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Bedford Federal offers excellent terms and welcomes all Central Virginia buyers of modular homes and those built using either panelized or SIP techniques.
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Visit Bedford Federal to discuss loan terms for your modular home loan.
Bedford Federal Savings Bank
Contact: Tim Black, Vice President (540)586-2590
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Financial and Appraisal Considerations
o There is no distinction between plant-built modular homes and site built homes as far as appraisal or financing is concerned.
o Banks and lending institutions treat both types of construction the same. Likewise, you’ll experience no difference in insuring your modular home.
o The costs are not only lower with modular homes, they are also known in advance of construction. We can offer prices that will not fluctuate. You’ll know the exact cost for your modular home in advance; even when it is customized. In fact, the price is guaranteed, regardless of cost increases for materials and labor.
o Consequently,there is less possibility of significantly miscalculating costs, which means there is less chance of unaffordable cost overruns - a very important consideration for both the home builder and the customer.
o All construction materials, as well as interior features and appliances, are purchased in volume for additional savings.
o When properly installed and maintained, today's modular home will appreciate the same as surrounding site-built homes.
o Depending on the region of the country, construction cost per square foot for a new modular home averages anywhere from 10 to 35 percent less than a comparable site-built home, excluding the cost of land.
o In addition, with less labor required at the job site, overall construction time for a modular home is far shorter. This not only reduces on-site construction costs for the home builder, it also reduces the number of days that our customers must pay interest on their construction loan. As a result the cost of interim construction financing can be significantly reduced or eliminated.
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