Modular Home Financing Tips From a South Carolina Builder
Wes Skipper of Skipper Homes in Easley, S.C., outlines key financing considerations for buyers of modular and manufactured homes.
Buyers considering modular or manufactured homes in South Carolina face a distinct set of financing hurdles compared with traditional site-built construction, according to guidance published by HelloNation and attributed to Wes Skipper, owner of Skipper Homes in Easley, S.C.
Skipper, described as a homebuilding expert, walked prospective buyers through the financing landscape for factory-built housing, a segment that has drawn growing interest as affordability pressures squeeze conventional home purchases across the state and the broader Southeast.
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Manufactured and modular homes are frequently treated differently by lenders, and understanding that distinction is a critical first step for buyers. Manufactured homes are typically titled as personal property unless permanently affixed to land the buyer owns, which can affect the loan products available and the interest rates attached to them.
Buyers who own or plan to purchase land alongside their factory-built home may qualify for conventional mortgage financing, broadening their options considerably. Those purchasing in land-lease communities, however, often rely on chattel loans, which tend to carry higher rates and shorter terms than standard mortgages.
Skipper's guidance, distributed through HelloNation, underscores the importance of working with lenders experienced in manufactured and modular transactions before committing to a purchase. Continue reading at Real Estate.
