Loans for Your Kit Home

2010 March 22
by iggy

In this day and age, where there are means to save either time or money, people usually prefer to take both options. Whether it be buying a car, purchasing household appliances, or building and selecting your home, a cheaper and reliable option is always available. One of these available options where time and money can be saved is by purchasing a kit home. Kit homes are prefabricated homes that cost less to construct, come in a variety of designs, are priced affordably, and can be constructed fairly quickly.
Those who want a home that can be custom fit to one’s specifications can look to getting finance for a kit home as a possible option. The next question that should be asked is if there are banks and lenders who are willing to approve a loan for a kit home. Unfortunately, there are only a number of lenders who are willing to approve this type of home loan. As is the norm, banks and lenders calculate risk, and generally the risk in funding kit homes is too big. This is due to the fact that there is the risk that the kit home may not be finished at all, and the banks and lenders will be left with nothing but a parcel of vacant land. This is what the banks and lenders seek to avoid.
However, borrowers should not despair. In the jungle of banks and lenders, there are some who cater specifically to those who would like to purchase kit homes. Although there are only a few, they do exist. With the help of the experts on home loans, they can direct you to those lending institutions that are willing to take the risk, and lend you an amount to purchase your kit home. Of course, because of the additional risk being taken, interest rates may be slightly higher, which is the price for taking on the risk. With their help your dreams of owning a kit home can become a reality.

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