Extended House by OOD House
THE WEEKLY · NO. 01 · JUNE 27, 2026
Three signals from the field this week. One you can act on today.
GUIDE OF THE WEEK
Financing modular — the four paths buyers actually use
Most banks don't write traditional mortgages for factory-built homes. That stops a lot of buyers cold — but it shouldn't. Four financing paths get most modular and manufactured builds funded, and each one fits a different buyer profile.
01 Personal property loans (chattel)
For manufactured homes on leased land. Fastest to close, highest rates, no real estate appraisal needed.
02 Construction-to-perm loans
For modular on owned land, set on permanent foundation. Treated identically to stick-built once final inspection clears.
03 Builder financing
The manufacturer carries paper directly. Common with smaller modular shops — surprisingly competitive rates for qualified buyers.
04 Cash-out refi on existing equity
The move-up buyer's path — and the pool that's grown the most this year as resale inventory tightens.
We dig into how each one actually works, current rate ranges, and the questions to ask before signing — in our two financing guides:
FIVE MARKETS TO WATCH
Where the data is moving right now
The category isn't moving everywhere at the same speed. Five markets where the permit data, the builder backlog, and the buyer intake all point the same direction.
CALIFORNIA
ADU is the story.
SB 9 and the cascade of follow-on legislation made California the most permissive ADU market in the country. Single-family lots can host a primary residence plus two ADUs in most jurisdictions. The bottleneck has shifted from policy to builder capacity.
TEXAS
Factory backlog is the leading indicator.
Top modular builders in DFW and Austin are booked through Q1 next year. The signal isn't demand — it's whether builders can scale without losing quality. We're quietly watching three names we'll cover in a future issue.
NORTH CAROLINA
Manufactured share is highest outside Florida.
The Raleigh-Durham corridor is becoming a quiet hub for new prefab construction targeting tech transplants who want more land and less time in a builder's queue.
FLORIDA
Post-Helene rebuild is concentrated and real.
Modular timelines beat stick-built by months when insurance is paying. Watch the manufactured-home park acquisition activity here — it's accelerating quietly.
ARIZONA
Phoenix ADU policy is the wedge.
Land-plus-ADU bundles are the wedge product for first-time buyers getting priced out of resale. Permits up materially the last 18 months.
THE NUMBER
52
Markets with a hand-picked, verified ADU builder on PERCH.
ONE BUILDER PER STATE · VETTED, NOT AUCTIONED
FROM THE CONCIERGE INBOX
Three questions buyers asked us this month
“Will it appraise?”
Most lenders treat modular as real estate identical to stick-built once it's set on a permanent foundation. Manufactured is treated differently — chattel vs. real-property financing is the fork that surprises most first-timers.
“How long does it actually take?”
There isn't one answer — the timeline is set by three variables: where your builder sits in their factory queue, how much site work your land needs before set, and how fast your financing closes. The honest move is to ask each of those before signing. Anyone giving you a single confident month number without knowing your land is selling, not telling.
“What about resale?”
The data is thin because the category is young at this scale. The early signal in markets where modular has critical mass — parts of California, Colorado, Oregon, Washington — is that well-built modular holds value comparably to stick-built. The land underneath does the heavy lifting either way.
WHAT'S SHIPPING
Three things that landed at PERCH this month
52 state ADU-builder pages went live.
One verified builder per state. Hand-picked, not the highest bidder — the fastest honest path to a real conversation with someone who builds in your jurisdiction.
Featured Slots opened for builders.
Three tiers, including a 10-slot founding-lock. If you build and you want concierge buyer routing into your inbox, this is the lever.
The Decision Sheet 2026.
The questions every buyer should run through before signing with any builder. Free PDF.
Your perch is out there.
If you're shopping for an ADU or modular home, the right path is one verified builder in your state — hand-picked for your project. Quiet, considered, not auctioned.
See you next Friday,
— Cameron, Founder, PERCH
Reply to this email if there's a market signal you want us to dig into. We read every one.
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