In general, the mobile home loan documentation you need includes:
Name, Address And Contact Numbers
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 & Foundation Code)
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
Names, addresses, account numbers, balances and monthly payments on all current 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.
Things Needed to Qualify For The Manufactured Home Loan
Pay stubs for 1 month
W2’s for 2008 and 2009(and/or 1099’s)
If self employed: First 2 pages of your taxes (1040’s)for 2008 & 2009
2 months of bank statements (all pages)
Copy of current asset statements (IRA, Stocks, 401K, ect.)
Park Address and contact phone numbers
Copy of current mortgage statement or copy of coupon
Disability, Retirement & SS income: award letter
Purchase contract for home (or title if owned outright)
Amount of space rent
Loan program and amount of cash(and/or bills) Desired
Year of home and dimensions
Copy of driver license & social security card copy
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.
Check The Value Of Your In Park Mobile Home.
Check The Value Of Your Land Home Manufactured Home.
