Shopping for the Right Loan
1. Application
Whether you have found a home to purchase, or would just like to be pre-approved, the first step in the loan process is to apply. Applying for a manufactured home loan involves gathering essential information about your income, credit history and the home you are interested in purchasing. You can apply online through our website, we can email you an application link, or even take an application with you over the phone. Don’t hesitate to apply, as it is free to do, and there is no obligation to buy. Using the information you provide; we will work to secure approval for a loan that meets your purchasing needs.
2. Pre-approval
Assuming your credit score and debt-to-income ratio meet the minimum requirements set by our lenders, you will receive pre-approval options. The next step is to choose the pre-approval that best meets your needs. Please consult with your assigned loan originator to discuss which option works best for you. Once you have selected a pre-approval, your loan originator will outline the necessary steps and documents your chosen lender requires to initiate the loan process.
3. Conditions
Once you have selected your preferred pre-approval option, your loan originator will outline the conditions required by your chosen lender to begin the process. This will include a list of items such as proof of identification, income, and down payment source that need to be provided. After these conditions have been submitted and approved by the lender, your loan originator will order an appraisal (for used homes only).
4. Dry closing
Once the appraisal has been sent to the loan originator (or once your conditions have been cleared for a new home purchase), your loan originator will initiate the dry-closing process. At the end of the loan process, closing documents will be required to be completed by both the buyer and seller and mailed physically to the lender for review. The loan proceeds will be disbursed to the seller only after the lender has received and reviewed all signed closing documents. You now own your new home.
ADDITIONAL INFORMATION
- Maximum terms up to 25 years on new & pre-owned single and multi-section homes
- Minimum credit Score of 550-600 (depending on situation)
- Minimum down payment of 5%
- Down payment can be sourced from your bank account, investment account, cash, personal loan, or a gift
- Close in 1-2 weeks (new homes) or 4-5 weeks (used homes)
- Competitive Interest Rates
- No Application Fees
- Approvals within 24 hours
- No Prepayment Penalties
- 5-Star Customer Service
- WE FINANCE MANUFACTURED HOMES ONLY; WE CANNOT FINANCE MANUFACTURED HOMES IN CO-OP COMMUNITIES OR IF LAND IS PART OF THE PURCHASE
RECOMMENDATIONS TO SECURE LOAN APPROVAL
- Fill out the loan application completely and clearly.
- Check your credit score to ensure it meets our minimum requirements.
- Provide requested documents promptly to expedite the loan approval process.
- Your income will be verified upon approval and prior to closing. If you are employed, do not leave your job before closing.
- Your down payment source will need to be verified. If you move money into your account, you will need to show where it came from. If your down payment comes from a “gift”, please contact your loan officer to obtain a “gift letter” form.
DOCUMENTS AND CONDITIONS REQUIRED
- Copy of applicant’s driver’s license
- Copy of applicant’s signed social security card
- Copies of applicant’s last 3-4 pay stubs (if applicant is employed)
- Copies of applicant’s last two W2’s (if applicant is employed)
- Copies of applicant’s last two years of tax returns including all schedules (if applicant is self-employed or a 1099 worker)
- Copy of applicant’s most recent social security awards letter (if applicable)
- Copy of applicant’s pension awards letter (if applicable)
- Insurance quote with dwelling coverage greater than the selling price of the home
- Explanation of the source of down payment along with copies of two months of bank statements to prove funds available
Additional conditions may be required depending on the lending source and the applicant’s unique situation.