Investing in a New Modular Home

Financing, Purchasing Or Investing In A New Modular Home in North Carolina (NC) and Virginia (VA)

Modular homes have been consistently increasing in popularity in recent years and provide a quality alternative to traditional (site-built) homes. In fact, a side-by-side comparison would show that modular homes are not only comparable to traditional homes, but offer many great advantages to both mobile and traditional housing options.

If you’re looking to finance, purchase, or invest in a new home in North Carolina or Virginia, be sure you explore the many advantages that a modular home has to offer.

A recent study by the National Association of Homebuilders (, further validated the modular housing option and found modular homes to be a good alternative to traditional site-built homes.

Quick Facts About New Modular Home Financing:

  • Same choice of financing options as a site-built homes
  • Appreciates over time as can be built on and modified
  • Same rates as site-built homes
  • Full choice of lenders
  • Same insurance cover options as site-built homes

A modular home is built in an indoor climate-controlled, optimized factory environment. It is built in sections (i.e. modules), which are then transported to the home site and securely placed onto a permanent foundation. This combination of optimized factory efficiency, specialized skilled labor and simultaneous site preparation and development, accounts for lower overall costs, increased energy efficiency, faster completion rate and consistent quality results.

Modular homes are a cost-effective, energy efficient housing option that appreciates over time.

When purchasing a modular home, you will not need to wait on the weather or construction teams schedules’ before your home can gradually progress from design to completion. Unlike the more lengthy construction process of a traditional home that can’t even begin before the site preparation and foundation phase are first completed, and then weather-permitting continue with framing, insulation, dry-wall, wiring, plumbing, and carpentry, moldings, etc. completion timeframes for modular homes are considerably faster.

With a qualified modular home developer the building of your home is a much faster, more optimized, quality-controlled process. Getting pre-approved for a loan will save you even more time and is recommended if you’ve decided on a modular home.

There are three typical funding options for your modular home purchase:

  • Private Funds
    • The first source is your own private funds (e.g. your personal savings), an equity loan on another property, the sale of personal assets, or a family loan.
  • Lending Institutions
    • These are typically banks, credit unions, or mortgage companies. Most lending institutions consider modular homes identical to site-built homes, and offer the same financing options. They do stipulate however that the modular home will be attached to a permanent foundation on a piece of property owned by the borrower.
  • Modular Home Dealers or General Contractors
    • Although a less likely option due to the speedy construction process of a modular home, on occasion you can work with the modular home dealer or general contractor to help finance your home while the building process is in progresses.

Lending institutions tend to provide the most financing options and packages.

Points to consider when dealing with a lending institution:

  • The lender will review your income, assets, liabilities, credit and employment history, in order to qualify you for a loan. Make sure you have all necessary documentation available to save time during your application process.
  • It’s important to be aware of your average monthly cost of living and the longevity of your current household income streams and don’t over-commit on a loan.
  • Once you are pre-approved for a loan, it’s best to seek the advice of an independent financial adviser before deciding on a specific package and term, e.g. fixed or variable rate, 30 or 20-year term, down payment amount and so on.

If you would like to learn more about financing a new modular home or get a list of recommended Lenders in the North Carolina or Virginia area, please contact us.

What People Are Saying About Their Experience with Yates Homes

Testimonial Image from: Tom & Jo Amato

Five Star rating across the board!

We have had a wonderful experience (start to finish) with everyone at Yates. I sent an e-mail earlier in the week letting all know how much we really appreciated everyone. I think we met or spoke with most of you staff and everyone was more than helpful with any questions we had.

Your folks definitely make this painless (for us anyways) as possible and we are truly grateful.

Five star rating across the board!

Tom & Jo Amato North Carolina

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Testimonial Image from: Gloria Gibson

"I love my new home!"

I love my new home! I have received so many compliments. One couple in particular wanted to come by and see how we customized the outside. They also wanted a 2 story house and couldn’t visualize how it would look. They asked us about our experience with the home process. This couple is now purchasing a new home from Yates!

My home is “comfortable” and I got the kitchen I was dreaming of! Thank all of you at Yates Home Sales!

Gloria Gibson

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Testimonial Image from: Jason and Keturah Yancey

"...expertise and professionalism..."

We would like to thank Yates Home Sales for their expertise and professionalism with our new home. Our sales representative was very knowledgeable of her job and she knew what we wanted for our first home. We had toured many modular dealers but, my heart kept leading me back to Yates. The staff that built our home and the workers that put it together was on point with everything. We were never left with unanswered questions. Their tour homes is well kept and beautifully decorated inside so you as a customer can actually see yourself living in one of the modulars. That’s when my husband and I decided that Yates Homes was the place to go to have our home built.

So thanks to the staff at Yates for a job well done and a special thanks to our sales representative Lydia Gibson.

Jason and Keturah Yancey

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Testimonial Image from: Tim and Renee Hearp

"We are very pleased..."

We are very pleased with our beautiful Yates home. The staff was very helpful and patient as we planned our custom built modular home. Since we had recently lost our first home to a fire we needed to move quickly to rebuild and move back on our land. Yates worked very hard to have our family in our new home as quickly as possible.

Tim and Renee Hearp

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Testimonial Image from: Burt and Andra-Scearce

"I proudly tell them Yates..."

I wanted to take this opportunity to write a thank you letter. My family really enjoys our beautiful home. I want to especially thank CR Yates for working with us to resolve any issues or concerns. When someone ask who built my home, I proudly tell them Yates Home Sales. If I build another house in the future, Yates Home Sales will be my first Choice.

Burt and Andra-Scearce

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Testimonial Image from: Tim and Teresa-Boelte

"...we highly recommend them..."

My wife is a nurse and I handle warranty claims for one of the largest companies in Southside Virginia. We both work in fields where we know how important customer service is and should be. We don’t mind one bit telling anyone about our experience with Yates Home Sales. In fact, we highly recommend them to anyone that asks about our home. If you are in the market for a new home, go by and meet Lydia, Scott, C.R. and everyone else at Yates Home Sales. Then go look around at other places. If a top notch home, honesty and customer service are what you are looking for, I’m willing to bet that you end up right back where you started.

Tim and Teresa-Boelte Virginia

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Testimonial Image from: Mike and Janet Wanless

"...professional and efficient..."

We enjoyed working with the friendly sales staff at Yates Home Sales during our home purchase. They listened to our questions and helped us choose a home that fits our lifestyle. The Yates employees were professional and efficient, and maintained a low-key sales approach. At no time were we pressured or rushed to make decisions about our new home. Thanks to Yates Home Sales, we are living in our dream home.

Mike and Janet Wanless

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Testimonial Image from: Jonathan Manley

"My family and I are so pleased..."

My family and I are so pleased with our new home from Yates, I cannot say enough about the quick and courteous service we have received! The entire process of buying our home was made easy by the excellent staff at Yates and the service after the purchase has been great! We had one small problem with our plumbing after we moved in and the service staff from Yates was on it and had it repaired very quickly with absolutely NO FUSS. In times when good products and service seem to be getting hard to find, Yates Homes stands out as a great local company! I would recommend Yates Homes to anyone who is in the market for a well-built modular home – sold by people who care about the customers they serve!

Jonathan Manley

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North Carolina

  • 3901 Durham Road
  • Roxboro, NC  27574
  • Phone: (336) 597-4663
  • Fax: 336-597-4669


  • 5940 U.S. 29 Business
  • Blairs, VA  24527
  • Phone: (434) 836-4215
  • Fax: 434-836-8116

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Yates Homes is one of the leading builders of premium modular homes in North Carolina and Virginia, offering top-quality modular home building services with a special emphasis on providing personal customer service and unmatched satisfaction.