closing question

[Anonymous]

I have a question. If i decide to do a new modular, will the closing be once the whole process is done, or will it be when I sign the purchase agreement? Just curious because I have heard that getting a modular with the usda can be quite lengthy and I don't want to miss out on the tax credit. Has anyone went  the manufactored route with usda direct and remember how long it was before they were in thier house. Thanks

[ShanetheMortgageMan]

The "closing" is done at the end of the transaction, the execution of both parties signing the purchase agreement is the initial step in the transaction.  Between those two points the modular home is built (if not already completed), an appraisal is done, a title report is checked, amongst your income, assets and credit being checked out by the mortgage lender (hopefully you'll have the lender check yourself out before you make the offer, called getting pre-approved).  Modular homes on average take 60-90 days to complete, and if the loan is already in process during that time, shouldn't take more than a few days to a week to close on it after completion.