No broker. No hidden fees. No handing you off mid-build. Just one bank that finances your land and home together, puts your land equity toward your down payment, and stays with you from the first call to the final draw.
YesYou can finance the land and a new manufactured, modular, or mobile home together in one construction loan, as long as the home will be permanently fixed to land you own or are buying. We do this in-house, never brokered, with no hidden administrative fees, through FHA, VA, and Conventional construction programs down to a 640 score. Buy the land now, or apply the equity in land you already own toward your down payment, which most lenders will not do. The same team stays with you from approval to final draw, giving you more control and more certainty. VA-eligible borrowers can build up to 100%, and qualified borrowers can add up to $50,000 in separate funds.
Finance the land purchase and the home build together, or use land you already own, all in a single construction loan.
FHA, VA, and Conventional construction start at 640, with Jumbo construction available up to $4.5 million.
Up to 100% for VA with no monthly mortgage insurance, 96.5% for FHA, and 95% for Conventional.
We apply the equity in land you already own toward your down payment. Most lenders will not do this.
Never brokered. The same team from approval to final draw, with over 2,000 approved builders and dealers.
Find Out in MinutesSee what you qualify to build. Soft credit check, no hard pull.
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We are the manufactured, mobile, modular, and system-built construction division, powered by The Federal Savings Bank. Construction is what we do, and we run it in-house from the first soft credit check to your final draw. We are not a broker handing your file to an outside investor, and we are not a website that qualifies you and then disappears.
That matters more on a construction loan than on any other kind, because the draws, inspections, and disbursements have to be managed by someone who answers the phone. We have a full construction division and more than 2,000 approved builders, dealers, and manufacturers across the country. Factory-built homes are paid for differently than site-built homes. Dealers often need money up front and at set points in the build, and most lenders are not set up for that. We are. We know how the largest and smallest manufactured and modular brands need to be paid, and we build the loan around it so your project does not stall.
One banker guides you from approval to move-in. No brokers, no unknown handoffs, no surprise investor fees.
Yes. Financing the land and the home in one loan is the core of what we do. You do not need a separate land loan, a separate construction loan, and a separate final mortgage. One loan covers the land and the build, with one approval and one path to the finish.
This works whether you are buying the land now or already own it. The key requirement is that the home will be permanently fixed to land that is titled and parceled in your name. We cannot use leased land, rented lots, mobile home parks, or family land that is not in your name.
Found the land you want? We finance the purchase and the construction together. You put the land under contract, we take your builder's contract at the same time, and the land is paid for in full at closing as part of the loan. You do not carry a separate land loan at a higher rate while you wait to build.
If you already own your land, the equity in it can go toward your down payment. Many lenders will not count land equity. We do. If you own the land free and clear, that equity can cover most or all of your required down, which can mean little or no cash to close on a qualifying scenario. Run your numbers in the calculator below to see it.
Still paying on the land? We pay off the existing land balance and roll it into the construction loan, then apply your remaining equity, the value above what you owe, toward the down payment. You stop servicing a separate land loan and move everything into one mortgage.
Use the calculator below to estimate two things at once, the funds you need to build and your monthly payment. Enter your home and construction cost, tell us whether you own the land or are buying it, and choose your program. If you own the land, add its value and any balance you still owe, and the calculator applies your equity toward the down payment. The result shows your total project cost, your estimated cash to close, and your financed loan amount, then estimates your monthly payment. It is an estimate, not a quote.
Estimate the funds you need to build your manufactured, modular, or factory-built home, and your monthly payment. Land equity counts toward your down payment.
Every construction loan we offer is built and serviced in-house. The difference between the three structures below is when your permanent rate is set and how many times you close. For most borrowers, our Hybrid is the smartest build.
Our Hybrid is the program brokers cannot match. We prepare both sets of closing documents up front, so you get the simplicity of a single closing and one set of closing fees, while your permanent rate stays flexible through completion. If the market improves while your home is being built, you capture the lower rate at the end instead of being locked into a higher rate from day one. And because we keep it in-house, FHA and VA borrowers can use a streamline refinance on the permanent loan later, with no second appraisal and no income documentation. A broker selling a one-time close cannot do this. They lock you into one rate at the start and move on.
A true one-time close sets your permanent rate at the first and only closing and requires no requalification or second appraisal once the home is complete. We offer it in select situations. The tradeoff is that your rate is fixed from the start, so if rates fall during construction you do not capture the improvement. For most borrowers, the Hybrid gives the same single-closing experience with more rate flexibility.
A two-time close uses one closing for construction and a second to set the permanent loan, which lets you renegotiate your permanent rate at the end based on the market. We cover the second closing origination fee, and on FHA and VA the permanent loan can be a streamline. It is a strong option when you expect rates to improve and want maximum flexibility.
The lender you choose shapes the entire build, and not every company advertising construction loans is actually a construction lender. Many are brokers and correspondents operating under a bank's name, competing for your attention with teaser rates that look great until you read the fine print.
What those rates rarely show are the administrative fees stacked underneath them. Origination overlays, processing markups, file setup charges, and bundled third-party service fees can add tens of thousands of dollars to your total cost, often $40,000 to $100,000 or more on a construction loan. When those fees are worked into the real cost of borrowing, the effective rate on many of these loans lands well above what was advertised, frequently between 8 and 9 percent regardless of the number on the flyer.
There is a second risk that does not get talked about enough. A construction appraisal is based on the completed value of your home. When a lender's fees are buried in the loan amount, that inflated total often pushes past what the property can appraise for. At that point you either come out of pocket to cover the gap, sometimes tens of thousands of dollars, or you walk away from the build entirely. That is one of the most common ways borrowers lose time, earnest money, and the home they planned to build.
There is also a continuity problem. Many of these arrangements hand your file off after closing. The lender who qualified you passes your construction draws to a third-party team you have never spoken with, so if a problem comes up mid-build or your timeline needs an extension, you are dealing with people who were never part of your loan.
We are a federally chartered, FDIC-insured bank. We originate, underwrite, fund, manage the draws, and convert to your permanent loan entirely in-house. No administrative fee layers buried in the loan structure. No third-party draw teams. The same banker who opens your file stays with you through every phase, including the extensions a build sometimes needs.
No hidden administrative fees. Buried lender fees can add $40,000 to $100,000 to a construction loan and push the total past what your home appraises for. We charge none, because we are the bank, in-house from origination to your final draw.
All of our construction programs start at a 640 minimum credit score and are available in all 50 states. Choose the program that fits your eligibility and your goals.
Build with as little as 3.5% down, up to 96.5% financing, on manufactured, modular, and land-fixed mobile homes. FHA is often the best path for borrowers who own land, because we apply your land equity toward the down payment and FHA has no income limit. The permanent loan can later use an FHA streamline refinance.
Eligible veterans can build up to 100% with no monthly mortgage insurance, through our VA Hybrid or two-time close. With land you own, many veterans build with little or no cash to close. The permanent loan can use a VA streamline, also called an IRRRL, later. We do not require a one-time close to deliver 100% VA financing. Learn more about our VA Manufactured Home Eligibility Requirements. Building counts as a use of your VA home loan benefit, so the eligibility you earned through service applies the same way it would for a purchase.
Build with as little as 5% down, up to 95% financing, for primary homes and qualifying second homes. A strong fit for borrowers who do not use FHA or VA and want a conventional permanent loan.
For larger projects, our jumbo construction program goes up to $4.5 million with a 720 minimum score, on the same one-time, two-time, or Hybrid structures.
Borrowers using an ITIN can build with a 680 minimum score under our one-time close program. This is a program most lenders do not offer at all.
When a file does not fit standard agency guidelines, our portfolio construction program gives us in-house flexibility to make sense of the full picture, starting at a 640 score.
We no longer offer USDA construction loans, and for most borrowers that is not a loss. USDA construction rarely worked in practice. It carried household income limits and strict land-location requirements, so many families who wanted it earned too much to qualify or owned land in the wrong area. On top of that, most lenders that did offer USDA construction stacked a high administrative fee on it, often adding $15,000 to $50,000 to the loan, the same kind of buried cost that can push a construction loan past its appraisal.
If you own your land, our FHA program is the better path, and our Hybrid makes it stronger still. We apply your land equity toward the down payment, FHA has no income limit, the rates are more competitive than the old USDA construction options, and the Hybrid keeps your permanent rate flexible so you can capture a lower rate at the end. You get the low or zero cash-to-close outcome people wanted from USDA, without the income ceiling, the location rules, or the heavy admin fee that kept most people out.
Manufactured, modular, and mobile homes are all factory-built, also called system-built, meaning they are constructed in a climate-controlled factory rather than entirely on site. That controlled environment means better build quality, faster timelines, and in many cases a lower cost than site-built. Here is how we treat each.
We finance new manufactured homes that are doublewide or larger, placed on land and permanently fixed, with a minimum of 600 square feet. We do not finance singlewide manufactured homes for construction, and we do not offer new dealer manufactured home loans in New York. Modular and site-built are available in all 50 states.
Every new manufactured home we finance is certified to the federal HUD Code, the Manufactured Home Construction and Safety Standards that have set the bar for manufactured quality and safety since 1976.
Modular homes are built in sections in a factory, delivered, and assembled on your foundation. For underwriting they are treated like site-built homes, which often means stronger terms, and they are eligible in all 50 states including New York. You can choose a builder anywhere in the country, order your home, and have it delivered and set up under this program.
People use mobile home and manufactured home interchangeably. For a new build, we finance the home when it will be permanently affixed to land you own or are buying. We do not finance homes that stay on rented lots or in parks, and we do not do chattel loans where the home is not tied to the land.
Beyond manufactured and modular, we finance one of the widest ranges of home types of any lender. That includes barndominium and metal homes, 3D printed homes, earth contact homes, log cabins, timber frame, SIP panel, ICF and foam, concrete block, stone, traditional site-built construction, and accessory dwelling units. If you can dream it and build it to code on your land, there is a good chance we can finance it. For the full range of styles and our largest jumbo and portfolio options, see our complete construction guide on BuildBuyRefi.
Here is something that confuses a lot of buyers. When you buy a manufactured or modular home from a dealer and put it on your land, that is a construction loan, not a purchase loan. It feels like a purchase because you are buying from the dealer, but the home does not yet exist on a foundation. It has to be delivered, placed, permanently fixed, and connected.
That distinction works in your favor, because a construction loan can include the work a purchase loan cannot. Land grading, the foundation, utility hookups, the septic or sewer connection, and site setup can all be built into the loan. A purchase loan assumes a finished home on land. Yours is not finished until it is set up on your property, so we finance it the right way and include the cost of getting it there.
Construction lending has more moving parts than a purchase. Here is what qualifies and what does not.
The land must be titled and parceled in your name, or be land you are buying as part of this loan. We cannot use leased land, rented lots, mobile home parks, or family land that is not in your name and parceled for your property. Maximum lot size is 30 acres, with larger acreage considered on an exception basis through our internal loan committee.
All construction programs start at a 640 minimum credit score. For a primary residence, VA-eligible borrowers can build up to 100%. For a new manufactured second home, financing is available up to 75% at a 680 score and up to 80% at a 700 score. FHA builds to 96.5%, Conventional to 95%, and Jumbo to $4.5 million at a 720 score.
We finance primary residences, qualifying second homes, and accessory dwelling units. A second home or ADU on the same property is considered case by case. Tell your banker what you are planning so we can structure it correctly.
We cannot finance singlewide manufactured homes, chattel loans, tiny homes, container homes, geodomes, A-frames, shop homes, mixed-use, or commercial projects. We do not allow self-build, self-contracting, or family builders, and the buyer cannot act as the contractor. New dealer manufactured homes are not available in New York, though modular and site-built are. Earth contact and other less common styles can be financed when there are comparable sales that let us appraise the home properly.
Credit score below the program floor. Manufactured loans are denied for credit history more often than site-built loans. Our construction programs start at 640, and a score under that needs work before applying.
Thin credit profile. A high score on only one or two tradelines, or tradelines too new to season, may not satisfy a construction credit review.
Singlewide or chattel home type. Singlewide manufactured homes and homes not permanently fixed to land do not qualify for construction financing.
Land not titled or parceled in your name. Leased land, rented lots, mobile home park lots, and family land that is not in your name and parceled for the property cannot be used.
Appraisal comes in below completed value. Construction appraisals are based on the finished home. Specialty styles and large-acreage properties with few comparable sales can appraise low and reduce the eligible loan.
Lender fees inflate the loan past the appraisal. When administrative fees are baked into the loan, the total can climb above what the home appraises for. This is exactly the trap our no-admin-fee structure avoids.
Income that cannot be documented as stable. A recent job change, reduced hours, or self-employed tax write-offs that lower qualifying income can sink a file that looked strong on paper.
Debt-to-income ratio too high. Hidden or revolving debt found in underwriting can push the ratio past program limits.
Large unsourced deposits. Any deposit above the underwriter's threshold within the documentation period must be sourced and explained.
Down payment or reserve source issues. Funds must be documented, and gift funds have limits. Unseasoned money that appeared recently raises questions.
Incomplete builder package. Missing plans, missing specs, a budget without a contingency line, or a builder who does not pass approval review will stall or stop a file.
Buyer acting as the contractor. We do not allow self-build, self-contracting, or family builders. The work has to be done by an approved builder.
Ineligible property type. Container homes, geodomes, tiny homes, A-frames, mixed-use, and commercial projects do not qualify.
New York dealer manufactured restriction. New dealer manufactured homes are not available in New York, though modular and site-built construction is.
Credit or employment changes before closing. New debt, a missed payment, or a job change during the process can re-trigger underwriting and delay or cancel the loan.
Qualified borrowers can access up to *$50,000 in separate, unsecured funds, underwritten in-house at the same time as your construction loan. It does not depend on your equity and cannot be used for the down payment. One family even used it to place a small home for a relative on the same land as their new build. No other lender in this space offers it.
See if you qualify for the extra $50,000 alongside your construction loan.
Check Your Eligibility*Qualification for up to $50,000 is for qualified borrowers and can be applied to all loan programs. This is a separate unsecured consumer loan underwritten in-house at the same time as your mortgage. Proceeds cannot be used for a down payment. Contact your banker for applicable rates, terms, and conditions.
Learn more about our Mortgage Client Consumer Loan.
If your build means buying a lot or selling your current home first, our Real Estate Commission Savings Program can keep thousands of dollars in your pocket. Through our participating agent network, eligible buyers and sellers reduce the commission on the represented side by up to 30%, in all 50 states, with full-service representation from offer to close.
See the full breakdown and your state's rules in our Commission Savings guide.
Check Your Eligibility
We start with a soft credit check, not a hard pull, so checking your eligibility does not affect your credit score. You tell us your scenario, and we confirm the program and structure that fit.
Use one of our 2,000-plus approved builders and dealers, or send us yours and we will work to get them approved. Factory-built dealers are paid differently than site-built contractors, and we know how to handle that.
We underwrite the full file in-house, the borrower, the land, and the builder package together, and issue your approval.
Your loan is fully in place at closing, with one set of documents on the Hybrid, so construction begins with financing already secured.
We manage the draws in-house. Inspectors confirm progress before each payment, and your builder is paid in stages only for work that is actually completed. The builder is never paid ahead of the work, which protects you.
When the home is complete and passes final inspection, occupancy is approved and you move in.
The loan converts to its permanent terms based on the program you chose. On FHA and VA, you can later use a streamline refinance, with no second appraisal and no income documentation, to lower your rate if the market improves.
Tap any item to mark it complete. Files that arrive with these in hand close faster and run into fewer surprises in underwriting. Categories are color-coded for clarity.
Yes. One construction loan covers the land and the home, whether you are buying the land or already own it, as long as the home will be permanently fixed to land titled in your name. You do not need a separate land loan, construction loan, and final mortgage.
Yes. We apply the equity in land you already own toward your down payment, which most lenders will not do. If you own the land free and clear, that equity can cover most or all of your required down.
Often very little, and sometimes nothing on a qualifying scenario. If your land equity meets your program's down payment requirement, your cash to close can be zero. VA-eligible borrowers building on land they own frequently build with no cash to close.
No. We do not bury administrative fee layers in the loan the way many brokers and correspondents do. Those fees, often $40,000 to $100,000 on a construction loan, can push the total past what the home appraises for. We are a federally chartered bank that originates, funds, and draw-manages every loan in-house, with no third-party fee layers.
Our construction programs start at a 640 minimum credit score for FHA, VA, Conventional, and Portfolio. Jumbo requires a 720, and ITIN construction requires a 680. Requirements are subject to change.
It is a construction loan. The home is not yet on a foundation, so it has to be delivered, placed, permanently fixed, and connected. That lets us include land grading, the foundation, utilities, and the sewer or septic connection in the loan, which a purchase loan cannot do.
A one-time close locks your permanent rate at the start and keeps it there. Our Hybrid gives you the same single-closing experience and one set of closing fees, but keeps your permanent rate flexible, so you can capture a lower rate at the end if the market improves. The Hybrid also allows an FHA or VA streamline on the permanent loan.
Yes. Eligible veterans can build up to 100% with no monthly mortgage insurance, through our VA Hybrid or two-time close. We do not require a one-time close to deliver 100% VA financing, and the permanent loan can use a VA IRRRL streamline later.
We no longer offer USDA construction. For most borrowers FHA is the better path, because we apply your land equity toward the down payment, there is no income limit, the rates are more competitive than the old USDA construction options, and there is no heavy administrative fee added to the loan.
Yes. Modular and site-built construction is available in all 50 states, including New York. New dealer manufactured homes are the exception, those are not currently available in New York.
Up to 30 acres, with larger acreage considered on an exception basis through our internal loan committee.
No. We finance new manufactured homes that are doublewide or larger, permanently fixed to land you own or are buying. We do not finance singlewide manufactured homes for construction, homes on rented lots or in parks, or chattel loans.
Possibly. We consider a second home or accessory dwelling unit on the same property case by case. Some borrowers also use our $50,000 Consumer Loan to add a small structure such as a home for a family member at the same time.
It is a separate, unsecured loan of up to $50,000, underwritten in-house alongside your construction loan, for qualified borrowers. It does not depend on equity and cannot be used for the down payment. Use it for furnishings, upgrades, landscaping, or even a small additional structure on your property.
Yes. Our Real Estate Commission Savings Program can reduce the commission on the represented side by up to 30%, in all 50 states, with full-service representation. You must contact us before signing a representation agreement with another brokerage to keep your eligibility.
Manufactured Nationwide, powered by The Federal Savings Bank, finances land and home construction for manufactured, modular, land-fixed mobile, and site-built homes in all 50 states, in-house and never brokered.
Yes. On FHA and VA, the permanent loan can use a streamline refinance later, with no second appraisal and no income documentation, following program guidelines. This makes lowering your rate simple if the market improves after you move in.
Modular construction just got a real federal push. The ROAD to Housing Act defined modular homes in federal law for the first time and directed HUD to identify and remove the barriers that make FHA construction financing harder for modular builders. We already solve most of those problems in-house. See how the new housing law affects modular and factory-built construction.
Build your land and home together, in-house, with a lender that knows factory-built construction from the foundation up, and never adds a hidden administrative fee. Check your eligibility in about 60 seconds with no hard credit pull, or call 844-999-0639 to talk with a construction loan specialist.
If you haven’t decided which loan program to choose yet, you can view all of our factory-built home loan programs.
Building new is one of several paths. See the best manufactured home loan for your situation to compare construction with purchase and refinance options.
THE FEDERAL SAVINGS BANK IS NOT AFFILIATED WITH OR ACTING ON BEHALF OF THE FHA, USDA, VA, OR THE FEDERAL GOVERNMENT.
*Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.
*No SSN required. No credit pull. No risk. The info you share on this eligibility form is only used to check general eligibility against our banks loan programs — based on what you tell us. We never pull your credit (not even a soft pull), and we don’t ask for sensitive data like your Social Security number at this stage. Your information is never sold. If you decide to move forward, your banker will walk you through next steps and confirm before running any credit check. Until then, it’s 100% no-pressure, no-obligation.
*Important: We do not offer financing for homes on rented land or in mobile home parks. For family land, financing is only available if the property is on a separate parcel with no other property, and the borrower must be on the title to that land. Financing is available only for properties permanently affixed to owned land at closing, except for new construction projects. New Dealer Manufactured Home Loans are not available in New York. Modular and site-built land/home construction loans are available in all 50 states.
*Messaging and Data Rates May Apply.
*VA eligibility is required for VA loan products. USDA loans are only available in USDA-eligible areas as designated by the USDA.
*We do not offer new dealer-manufactured home loans in New York, but we do offer modular and site-built land and home construction.
*Qualification for up to $50,000 extra is for qualified borrowers and can be applied to all loan programs. This is a separate unsecured consumer loan we will underwrite in-house at the same time as your requested mortgage loan. Please contact your banker to request this program and the applicable rates, terms, and conditions. Consumer unsecured lending programs prohibit loan proceeds from being used for down payment.
REALTOR® is a registered trademark of the National Association of Realtors and is not affiliated with NationwideHomeLoansGroup.com or The Federal Savings Bank.
†Subject to applicable law and lender approval, when represented by one of our participating real estate brokerage companies during the purchase or sale of a home or land, eligible Consumers may receive a rebate of up to thirty percent (30%) off of the fee to be received by the participating real estate brokerage company representing the respective Consumer, at closing, which rebate will be applied exclusively toward paying down that Consumer’s applicable closing costs. In no event shall any rebate be greater than the aggregate of all closing costs. Issuance of a rebate is subject to a participating real estate brokerage company’s receipt of its fee. The following states condition, or do not permit, the granting of a rebate by real estate brokerage companies (list is subject to change at any time): Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee. No remuneration is paid to The Federal Savings Bank or to any of our Bankers. This is a free program offered exclusively by us to help our consumers save on their real estate transactions.
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