Panelized Home Loan

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Have you ever wondered why penalized home loans usually cover up to 100 percent of the home cost? This is because penalized homes are so much faster and easier to build since they are made from high quality pre-fabricated materials. With penalized homes, the biggest equity that you need is ‘sweat equity’ because basically, you are making your own home.

Sometimes the actual down-payment that you make on a penalized home can go as low as $1000! This is a great way to approach home owning especially if you are buying land with the penalized house. When the time comes that you want to build a more stable, traditional house, you already have the land to build it on and can disassemble the penalized home.

With a modular home, you can be assured of the same comforts and protection that a regular home can provide. Since it is pre-manufactured and delivered and set up on site, this kind of home also goes under a special quality control check and regular inspection by the manufacturing company to assure you of its good quality and durability.

The only negative thing about penalized home loans to make your modular home is that collateral of considerable size has to be put up for you to avail of the loan. Banks and lending houses find penalized homes a greater risk to invest in because, unlike regular homes, a penalized home does not increase with value as it gets older. A regular, traditional home, however, is basically collateral in itself, and in the event that payments are defaulted, the value of the house loan can be redeemed through a resale of the foreclosed house.

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Source by Elija James