Pre-qualify for construction financing and obtain estimates for land, home and site development costs.
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Price home with options.
Sign Purchase Agreement for Home with Modular Dealer.
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Site Inspection Done by Modular Dealer & Contractors.
Obtain written site development cost estimates from contractors and complete construction cost worksheet.
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Final contract from modular dealer submitted to lender.
Blueprints submitted to lender.
Appraisal completed and submitted to lender.
File submitted to underwriting for review prior to approval.
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Finalize home plans with dealer and sign preliminary drawings authorizing dealer to order blueprints.
Final contract is completed listing all options/upgrades and pricing changes requested and authorized by customer.
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Apply for mortgage with lender.
Lender orders verifications of income, employment and assets.
All contract/estimates reviewed by construction department- appraisal and title search are ordered after review is complete.
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Upon approval, Mortgage Commitment Letter is issued by and reviewed with customer and builder.
Dealer checks for online date to determine when home can be built and delivered- date is not scheduled yet.
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Lender prepares draw schedule and sends out to modular dealer and customer for review and signatures.
Title search received and reviewed by Bank attorney.
Customer supplies all additional documents requested from Mortgage Commitment Letter.
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Customer applies for building permit & homeowner's insurance and sends copies and proof of payment for both to Bank.
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Closing is scheduled.
Closing takes place. Funds needed to cover modular deposit, closing costs, and land payoff
(if applicable) are disbursed.
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Once all conditions are received customer's file will be "cleared to close" and sent to Bank attorney.
Modular dealer confirms online date for start of home construction and schedules approximate delivery and set dates.
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