Manufactured Housing News

The manufactured home loan process can vary greatly among lenders. That’s because each lender has slightly different requirements, which affect the length of the loan approval. To help you close on your manufactured home faster, we’ve gathered below four useful tips.

Prepare your paperwork ahead of time.

Shortly after you complete your manufactured home loan application, your lender will pull your credit report and check your credit rating, bill payment history, current debt and other information which may indicate certain risks that aren’t necessarily reflected by your credit score. But requesting a copy of your credit report and reviewing it thoroughly prior to proceeding with your loan application can help you expedite the closing process. If there are any inaccuracies, for instance, you could contact the credit bureau and ask them to correct the errors. Once all the issues have been resolved, require a new credit report and submit it together with the rest of your documents.

One of our experienced underwriters explains: “The more accurate the information we receive upfront is, the faster the manufactured home loans will go through the approval. When there’s insufficient or erroneous information, our underwriters need to re-open the file. This creates a merry-go-round that can delay the closing by weeks.”

Hold off on making any deposits or spending money.

If you deposit money into your account, the lender will ask for proof of deposit. If you withdraw funds or purchase expensive things like a car, furniture, appliances and the like before you actually close on your manufactured home, you may end up with a lower credit score. Aside from potentially delaying your closing, any of these actions could derail the loan process altogether.

A word of caution - if the loan approval expires the lender will pull a new credit report to verify you still qualify.  They may also run your credit prior to closing to find out if you have opened a new account, applied for credit or any other action that may affect your ability to afford the new loan.

Know where you stand financially.

To make the loan application process go as smoothly as possible, it’s critical to determine how much home you can realistically afford well in advance of starting the house hunting process and applying for a manufactured home loan. Another important part is to check with your lender what forms of payment he accepts. Under the “Good Funds” law, personal checks aren’t usually accepted at the closing table. Not having enough money to cover the closing costs and down payment might not just delay the closing; it might hinder your ability to close on your manufactured home.

Get a conditional approval.

Being conditionally approved for a manufactured home loan will ensure a speedy closing process. A conditional approval basically means that your manufactured home loan process is already underway. Since you don’t need to start the application from scratch after you make an offer on your dream home, you’ll be able to close on your manufactured home faster.

Now, we would like to take a moment to congratulate you. Not only are you about to become the proud owner of a manufactured home; you’re also willing to spend time educating yourself on the manufactured home loan process. By doing your part, you can easily avoid unnecessary delays on your end, which will streamline the entire loan approval process.

Additionally, opting for a quality loan company with plenty of expertise in the industry can help you close on your manufactured home even sooner. For a speedy and painless manufactured home closing, we invite you to get in touch with our experienced professionals by calling our toll free number (800)-522-2013.