Citizens Bank modular home loan program

#1 Modular Home Loan Program

30 Year Fixed Interest Rate

  • Quick Approvals-24 hours
  • Quick Closings-30-40 days
  • Hassle Free Mortgage Process
  • One Closing Construction Loan
  • Combined 32 years of mortgage experience
  • Closed over 5,000 mortgages combined
  • Good “Old Fashioned” Customer Service

How Most Lenders Calculate LTV:

Lien on the land: $50,000
Cost of construction: $300,000
Total: $350,000

LTV is calculated off the total cost to construct-instead of Appraised Value
Max loan amount: $280,000 ($350,000 x 80%)
Borrower funds needed:$50,000
$350,000 - $280,000

How Citizens Bank Calculates LTV:

Lien on the Land: $50,000
Cost of Construction: $300,000
Appraised value subject to completion: $440,000

Our LTV is calculated off the cost to construct
Max loan amount: $352,200 ($440,000 x 80%)
Borrower funds needed:$0 +$2,200 can go towards closing

# 1 New Construction 30 Year Fixed Rate

Modular Homes Factory Direct
Self Build Program

  • One Closing
  • 12 Month Construction Term (No penalty if the construction exceeds 12 months)
  • Interest Only during Construction at the same rate as the permanent financing
  • No Builder Approval (Massachusetts requires a contractor’s license)
  • True Portfolio Product
  • No Down payment when borrower owns the land
  • Maximum 80% LTV for Primary residences
  • Maximum 75% LTV for Second Homes
  • Minimum Credit score of 680 (conventional loans)
  • Minimum Credit score of 710 (jumbo loans)
  • Low Closing Costs of 1% of the loan amount (capped at $3500.00)
  • Approvals within 24 hours
  • Flexible Draw Schedules (final hold back is 3% for certificate of occupancy)
  • Lending States (CT, DE, MA, MD, NJ, NY, PA, RI, VA, VT)
  • Average Turn Around Times-30-45 days from application to closing

Meet your #1 Modular Home
New Construction Mortgage Team

Meredith C. Chimock

Meredith Chimock modular home loans
Mortgage Loan Originator
NMLS #697201
Mobile: 570-468-7216

We Deliver Modular Homes Factory Direct to these States

New Jersey, New York, Pennsylvania, Connecticut, Massachusetts, Delaware, Vermont, Maryland, Virginia, Rhode Island, and West Virginia