Land & Financing for Your New Home
You don't need either one figured out before you call.You do not need to own land, have a preapproval, or know exactly which home you want before contacting PreFab Home Solutions. In fact, Tony would rather talk with you early.
A conversation about the type of home you are considering, the general budget you have in mind, and whether you already own property can help point you toward the right next step.
Already have land? Tony can take a look at it. Still searching? Tony and his son are licensed real estate agents and can help with the land side of the process.
Need financing? You are free to use your own lender, or Tony can connect you with lenders familiar with manufactured and modular construction loans.
You do not need to have the whole process figured out before you start.
Already Own Land? Let's Start There.
About 70% of PreFab Home Solutions customers already own property when they first reach out.
If you have land in Lynchburg, Forest, Bedford, Amherst, Evington, Campbell County, or another area we serve, Tony can look at the property and help you understand what may be needed to place a home there.
He can help review things such as: Zoning, Setbacks, Road and delivery access, Property slope, Tree clearing, Visible rock, Well needs, Septic requirements, Utility availability, Space for the home, and Space needed for delivery and installation.
The home itself is only part of the project, so understanding the property early can give you a much clearer picture of the total cost.
Thinking About Buying Land? Let Tony Look First.
The least expensive piece of land is not always the least expensive place to build. A property may look affordable at first, but site conditions can change the project quickly.
Steep terrain may require more excavation.
Heavy trees may add clearing costs.
Large rock formations can make foundation work harder.
A long or difficult driveway can add expense.
Septic systems can also vary greatly in cost depending on the soil and system required. Tony's FAQ notes that septic designs can range widely depending on the property and that a soil evaluation is highly recommended before the home contract is finalized.
Tony regularly looks at properties customers are considering before they purchase them, often at no charge. That gives you a chance to ask a very important question before making an offer: Does this land make sense for the home I want to build?
What Should You Watch for When Choosing Land?
Some homesites are much easier to work with than others.
Tony recommends paying close attention to:
HOA & Deed Restrictions
Customers are responsible for checking HOA and deed restrictions before purchasing the property.
A county may allow the home type, while a private restriction may not.
Steep Slopes
A steep property can require more excavation, grading, foundation work, and driveway preparation.
Large Trees
Trees can be removed, but extensive clearing adds work and cost to the project.
Visible Rock
Large rock formations can be a sign that excavation and foundation work may be more difficult.
Delivery Access
A manufactured or modular home has to physically reach the homesite.
Road width, sharp turns, bridges, overhead lines, grades, and other access issues can matter.
Well & Septic Requirements
Rural properties may require both a private well and septic system.
A soil evaluation helps determine what type of septic system the property will need. Existing wells and septic systems may sometimes be reused if they meet county and project requirements.
Already Own Land? It May Help With Financing.
If you already own property, the equity in your land may be useful as part of the financing. In some situations, land can be used toward the required down payment or equity for the construction loan. That does not mean every buyer will qualify for a no-money-down loan, but it can make a major difference in how the project is financed. Tony can help you understand what questions to ask your lender and can connect you with lenders who regularly work with the home types PreFab sells.
Can You Buy the Land and Home With One Loan?
In many cases, yes.
A construction loan may allow the land and the home project to be financed together rather than requiring separate loans.
Depending on the lender and loan program, financing may potentially include:
The land
The home
Land clearing
Site preparation
Foundation
Driveway
Well
Septic
Utility connections
Porches
Garage
Other qualifying construction costs
Need Help Finding a Lender?
Manufactured and modular construction loans can be different from a traditional mortgage, and not every lender offers the same programs. PreFab Home Solutions works with lenders who are familiar with manufactured and modular home construction loans. Buyers are always welcome to use their own lender, but if you need a place to start, Tony can connect you with a lender who has experience with these types of projects.
Preferred Lending Contact
Bruce Myers, Loan Officer
Primis Mortgage NMLS #1718818 Company NMLS #189487
Call or Text: (919) 760-3777 or email bruce.myers@primisbank.comFinancing is provided by an independent third-party lender. Loan programs, rates, terms, down-payment requirements, and approval are determined by the lender and may vary by borrower and project. You are not required to use PreFab Home Solutions’ preferred lending contact.
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It is not always required before signing the home contract, but Tony highly recommends evaluating the soil before moving too far into the project.
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Possibly. Existing septic systems need to meet county requirements for the new home, and existing wells must also meet applicable requirements.
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The buyer is responsible for costs such as surveys, soil studies, engineering, and other property evaluations.
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Not always. The amount required depends on the lender, loan program, property, and buyer qualifications. If you already own land, the value of that property may sometimes count toward the equity needed for the project. Tony has also worked with lenders who offer construction-loan options that may reduce the amount a qualified buyer needs to bring out of pocket.
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Depending on the loan, qualifying costs such as site preparation, foundation, driveway, well, septic, utilities, porches, garage, and other construction work may be included.
Land & Financing FAQs
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No. You can contact Tony before you own land, have financing, or know exactly which home you want.
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Yes. Tony and his son are licensed real estate agents.
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Yes. Tony frequently evaluates properties buyers are considering and can provide a preliminary opinion before you purchase them.
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In many cases, yes. Construction financing may allow the land and home project to be included in one loan.
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Possibly. Land equity may sometimes be used toward the required equity or down payment, depending on the lender and loan program.
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Yes. Buyers can use any lender they choose.
