Loan on property n build out

[Blake Hrabal]

Hey BP. I'm out in Colorado. Wondering a few things about buying land and building on it.

When looking to build a home on land do you have to own the land prior to the build? If so is it two separate loans one for the land and one for the house or does the 1 loan encompass the purchase of land and the house build? What type of loan options have you seen?

I spoke with 1broker who said to get lending through him I must own the land already. We also discussed modular homes becAuse I like the idea of 75% of the construction being done offsite, modular is usually cheaper than traditional / stick build, and modular homes have come a long way...now when built out most don't even look like modular homes. With that said do fixed (not mobile not gonna move again) modular homes appreciate these days? I'm not talking about a single wide or double wide modular...I mean a home with an upstairs a downstairs 4b 2ba maybe even on a basement n has a garage... modular home

The next thing the broker I spoke with mentioned was that the modular home must be UBC guidelines to be financed and not HUD, what does this mean? I'm not entirely understanding after doing some searching on the interwebs.

Does this sound standard or just what 1 broker has to offer me?