Having financed the construction of thousands of modular homes, M&T has developed unique financing solutions to meet almost any customer need. Solutions that come with years of experience and a commitment to making modular home financing easy and affordable.

M&T’s Modular Home Financing Program features:

Appraised Value Financing

Build Your Next Home For Next to Nothing.
With M&T’s Appraised Value Financing your loan is based on the value of your finished home. This differs from the traditional Acquisition Cost Financing approach, where your loan is based on the cost to construct the home. As most homes are worth more than the cost to construct them, this means you may be able to finance additional expenses including:

· Downpayment and closing costs
· Unexpected cost overruns
· Home options and upgrades

Consider how M&T’s “Appraised Value Financing” may reduce the cash you’ll need to close:

One Close Construction Financing

Save time and money.
With M&T’s One Close Construction Loan, a single loan can fund construction of your home and then become your permanent mortgage. This offers many benefits including:

• Reduced cash needed to close
• Less paperwork
• Peace of mind, because your permanent mortgage financing is finalized prior to construction you can build your home with confidence.

Interest Rate Protection

Build with peace-of-mind.
M&T offers permanent mortgage interest rate options that can provide you with peace of mind, whatever your interest rate expectations are.

Float Your Interest Rate
You may decide to float your permanent mortgage rate during the construction of your home. A floating rate is one that has not been set and will change daily with M&T’s pricing. You can “lock,” or set your interest rate, at any time during the construction of your home.

Lock with Optional Float Down Option
If you’d like greater peace of mind, you can lock your interest rate and take advantage of an optional float down feature anytime during the construction of your home. If M&T’s rates fall below your “locked” interest rate, you can float down your rate to current rates for a fee payable each time you float down.

Lock with Optional and Automatic Float Down Options
You can also add a single automatic float down feature to your loan. With this feature, should M&T’s rate for your loan at the completion of construction be lower than your “locked” rate, M&T will automatically float down your loan rate to the lower rate.** With this option there is no additional cost to you at the time your rate automatically floats down.

M&T’s EasyBuild Construction Loan Program also features:

• A wide range of end loans including fixed rate mortgages, adjustable rate mortgages, interest only loans***, bi-weekly mortgages, jumbo loans and no income verification programs, ideal for self employed buyers
• Special financing options for log & modular homes that includes pre-curbside funding
• Bridge Loans, so you can leverage the equity in your current home for downpayment and closing costs  – before you sell
• Lot Loans for when you’ve found the right place, but not the right home
• A Mortgage Pre-Approval Program to help you determine how much you can afford, and what your payments will be, before you commit to a plan
• Experience you can trust. Specializing in new construction financing, M&T offers years of experience most banks can’t. So when you come to M&T, you won’t just get a loan. We’ll help you understand the home building process, making you a more informed buyer, which can save you time and money****

* The example above is based on a fixed interest rate of 7.50% with an APR of 8.473% and 360 monthly principal and interest payments of $2,132.60. Example assumes a 5% downpayment, 95% loan-to-value ratio, $6,044.50 in fees and a $305,000 mortgage amount. Example for illustrative purposes only. Posted rate as of 6/20/07. Rates subject to change.
** Automatic float down occurs 10 calendar days prior to anticipated modification.
*** Interest-Only Mortgages provide significant advantages when used wisely. Please ensure you make an informed decision regarding this loan program by visiting www.mtb.com/aretheyforyou.
**** M&T does not endorse specific builders or lots, nor does M&T make representations regarding the quality of any builder’s work or materials. M&T advocates the value of homebuyers educating themselves regarding the home building process.
Certain conditions and restrictions apply. Programs subject to change or discontinuation without notice.

So Pre-Qualify Today.
M&T has the experience you need to ensure financing your modular home is easy and affordable. We offer our Get Pre-Qualified website feature without fees or obligations.  Or you can call 1.888.539.1160 today and an M&T customer service representative will be glad to assist you.

To estimate how much you may be able to afford, click here to utilize one of our calculators!