Financing

How To Finance Your New Modular Home

How To Finance Your New Pratt Home

Pratt Homes is one of only a handful of home builders that offers an on-staff, experienced and licensed mortgage loan originator. Due to the complexities around mortgage lending, it is more than just a luxury to have someone who can help you navigate through all the decisions involved with the home purchase. We want to make the process as easy and enjoyable for you as possible.

We offer a variety of finance programs for our manufactured, modular, and tiny homes. Options will vary depending on the type of home you are interested in purchasing and your unique situation.

We work to find the best financing options for YOU! Many will include lower closing costs and interest rates. Here are just a few of the competitive programs we have available:

  • Home Only- No minimum credit score required for conventional financing on all new and pre-owned. In most cases, you will have a response in as little as 24 hours.
  • Banner Program – If you a credit score of 575 or higher, this program offers a low down payment for home-only, private property products.
  • Equity Program – This financing option is available to almost any home buyer, including those with poor credit. A minimum downpayment is required, and it may be greater than our other programs.
  • Land As Down Payment – This is a great option for home buyers who want to use their land as a down payment.
  • Land Home Loan – This is a great option if you are interested in a one time closing of your construction loan, land purchase, and home purchase. This allows you from having to front all the money.
  • Alternate Income – A great choice for the self-employed home buyer.
  • Co-Signer – This program allows for an additional signer to help offset a limited credit applicant.

Traditional Mortgage Options Available at Pratt Homes:
Conventional fixed rate mortgages (30, 20, 15 and 10 year terms)
Adjustable Rate Mortgages (ARM loans)
USDA Mortgages with zero money down options
FHA Loans featuring low down payments and fairly lenient credit requirements
VA Mortgages for eligible military, veterans and surviving spouses. We are proud of the fact that we secured VA financing for the 2nd ever modular home in the state of Texas for a wonderful military family.

Bad Credit. No Credit. No Problem.
For those who may not qualify for traditional financing programs due to poor credit, we have a great option. It’s called our Equity Program. Whether you have bad credit or no credit, you can qualify if you meet other requirements. The required downpayment is 35%, but you may be able to use your land equity in lieu of the down payment. Furthermore, all loans have flexible terms and fixed rates for the life of the loan. This option is available for new modular and new double and single section homes.

Interested in Building Equity Faster, Paying Less Interest, and Reducing the Terms of Your Loan?
We have a program for that! Ask about Our Bi-Weekly Plan. You will be able to pay off your home years earlier than with a standard monthly loan. Ask us how!

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