact Tidewater Custom Modular Homes.
The Republic
Some Modular Home Facts
Modular homes are constructed in an environmentally protected factory. There are no reasons for weather delays or for production to stop because of bad weather. The weather proof manufacturing process also ensures that your homes skeleton will remain free from any weather induced damage.
Once your new home arrives to the site the final assembly can be performed at record speeds. Most of the work has already been completed; the home just needs to be secured. Being able to work fast, as opposed to building the home from the ground up, ensures that the home will become weather tight in a very quick time frame.
Winter time is the off season and this could result in even faster construction times. It is already a common fact that you will be able to purchase a larger home with more home amenities when you buy a modular home. On average a modular home can cost almost 30% less than a stick built homes.
Modular homes are not mobile homes. They do not have wheels, they cannot be moved once secured to the site and they do not fall apart when the first wind comes through. What modular homes do offer is a way to build, even during inclement weather when all other construction has stopped. With interest rates so incredibly low, and the slow season approaching for builders, no one should pass up the opportunity to build their dream home.
For more information on building a modular home, contact Tidewater Custom Modular Homes.
SB Wire
Modular Homes Have Quicker Construction Times and Cost Less
Modular homes make up a growing segment of the housing market. They are homes that are manufactured in sections in a factory and hauled by truck to the construction site, where they are assembled. Compared to traditional stick-built homes, or those built on-site, modular builders say their product costs less, takes less time to construct and has a reputation for sturdiness.
Those who had new homes built with modular construction say they liked the faster turnaround time and quality.
Modular homes are custom homes, meaning that the homes are designed according to the owner’s style choices. They can be up to three stories high.
A typical three-story house is delivered on special carriers in six sections, and each section is hoisted into place with a crane.
Modular homes have a faster turnaround time than site building, typically three to four months compared to about seven for on-site construction. When delivered, they are about 85% complete. The crews set the units using a crane, attach the sections, connect utilities, lay carpet and flooring, and add exterior siding and roofing, which are delivered with the home, to the areas where the units are joined.
Modular homes appreciate in value and are treated the same as traditional houses by banks and insurance companies.
“We look at a modular house as exactly the same as a site-built house for lending purposes,” said Michael White, senior vice president of residential mortgages. “We think of them as stick-built off-site.”
Steve Rizzo, an independent insurance adjuster, said in his experience, modular homes are issued a typical homeowner’s policy for replacement value.
That’s because they’re well-built.
“For most building codes, the houses would be considered overbuilt,” Templin said. “Could you ever imagine a site-built house being able to withstand being lifted by a crane?”
For information on modular construction in Virginia, contact Tidewater Custom Modular Homes.
Reading Eagle Business Weekly
TC Custom Modular Homes Does Much More Than Build Your Home
Did you know that TC Modular Homes offers so much more than the most beautiful, functional, and strongest homes on the market? We work closely with our customers to consult them on lot availability, home orientation options for the lot, county permitting, and much more. You will not go it alone when you team with John, Tammy, and the professional staff at TC Modular.
Customer service to us means that not only did the final product exceed your every expectation, but that the entire process was completed stress free. We invite you to browse the multitude of modular home floor plans that we offer and can customize to your specific tastes.
Learn the latest trends in interior home design trends and feel free to call us and discuss them.
We are Tidewater Virginia's leader in modular construction. We invite you to call (or request information) and shortly thereafter, you'll quickly learn why.