Q: How does the loan process work?
A: One of our qualified loan originators will work with you to select the best loan program and interest rates available. Once you have selected an approval to proceed with, your loan originator will request a list of documents specified by your lender. Once all documents are submitted and processed, your loan originator will email you closing documents to complete. Upon completion, you will mail your closing documents physically to your chosen lender for review. Once your lender has received, reviewed and approved the completed documents, the loan will be funded.
Q: Do I need to have home picked out before I begin the process?
A: No, we can get you pre-approved for whatever amount you would like. You will then be able to use that pre-approval when you are searching for a home to purchase.
Q: How soon after the application will I know if I am approved?
A: Our lenders usually provide their application responses (approval or denial) within 24 hours.
Q: Is there an application fee?
A: No, our applications are completely free and non-binding.
Q: How long does the entire loan process take?
A: The loan process usually takes 1-2 weeks for a new home, and 4-5 weeks for a used home.
Q: When will I need to place my down payment?
A: We will not need proof of your down payment until closing.
Q: I already placed a deposit to hold the home, does this count towards my down payment?
A: Yes, if you gave the seller, realtor or community a deposit, this counts towards your down payment for the loan.
Q: What If I don’t have the money for the down payment?
A: You can use a gift, or funds from a personal loan for your down payment. If you plan to use a personal loan for your down payment, please do not take the loan out until you are approved for financing with us.
Q: What kind of fees should I expect for a manufactured home loan?
A: You will be required to pay a broker fee, lender fees, and an appraisal fee (for used homes only). The fees charged vary depending on the lender chosen. All fees can be financed into the loan or paid out of pocket at closing.
Q: What is a broker fee?
A: Our broker fee is the fee that we charge for our services. The broker fee is fixed at 3-4% of the loan amount (the percentage is determined by which lender is chosen).
Q: What is a dry closing?
A: Dry closings are handled remotely. The buyer and seller complete their respective closing documents, and then mail the completed documents to the lender prior to the loan funding.
Q: Can I use a co-signer?
A: You can only use a co-signer if you have limited to no credit history. A co-signer is only used to make up for a lack of credit from the primary applicant.
Q: Do I need to be a US citizen to be approved?
A: You do not have to be a US citizen to be approved, but you will at least need to be a primary resident. We cannot approve individuals who only have an ITIN.
Q: Does a recent bankruptcy impact my ability to be approved?
A: Yes, it does. If you have had a bankruptcy, it needs to have been discharged at least three years prior to the date of your application.
Q: Can I get a cash-out refinance?
A: No, we cannot assist with a cash-out refinance. We can only help with a refinance if you currently have a mortgage, and you are looking to reduce your interest rate.