
Construction Loans For Your New Home
Lending solutions for manufactured and modular housing.
Getting Your New Home Purchase Moving
Building a new home, whether modular or manufactured, can leave you with more questions than answers. At Gold Coast Construction Loans LLC, we aim to answer your questions and make this process as seamless as possible. Does the home you love fit within your budget? Do I need a down payment? These and other questions can quickly be answered with the assistance of our mortgage loan originator Kim Wright.
Our Mortgage Loan Originator

Not all surprises are good, especially if it involves one of the biggest purchases in your life. Our mortgage loan originator, Kim Wright, is here to help you through the process. Kim’s objective, as she puts it, is “to find the right loan product to best suit the homebuyer’s needs.” Assisting the buyer through a step-by-step process to obtain their financing is the key. By providing direct communication with the bank and the customer, you get a more personal and simplified lending experience. As Kim says, “My goal is the buyer’s goal, a beautiful new home.”
What Type Of Loan Is Best For Me?
Is a Construction Loan The Correct Fit?
A construction loan is for customers purchasing doublewide or modular homes (no singlewides) and looking to finance the home, property, and/or site work. For Example:
- Basements and crawlspaces
- Wells, septic systems, and other utilities
- Decks, steps, and driveways (must be included in the bids)
Sitework: All sitework can be included in the loan
Loan Term: The maximum loan term is 30 years.
Paid in full: Mortgages are paid in full once all work is completed and all draws are disbursed.
Process: Construction loans are a longer process than installment loans. Once the homebuyer has supplied all the requested information from the bank, it will take approximately 45 days to go through underwriting. The bank requests extensive information from the customer. Each homebuyer is unique as to what information is requested from them. Customers are not permitted to do sitework themselves unless they put the money into an escrow account with the bank, which is disbursed at a later date. This is to ensure that the work gets completed.
Advantages Of A Construction Loan
- Converts to a mortgage with a one-time close
- 30-year mortgage note
- Lower interest rates
- Property that is already owned can be used as collateral, however, the property must appraise high enough to be considered equity toward the purchase. If it does not appraise high enough, the customer will be required to put 10%-20% down and pay for closing costs, which can range from $7,000-$15,000 or higher, based upon the total loan amount. Every mortgage has closing costs. It is very rare for a property to appraise high enough to include closing costs.
- This type of loan requires draw schedules, which means the money is disbursed to the contractor upon completion of certain jobs. The advantage of this is that the customer isn’t making full payments until all aspects of the construction are completed. The customer pays interest only on the amount drawn until the completion of the project.
Why would I choose an Installment Loan
An installment/chattel loan is for homebuyers purchasing doublewide or singlewide homes and looking to finance the home only. For Example:
- Homes going into a mobile home park
- Homes going on any type of property not owned by the customer
- Homes going on private property that the customer already owns
Sitework: Sitework cannot be included in these loans. All work must be included in the RHI sales contract. This means the customer may pay out of pocket for any additional improvements, such as decks and steps. The customer can do the work themselves or pay a private contractor.
Loan Term: The maximum loan term is 20-25 years.
Paid in full: Installment Loans are paid in full upon the delivery of the home.
Process: Sign a sales contract with Riverview Homes, Inc., and submit a full bank application. Once approved, the next step is gathering the conditions listed in the approval.
Advantages Of Installment Loans
- Quicker closing times
- Payments start 45 days after closing
- Less money down (usually 5-10% based on credit score)
- Lower closing costs that can be financed into the loan