Looking to get a mortgage on your mobile home? Manufactured housing lender 21st Mortgage has a great checklist on their web site on exactly what you’ll need to help expedite your loan request. Having all these items on hand will help you be prepared for getting the financing that you need. Getting financing can be a complicated process, but being prepared will help make the process easier.
(Go to 21st Mortgage’s website for complete details, down-loadable forms and an online loan application for your mobile home loan.)
Mortgage Application Checklist:
- Social Security Card & Drivers License – copies for each applicant.
- Home Addresses – for the past five years (if renting, landlord’s address and phone #).
- Verification of Employment (VOE) Letter – confirming a minimum of 2 years of continuous employment with no job gaps. Employment information (name, address, phone) for past 3 years.
- Verification of Income (VOI) – W-2’s for past two years and most recent check stub(s).
- Self-employed or Commissioned Folks – you’ll need federal income tax returns (all schedules) for past two years and a completed 4506 T-Form.
- Bank Statements – for the past 60 days. Include all savings, checking & money market accounts.
- Evidence of any additional sources of funds necessary for the loan (CD’s, Bonds, Stocks, Mutual Funds, 401k/IRA, etc).
- Lease for Property (1 year minimum with property address, rent amount, & phone # for landlord) or Deed (if in customer’s name)
- Mobile Home Title – copy of title if home is financed or original title if home is owned free & clear.
- Insurance – the 1st year’s insurance premium must be paid up-front and insurance escrow is required. Applicants can only finance insurance thru 21st.
- Taxes – documentation showing taxes are up-to-date. Future taxes will be escrowed.
- Appraisal – check required to cover cost of appraisal prior to ordering.
- Photos – four photos of the inside and outside (each side) of the mobile home.
- Purchase Agreement – copy of signed sales contract between buyer & seller.
- Power of Attorney – these forms need to be signed & notarized by the buyer and seller in order to register the title. Two originals from the buyer and seller will be needed.
Note: Meeting the above guidelines, does not guarantee approval. For complete information, see their website for details.