Finance Your Prefab With A Low Interest Renovation Loan

Renovation loans work just like conventional loans: low interest rates, fixed loan, you choose where the money goes.

June 30, 2020

Renovation loans work just like conventional loans: low interest rates, fixed rate and you choose where the money goes.


Just like a traditional loan, you can leverage a special type of renovation loan to pay a low interest rate and tap into 75 percent of the home price plus renovation costs or the as-completed appraised value. You can pull out up to 97% of LTV (loan to value) with certain eligibility requirements.

Minimum Credit Score: 620
Minimum Down Payment: 5%
Loan to value: Up to 97 LTV

That means if your home is $200,000, and if the new modular home adds $100,000 in value, you could take 75% of the total sum of $300,000. The funds that you could use for the modular home would be $225,000.

Here are some other examples:

Examples

Cost of Prefab Home Estimated Monthly (4.5%, 30 year fixed)
$30,000 $152
$50,000 $253
$100,000 $507
$150,000 $760
$200,000 $1,013
$250,000 $1,267

To get started on a loan, visit our application page.

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