Financing

 

Lending Institutions in Jamestown, NY

When it comes to financing and appraisals, there’s no distinction between modular and site-built homes. Banks and other lending institutions treat both properties the same.

LHC Custom Modular will work with various lenders to provide you access to a unique construction loan. This loan will allow qualified applicants to build their home with 100% financing of land, material, and labor. Typically your out-of-pocket expenses will be less than $1,000, with the opportunity to earn equity.

 


Terms, Interest Rates, and Closing Costs

Rates and closing costs vary by program and are subject to change. Our lending institutions offers very competitive rates and low closing costs.

The following financing plans are available:

  • Closing costs can be financed through the construction loan.
  • Terms range from 9 to 12 months for the construction loan.
  • A one-time close option is available.
  • A no payment option during construction is available.

These options are subject to customer qualifications and lending institution programs.

Your account executive and lending institution can provide you with more detailed information.


Down Payment Requirements

Down payment requirements vary by program and your individual qualifications. These qualifications include, but are not limited to, credit history, income, and current obligations.

Our program offers 100% financing for land, materials, labor, and closing costs on loan amounts up to $300,000, as determined by the lending institution. State income customers and loans over $300,000 may require 5 to 10% down.


Out-of-Pocket Expenses

Out-of-pocket expenses also vary by lending institution, but the following amounts apply to most cases.

  • Initial order review and set up fee = $250
  • Appraisal and credit fees = $300 – $350
  • Land deposit = varies by seller, usually $200 – $500

Depending on the lending institution you select, your region, or your building, you may also have to pay for a building permit, architectural and engineering stamps, and builder’s risk insurance. Some or all of these items may be reimbursed at the time of the closing.

Local Lending Institutions:

  • Jamestown Savings Bank
  • H.S.B.C.
  • Lakeshore Savings Bank
  • Cattaraugus County Bank
*All loans are referred to a third party lender who has agreed to participate in the LHC Custom Modular program; we are not a direct lender.