Builders/Retailers, Land Sellers/Subdivision Owners, Chattel Lenders, and Mortgage Companies are trying to understand how to apply real estate mortgage lending requirements to the factory-built and site-built housing industies.
Questions like:
“Who is the Seller on the HUD-1?” “Does the Retailer payoff the lot or does the lot owner payoff the factory unit?”
“Who establishes the total sales price for the home/unit, lot, improvements, and closing costs?”
“What happens when the total sales price does not appraise?”
“Who oversees the construction budget for improvements, construction related conditions, and final inspections?”
“Who makes sure the proper insurance is in force during construction?”
“What happens if the purchaser “backs out” after the unit has been affixed but the loan has not closed?”
"Who ensures that all construction related conditions are met for HUD insuring purposes?
National Capital Funding, Ltd. provides the answers to these questions via a True One-Time Close Construction/Permanent Loan and administers the mortgage closing and construction funds through interim and final inspections. |