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Welcome to the Financing Resource Directory informational page
for home mortgage financing. Please read the information below.
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The Home must have been manufactured in 1977 or newer to qualify.
There are some homes manufactured in 1976 that might qualify
depending on what date in 1976 they were made. The State the home
is titled in can also be a consideration.
Whether you are considering buying an Existing Manufactured Home
or buying a New Home, our lender will find a loan that's right for you.
The type of loan received, depends of several different factors.
The Year of the Home &
Current Value is a strong factor.
As is the Credit
of the Applicant and the Monthly Income.
Once the loan is Approved, the amount of the
Downpayment determines the Interest Rate offered.
As an example, a 10 or 20 Percent Down will offer
a Better Rate than 5 Percent Down.
There are No Pre-Payment Penalties on any loans offered
by our lender and we only offer Fixed Rate Financing.
There are No Application Fees because we feel that your
decision to accept our financing offer should be Based on Fact,
not on Assumption. Your Time is Important to Us!
Value of the Home
If the Year of Home qualifies, next the Value must be established.
In most cases, a Comparable Value Appraisal will be necessary.
Appraisals run anywhere from $300 to $400 depending on the
county the home is located in. There are a few circumstances
that an appraisal may not be needed such as a New Home or a
Home with sufficient "Book Value." Once an Approval is
received, we will know what is needed to establish the
value and we can discuss it with you at that time.
Consumer Credit
Each Lender has a Certain Credit Criteria that is
followed when considering a Loan Application for Approval.
All Lenders consider the credit information found with one
or more of the Consumer Credit Reporting Agencies. They also
have internal scoring guidelines. Certain Lenders will
allow Co-Signer's and Buy-For's and some will not.
All Lenders require 2 Full Years after the Discharge
of a Bankruptcy. And All Lenders will not accept
consumers currently in "Consumer Credit Counseling."
Total Household Income
Total Monthly Income is crucial to the loan process.
A very close look at your income is made to determine
your "Income to Debt Ratio" (the amount of money you
have going out each month, in comparison to how much
you have coming in). All Income Must Be Verifiable.
In most cases, your employer will be contacted to
establish "Proof of Employment" Once a Loan Approval
is received, we will know exactly what
income verification will be needed.
Paperwork You Will Need To Provide
Our lender will not know exactly what paperwork is needed until we
receive an Approval on your Application for Credit.
Once you Accept the Loan, your file will be transferred
to our Processing Department and one of our Staff will
notify you of the paperwork that will be needed. Below are
stipulations that are standard that will automatically be needed.
Standard Home Purchase Paperwork
If the Home is New, a Copy of the Title/Certificate of Origin will be required.
If the Home is Used, a Copy of the Home Title with the Seller's Name on Title.
A Copy of the Park Approval Letter. It must be signed by Manager/Owner.
Proof that Taxes on the home have been paid. Usually controlled by the County.
A Purchase Agreement signed by the Buyer and Seller.
An Insurance Binder with adequate coverage, as required by Lender
Proof of Employment and Verification of Income, as stated on Application.
A Payoff Statement from the Seller's Lender (30 day payoff with per diem required).
A Copy of Drivers License -or- Photo ID for all Loan Applicants.
Loan Documents You Will Need To Sign
Once all of the necessary paperwork is collected and
approved by your new Lender, we will then contact you
to arrange for delivery and signing of Loan Documents.
Loan Documents are sent by Federal Express to the location
of your choice. Included in the package is a Pre-Paid,
Pre-Addressed Fedex Envelope so that you can return the
documents quickly and without cost.
Also included is a Full Set of Loan Documents
marked "Customer Copy" for your records and a
cover page giving specific instructions regarding
the enclosed documents and any other paperwork
that will need to return with the documents.
One or more of the documents will need to be Notarized.
This means that all signers on the loan will
have to appear together in front of a Notary Public.
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