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How to Apply for a Manufactured Home Loan

Starting the application process

Qualifying for a Manufactured Home Loan

The application is the next step in making your homeownership goals a reality and empowers our team with an opportunity to provide you with a Pre-Approval.

As part of the application process, you will need to provide the following:

  • Borrower’s personal information and whether or not you will be applying by yourself or with another person
  • Loan / Property information including whether or not you are already working with a manufactured home retailer or Realtor
  • Income information for all sources so that our team can assess your ability to repay the loan
  • Financial asset information such as your banking and non-banking accounts
  • Real estate asset and liability information on properties that you may already own
  • Personal declaration information that support your credit worthiness
  • Authorizations granting our team to work on making homeownership a reality

What you need to know

What are the essentials?

As part of our continued commitment to educate and empower consumers, we’ve put ourselves in the shoes of our clients to provide insightful information to ensure a successful qualification process. Here are the essential considerations so that you have a clear understanding of your financial situation and what lenders typically look for.

Lenders will evaluate your income to determine your ability to repay the loan. This has become one of the most important criteria when evaluating loan eligibility. It’s crucial to assess your current financial stability and ensure a steady income stream. Further, create your own budget and determine what you believe is a home loan payment that you can comfortably manage.

Understanding your income and expenses leads to understanding your debt-to-income (DTI) ratio, which compares your monthly payment obligations to your gross income. Knowing your DTI ratio will help you determine how much you can afford and evaluate against what a lender determines you can afford. Our expert team will support in making the calculations.

Your credit history plays a significant role in determining loan eligibility and interest rates. It is important to know where your credit stands at all times so that you can address any issues that may negatively impact your creditworthiness.

Credit scores are calculated using five categories: payment history, amounts owed, new credit, length of credit history and credit mix. Focusing on paying bills on time, reducing outstanding debts, minimizing new credit applications, keeping tradelines open and in good standing as well as having some installment debt should keep your credit score in a range to qualify for a home loan. There are opportunities to get a copy of your credit to ensure you are trending in the right direction and our team is also readily available to guide and educate you on your credit score.

While manufactured home loans often require lower down payments compared to traditional mortgages, having some savings set aside can be beneficial. A larger down payment can help reduce monthly mortgage and insurance payments as well as improve your loan terms and interest rates.

Having a plan on how to achieve the necessary funds for a down payment is a critical step in the home loan process. In addition to savings, gift funds are almost always an option when specific relationship criteria are met for the person providing the gift. It’s important to work with our manufactured home specialist to determine the required down payment and set a goal to meet the requirement and gift guidelines as a possible down payment option.

All loan programs are going to require minimum documentation consisting of your ability to repay the loan and having the needed money to close the loan. Additional documentation will require some form of identification documentation. Be ready to provide necessary financial documents, such as pay stubs, tax returns, award letters, bank statements, financial statements, gift letters and identification cards. Depending on your unique financing needs, this list of documentation could include more paperwork or even less paperwork.

The important takeaway is that some form of documentation will be required and it is best to be prepared and organized. Our company will educate on the needs list as well as the why behind the required paperwork so that we can have a seamless home loan buying process.

It is time to become a student and educate yourself about different loan programs available for manufactured homes. Familiarize yourself with the specific requirements, terms, and eligibility criteria of each program so you can make the best home buying decision. This knowledge will help you choose the loan that best aligns with your needs and financial situation.

Visiting is an excellent choice in becoming a knowledgeable home loan consumer in the market for a factory-built home. While reading the website is a great start, speaking to one of our experts is going to accelerate your understanding of how to best navigate through all of the different loan programs and options available today.

Ready to apply?

Now that you’ve had an opportunity to become a knowledgeable manufactured home loan borrower, it’s time to start the journey to reaching your dream home. Contact us today and apply for a manufactured home loan!