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The Modular Home Financing Advantage

Updated: Oct 29, 2022

Many Phoenix clients were pleasantly surprised to learn about the modular specific financing options available through our partner, Citizen's Bank. The biggest surprise has been that the land you own can be used as collateral to fund construction (i.e., limited to no cash down payment required). Once construction is complete, the loan then converts to a traditional 30-year mortgage.

During the construction phase, the interest rate will be higher than the rate when it converts to a traditional mortgage. This is common to all construction financing. However, with modular construction, you reduce the construction phase by up 50% compared to conventional stick-built construction.

The reduced construction phase means you will have fewer high interest payments as your loan will convert from the construction phase to permanent phase faster.

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