Southern New England Modular Homes
Since 1986 Connecticut's Leading Modular Dealer
Why I Hired Southern New Englannd Modular To
Build My New Home!
Building a new modular home is no different than a site built home with regards to financing both require a "construction loan". The simple description of the construction loan defines it as a mortgage for a requested amount which is given to the borrower in incremenets rather than a lump sum. Once you have picked the home you then would order blue prints and a banking package which is provided by Southern New England Modular. This package shows in detail how this home will look and what will be included. The bank uses this information along with your site estimates to complete an appraisal for the finished value of your home. Once qualified and closed your "construction loan" will provide you a check book specifically for this loan, as work is completed and inspections are done the requested amount will be transferred into the account for payment. Simply put the money is available to pay the respected trades as the work is completed. Many lending institutions prefer modular construction over conventional built homes due to the amount of work completed in the safe and protected environment that the factory offers. There is also less on site inspections which must be completed also helping reduce your expenses. Southern New England Modular has worked with many different banks and financing companies throughout Connecticut and Rhode Island. We would be happy to speak with your institution or to recommend someone in your area that can help!
420 South Main Street, Colchester, Connecticut 06415
Modular....... Southern New England Style! Modular Home Building Since 1986