How Are Deposits For Kit and Modular Homes Handled?
We can disburse 75% of the funds allocated for the kit and modular home as a deposit which must be wired directly to the kit home vendor. Wire instructions for the vendor and a W-9 verifying the vendor tax identification number must be submitted with the request for the deposit and/or final payment. What If I Need An Extension Of My Construction Loan Term? Loans that go beyond the required completion date are technically in default pursuant of your Construction Loan Agreement. If the loan has gone beyond this required completion, all loan draws are on hold until an extension is granted. You need to contact your Customer Service Representative 30 days prior to your required completion date if the construction is not at least 95% complete. Is There A Fee If I Need An Extension? YES, there is a free associated with an extension of your required completion date. The fee is: • .50% of the loan commitment per month or • .25% of the loan commitment amount per month if you agree to a one year
