Financing A New Custom Unibilt Home
In today’s changing market, financing your new custom home can be a challenge. At Unibilt we understand that there should be no unexpected surprises for our Home Buyers.
Unibilt’s Unique Building Process Provides a “Fixed” Building Price
You’ll know, up front, exactly what your new home will cost. You can find the home you want with the custom features you want, priced at the beginning of the homebuilding process. And compared to traditional “stick building”, it’s fast.
There are no cost overruns, quality issues or challenges in dealing with multiple sub-contractors. All of this adds up to lower home costs and a quicker building time frame.
You Choose Your Lender
Of course, you may use the lender of your choice to finance your new Unibilt Home. There is no distinction between modular and site build homes as far as appraisal and financing. Banks and lending institutions treat both types of construction the same.
When visiting our Builder’s Model Homes Sales Center, feel free to talk with them about your financing options.
Local Conventional Financing
Unibilt homes can be financed through local lending institutions, which offer both long-term fixed-rate and variable-rate conventional mortgages. These loans typically require a minimum down payment of 10% or 20%. Interest rates are competitive and the term of the loans may vary from 15 to 30 years.
Mortgage Broker Financing
Additionally, mortgages can be obtained through mortgage brokers who offer not only conventional loans but also low down payment, government insured FHA, VA or USDA loans. FHA requires a minimum down payment of 3.5%, while VA and USDA require no down payment. Government insured loans are normally 30 year fixed rate loans.
Unibilt Homes Teams Up With Huntington Mortgage Group
Brett Shaut of Huntington Mortgage Group can provide you with the home financing options available in financing your new modular home. The mortgage must be secured by both the modular home and the land.
To begin the application process online, please click here. To speak with Brett directly, please contact him using the information below.
Brett D. Shaut
Mortgage Loan Officer
NMLS ID: 563137
Phone: 614.480.6422
Fax: 877.881.3121
brett.shaut@huntington.comThe Huntington National Bank
7575 Huntington Park Drive
HM1211
Columbus, OH 43235
huntington.com
Rural Development Housing’s Direct Loan Program
Unibilt Homes with Challenger Features are specifically designed to qualify for the Rural Development Housing’s Direct Loan Program. This special government program is funded by Congress and administered by the United States Department of Agriculture. The Direct Loan Program is designed to provide home ownership in rural areas for families earning below 80% of the area’s median income. Homes must meet government construction standards, be energy efficient and modest in size (between 1000 and 1500 square feet), and costing between $130,000 and $165,000. Most qualifying homes will have 2, 3 or 4 bedrooms and 2 baths. Home plans may include porches and two car garages.
Incredibly attractive financing terms are available for qualified applicants. No down payment is required. Your interest rate may be as low as 1% depending on income. Loans are for 33 or 38 years. To qualify applicants must have a good credit history with a minimum credit score of 640. Total monthly debt payments cannot exceed 41% of Adjusted Family Income. Payments including principal, interest, taxes and insurance will many times be lower than monthly rent payments.
→ Find out if you’re eligible for a USDA Rural Development Housing Direct Loan program
Your Unibilt Builder Can Help You Find Financing
Your Unibilt Builder can assist you with your financing. They have good working relationships with the local lenders in their marketing areas. Unibilt works directly with Huntington Mortgage Group for conventional, FHA, VA and USDA guaranteed loans. Unibilt Builders can also assist you with the USDA Rural Development Housing’s Direct Loan Program.
