For many buyers, applying for the mobile home mortgage loan is one of the more stressful aspects of buying a manufactured home. The loan application need not be a stressful time as West Coast Mobile Homes is wholly owned by the largest Lender in the Unites States: LoanJunction.com. By following a few easy steps, you'll sail through the loan application process.
Make a list of any questions you have about the loan program. Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
Decide if you want to lock-in or float the loan's interest rate. Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
Decide if you want to pay additional points to lower your interest rate. Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
In general, the mobile home loan documentation you need includes:
Your contact information. (please include cell phone & best times to reach you)
Property Information (if you already have a contract on a house)
Purchase Agreement.(mandatory on in park mobile homes)
Copy of legal description. (Width, Length & Year of mobile Home )
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
Pay stubs for the last 30 days.
For the past two years:
Names and addresses of each employer.
W-2s / 1099’s
Statements for each bank, mutual fund, and/or investment account for the last three months. (6 to 12 months if using bank statements to qualify)
Estimated value of personal property and furniture.
If you have made any large deposits to your accounts:
Explanation and source for deposit.
If large deposit was a gift:
Signed gift letter (lender can supply).
Copy of gift check.
Copy of deposit receipt.
If you own more than 25% of a business:
Corporate or partnership tax returns.
If self-employed:
Tax returns for the last three years (with schedules).
Year-to-Date Profit and Loss Statement prepared by an accountant.
If you own rental property:
Tax returns for the last two years and current rental agreements.
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter.
If you are counting child support as income:
Copy of divorce settlement.
Copy of twelve months of cancelled child support checks.
Debts
Total amount of all your credit card minimum payments added up & car loans.
Explanation of credit report anomalies, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
Copy of DD Form 214, Report of Separation.
Miscellaneous
Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree or child support / alimony court docs
If you are not a citizen, a copy of the front and back of your green card.
Basically, a general rule to remember is we are building a case to the Underwriter on every loan submission. Therefore anything that makes you look good to the bank should be submitted; things like child support, Structured settlements and rental agreements for other properties are all Examples of things that make you look good to the bank.
Furthermore: Mobile home loans are not like regular home loans in the sense that they are processed and evaluated case by case. If there are things that make your file look better let us know. It is our goal to provide you with the best mobile home loan that is available and in most cases we’ll need you to work as hard as we will to accomplish this goal.
Please fill in your application as complete as possible. As well if there are things we need to know about…things like an ex spouse still on title, home being a rental property or 2nd home, loss of job or change in careers are all critical things that you should tell us about up front, as we will inevitably find them out anyway. If there are foundation issues, park lease issues, home repair issues or any other major thing please let us know…it will only help.
Again thank you for inquiring with West Coast Mobile Homes & the remainder of Loanjunction companies. Myself & the West Coast Mobile Homes Staff value the manufactured industry, value customer service, value our reputation, value our park communities but most of all we value You.
Sincerely,
Kenneth Crader
President & CEO
Manufactured homes come in a variety of sizes and floor plans that include spacious living rooms, dining rooms, fully-equipped kitchens, bedrooms, family rooms, and utility areas. Depending on the size of your homesite, you can choose a single-section or larger multisection design. Homes range in size from 900 to 2,500 square feet and can be customized to meet your needs and preferences.
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