Applying For A Manufactured Home Loan and Possible Costs at Loan Closing

When purchasing a manufactured home, it is advisable to prepare in advance what documents you will need when applying for financing. Having documents to provide your lender at the same time you submit a credit application will usually shorten the approval process and relieve the anxiety that comes with the status of the application.

Although lender document requirements will vary depending on the lender, there are many common requirements that you can have readily available to meet most of the documentation requirements.

The following list outlines the most probable items that you will need to support your loan request:

_ Government issued photo identification such as driver’s license for each applicant.

_ Current pay stubs for everyone applying for the loan.

_ W-2 forms for everyone applying for the loan.

_ Bank account statements from all checking and savings accounts.

_ Tax returns. If self employed, business tax returns for the last 2 years and a current Profit and Loss Statement.

_ Documentation of additional income such as pensions, child support, or alimony.

_ Information on all loans (cars, boats, student loans, etc.).

_ Addresses for past 5 years including landlord information, if applicable.

_ Lists of assets, such as 401K accounts, stocks, etc.

Upon loan approval, you will be directed by the manufactured home retailer where and what date the loan closing will take place. That location will depend upon the requirements of the lender and/or whether or not the loan is a land/home transaction or mobile home only loan and any state requirements. Generally, a land/home loan closing will take place at a title company, an escrow company, the lenders office, or at an attorneys office. A mobile home only, where land is not involved, will likely occur at the retail sales office. At the time of closing, depending on the type of loan, there may be closing costs and down payment amounts to be paid by the home buyer. In addition, there can be other fees associated with the loan, such as the title search and appraisal. If you are getting a manufactured home mortgage loan, this information will be provided to you in advance by the lender on a HUD-1 form.



(photo via Jacobsen Homes)

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