Florida Manufactured Home Loan Const/Perm Loan w/ Staged Funding


 General Description: Florida-mortgage-lenders.com  provides interim financing and administration for true one-time close staged funded construction-to-permanent loans designed for Florida manufactured home loans and Florida modular housing. Florida-mortgage-lenders.com construction administration service allows Permanent Florida-mortgage-lenders.com with which we have an alliance to offer their Florida mortgage Brokers and Originators this unique Florida manufactured home loan product. The Permanent Florida mortgage lender underwrites and approves the permanent portion of the Florida manufactured home loan before the construction begins. Florida-mortgage-lenders.com  underwrites and approves the construction portion of the Florida manufactured home loan. When all conditions for closing are cleared with the Permanent Florida mortgage Lender, other than the final construction related conditions, Florida-mortgage-lenders.com will help coordinate the closing. The Florida manufactured home loan  is closed in the Permanent Florida mortgage lender’s name. Florida-mortgage-lenders.com closing documents include the documents for the construction portion of the loan, as well as, the documents for the permanent portion of the Florida manufactured home loan. Because the permanent loan is closed before construction begins, there is no “requalifying” of the borrower when it is time for conversion of the construction portion of the Florida manufactured home loan to the permanent portion of the loan. This is a true one-time close, therefore, the Florida manufactured home loan applicants will not need to return to the title company once construction is complete.


Types of Loans: FHA and Conventional


Eligible Properties: New Manufactured Homes and Modular Homes.


Max/Min Loan Amounts: Determined by the Permanent Florida Mortgage Lender


Permanent Interest Rate: Determined Florida Mortgage Lender


Occupancy Type: Owner-Occupied


Borrower Payments: The Florida Manufactured home  loan payments do not begin until after construction is complete.


Payment of Interest/Fees: In most cases the estimated construction interest, construction administration fee, construction underwriting fee, construction closing coordination fee, and Florida construction inspection fees (all are recognized as Construction Soft Costs) charged the construction funds administrator

And will be included in the Retailer/Builder’s price of Florida manufactured home loan.  Construction Soft Costs do not count towards maximum Builder/Seller concessions to the Borrower.


Interim Interest Rate: Currently, it is the greater of 10.5% or 4 percentage points above the prime rate. Interim interest only accrues on funds disbursed, not the full loan amount.

Interim  Fees:  Construction  Administration  Fee  is  2.25%  of  Loan  Note  amount.  Construction

Underwriting Fee is $250. Construction Closing Coordination Fee is $275. Construction Inspection Fee is

$300 for Florida manufactured/modular home loans.


Legal Documents Preparation: Closing documents are provided through the construction funds administrator. The firm we use to prepare the closing documents charges $300.


Builder Completion: Florida retailer/Builder must provide and be responsible for turnkey completion services. Florida manufactured home loan applicants cannot be responsible for any construction items. Therefore, the Florida manufactured home loan retailer must act as the Construction Coordinator or General Contractor for all improvements to be completed on the project.


Draw Schedule: At Florida manufactured home loan closing the construction funds administrator will fund closing costs, construction soft costs,  land  cost/payoff  (if  applicable),  and  Florida manufactured/modular  home  manufacturer’s  invoice  on Florida manufactured home retailer’s unit cost (upon request prior to close and provided the unit is offline, a factory invoice is available, and the proper insurance coverage is in place). We do not typically fund an upfront draw to the Retailer/Builder for improvement work however, up to three interim draws are available to the Florida manufactured home loan retailer after closing for work completed.  All Florida manufactured home loan construction draws are based on the line-item percentage of completion method. Funds are only released for work in place and/or for the Florida manufacturer’s unit invoice. In most cases, a minimum of 20% of the construction contract on Florida manufactured and Florida modular deals will be funded upon completion of construction at the final draw.


Draw Requests: Requests by the Retailer/Builder are made by phone, fax, or e-mail to the construction funds administrator. The program offers up to three draws to the Retailer for Florida manufactured/modular home loan housing after closing and including the final draw. Upon receipt of a draw request, we will have an independent Florida firm inspect the Florida manufactured home and return to us photos and a report with the percentage of completion of each improvement item shown on the Construction Cost Breakdown that the Retailer completed prior to closing. We will match each line item’s percentage of completion with the budgeted amount shown on the Florida Construction Cost Breakdown to determine that draw’s dollar amount. Please see the Florida Construction Draw Disclosure for more details. All funds will be disbursed directly to the Florida manufactured home Retailer/Builder, other than the Florida manufactured/modular home loan unit invoice, which will be paid directly to Florida Manufacturer/Floorplan Financing Source. We do not disburse draws to individual subcontractors that the Florida manufactured home loan retailer may be utilizing.


Final Survey: In most cases, the Florida Retailer/Builder is required to furnish a final survey of the property showing completed improvements prior to final draw provided the Closing Agent and/or Permanent Lender require this survey.





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