Builders: Save on interest with accelerated timelines
Here’s the bottom line: offsite construction can save you money on interest. Our cutting-edge factory-built construction techniques save builders an average of 12 weeks in construction time compared to site-built.
With offsite-built solutions from Genesis®, you can save a significant amount in interest costs from the faster timelines and reduce the overall length of your project. Ultimately, it opens up the opportunity for you to build more homes per year and enhance your profitability.
Builder financing for modular and manufactured homes
When you work with Genesis on modular home projects, the same construction financing options are available to you as site-built projects. This helps lower the barrier to entry to factory-built housing for site-built developers looking to diversify their revenue streams and for new offsite-built developers entering the market.
For manufactured home projects, including CrossMods®, financing options will depend on the lender.
Modular home financing for your end customer
Since modular homes are built to state and local building codes, there is no specialized financing required for buyers. Your end customers have access to the same traditional financial options for purchasing modular homes as they would for site-built homes.
Homebuyers will appreciate the wide range of financing options available during the purchase process. These choices include conventional home loans conforming to Fannie Mae and Freddie Mac standards, FHA loans, VA loans, or personal loans.
Questions about financing options? Contact the Genesis team of experts.
Manufactured home financing for your end customer
The buyer financing options available for manufactured homes have expanded in recent years. In addition to FHA loans and personal loans, your end customers can access the specialized manufactured home financing options below.
Fannie Mae MHAdvantage™ mortgages
The MHAdvantage program offers buyers affordable, conventional financing for manufactured homes with features similar to traditional single-family homes. These loans offer comparable interest rates to mortgages for site-built homes with down payments as low as 3%.
To be eligible, a manufactured home must meet construction, architectural design, and energy efficiency standards that would more typically be found in site-built homes. Examples of these features include garages or carports, driveways, porches, dormers, and durable siding materials.
Freddie Mac CHOICEHome® mortgages
CHOICEHome mortgages offer conventional site-built with down payments options as low as 3%. Eligible homes must be manufactured homes that are classified as real properties with features of site-built homes. The specifications include requirements for property type, higher roof pitches, expanded exterior features, and foundations.
Need more information about financing? Contact the Genesis team.
Chattel mortgages
These loans are a good fit for buyers who are placing homes on leased land or land not owned by the borrower. This type of mortgage only covers the manufactured home itself, not the land it sits on. Chattel loans secure the homes themselves as collateral, and they typically offer higher interest rates and shorter loan terms than traditional mortgages.
