documents for a manufactured home loan

Documents Needed for a Manufactured Home Loan

To make sure your loan process is a smooth and easy one, it’s important to know the documents needed for a manufactured home loan. Here’s a simple guide to help you get everything ready:

  1. Proof of Identity
  • What It Is: This is to show that you are who you say you are.
  • Examples: Must be a picture ID like a driver’s license, passport, or state ID. The ID must be unexpired. If the ID is expiring in the next 30 days – you’ll need to renew it.
  1. Proof of Income
  • What It Is: Lenders want to see that you have steady income, that will last into the foreseeable future, to repay the loan.
  • Examples: If you’re working, you’ll need to provide pay stubs from your job (usually the most recent 30 days) and W2s. If you’re receiving Social Security, you’ll need to provide your Benefit Verification Letter from the Social Security Administration (SSA) and if you’re receiving a pension, a pension statement and proof of pension deposits into your bank account. If you’re self-employed, you’ll need to provide tax returns from the most recent two (2) tax years. You should know – things like, workmen’s compensation, unemployment or short-term disability will NOT be considered.
  1. Proof of Down Payment
  • What It Is: This shows you have the funds to pay your down payment.
  • Examples: Most recent bank statements, retirement account statements, or even a gift letter from family or friends who plan to gift you your down payment funds. If you’re purchasing a manufactured home to place on land you own – you may even be able to use your land equity for your down payment – in this case a land appraisal or similar would be needed.
  1. Proof of Park Approval and Lot Rent
  • What It Is: If you’re purchasing a mobile home in a park community – you’ll have to be park approved before your loan finalizes. Your lender will also need to confirm the lot rent amount.
  • Examples: Your lender will usually have a form for the park to complete, verifying the lot rent amount and that you’ve been approved to live there.
  1. Proof of Ownership
  • What It Is: Lenders must make sure that the person selling you the manufactured home is the owner of record or that owner’s legal representative.
  • Examples: If you’re buying a manufactured home in park a community – you’ll need to get a copy of the mobile home title. If you’re buying a manufactured home on private land – a title company will usually do the legwork of verifying the seller’s ownership.
  1. Proof of Real Property (if applicable)
  • What It Is: If you’re purchasing a manufactured home on private land –  in order to be eligible for financing like FHA, VA, USDA, or a conventional loan – there must be proof that the home is real property (or real estate) and not personal property (which what a home on leased land in a park community would be).
  • Examples: This proof is usually going to be in the form of an Affidavit of Affixture filed with your state’s Secretary of State or county recorder.

Why All This Matters

Knowing what documents are needed for a manufactured home loan will make your loan process a smooth one. Tip: Make sure all your documents are up-to-date and accurate. Double-check everything before you submit it! By getting these documents together, you’ll be one step closer to owning your new manufactured home. Contact us at Midwest Mobile Home Loans today!

real estate agent sells mobile homes

Why Real Estate Agents Should Sell Mobile Homes

Hey, fantastic agents! Let’s dive into an exciting topic: why real estate agents should consider selling manufacture or mobile homes (“mobile homes”). Whether you’re already in the real estate game or thinking about joining, let’s explore the top reasons why mobile homes could be a fantastic opportunity for you.

Wide Open Market
Selling mobile homes opens doors to a whole new world of buyers. From first-time homeowners to retirees looking for a cozy place, mobile homes cater to a diverse range of people. This means you have a chance to connect with various clients and expand your professional reach.

Budget-Friendly Options
Mobile homes often come with a more affordable price tag compared to traditional houses – which is a boon given our current rate environment. This means you can help people find their dream home without the hefty cost. However, because many modern (pre-owned) can also be priced well over $80,000 – $90,000 – you’ll still be able to earn a nice commission on the sale.

Niche Expertise
Becoming a mobile home expert sets you apart in the real estate field. Specializing in mobile homes gives you a unique selling point that can attract clients who are specifically looking for this type of housing. It’s a chance to shine in a specialized area of the market.

Making Dreams Come True
Helping people find their ideal home is one of the most rewarding aspects of being a real estate agent. Selling mobile homes allows you to make home ownership dreams attainable for individuals and families,

Diverse Connections
Selling mobile homes opens doors to connections with various professionals. From mobile home manufacturers to park managers, you’ll have the chance to collaborate with a range of experts who contribute to the mobile home community.

Ready to Dive In?
So, why should real estate agents sell mobile homes? It’s about embracing a new market, helping budget-conscious buyers, carving a niche for yourself, and most importantly, making homeownership dreams a reality.

Whether you’re an experienced agent or just starting out, adding mobile homes to your portfolio could be a smart move and with Midwest Mobile Home Loans as your lender partner – you’re sure to win!

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calculate income for mobile home loan application

How to Determine Your Monthly Income

Determining your monthly income is an important step on the path to financing a mobile home. When you apply for financing – your income is one of the most important factors to getting approved. So, understanding how lenders calculate your monthly income is critical. Here’s a step-by-step guide to help you determine your monthly income for a mobile home loan application.

Gather Your Income Documents

If you’re a W-2 worker – start by collecting your paystubs. Select your MOST RECENT pay stubs and make sure you have 30 days’ worth. If you’re paid weekly, that means your last 4 stubs. If you’re paid biweekly, that means your last 2 stubs.

If you’re a 1099 worker or own your own business – things are a bit trickier. You MUST have 2 years of tax returns – gather your 2 most recent tax returns (specifically Schedule C – Profit or Loss from Business).

Calculate Your Gross Monthly Income

Use our income calculator to easily calculate your gross monthly income – that’s your income before taxes if you’re a W2 worker.

If you’re a 1099 worker or own your own business – find the net income, for your most recent 2 tax returns, on your Schedule C (Profit or Loss from Business) form – line 31. Take the two net income amounts – add them together and then divide them by 24. For example, if your net income (from line 31 on Schedule C) for 2023 was $30,000 and 2022 was $21,000 – take $30,000 + $21,000 = $51,000 divided by 24. The result is $2,125 per month.

Include Other Sources of Income

If you earn Social Security, or SSI or VA disability or a pension or court ordered child support – or any other PERMANENT, documentable income – then add that to your monthly income. Permanent income does NOT include unemployment or workmen’s compensation, or short term disability, etc.

Prepare Your Documentation

Organize your income documents and be prepared to provide them to your lender during the loan application process. This will help expedite the approval process.

Seek Professional Advice

If you’re unsure about how to calculate your income or navigate the loan application process, contact us here at Midwest Mobile Home Loans – we’ll help!

Calculating your monthly income for a mobile home loan is an important step in the loan application process. By getting a sense of your income and understanding your financial situation, you can increase your chances of qualifying for a loan and achieving your goal of owning a mobile home.

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black couple with wedding registry for mobile home fund

How to Put a Mobile Home Fund on Your Wedding Registry

Today, wedding registries are changing to include creative gift ideas, like a mobile home fund. Some people who are about to get married have lived on their own in rented apartments or homes and have already gathered essential household things. So, rather than asking their wedding guest for things they don’t need – more couples are deciding to ask for nontraditional gifts – like a fund for a down payment on a mobile home.

Let’s take a look at whether chattel lenders allow gifted down payments and how to set up a down payment fund on your wedding registry.

Do Chattel Lenders Allow Down Payment Gifts?

Yes! Pretty much all chattel lenders will allow you to use gift funds for your down payment. This is good because unfortunately – down payment and closing costs assistance programs currently can’t be used to obtain a chattel mortgage. So – if you have family and friends who are willing to gift you funds towards your down payment or even closing costs – it will help you secure your dream mobile home.

Is It Ok to Ask for Money on a Wedding Registry?

Once a upon a time it might have been taboo – but in the age of GoFundMe and the like – it’s acceptable to ask your guests for cash for the practical purpose of buying a new home. It’s important though to make sure you create a wedding website or online registry that presents all of your information, makes the payment process as simple as possible and explains your situation so that guests understand.

How to Set up A Mobile Home Down Payment Fund on Your Registry

There’s a good amount of wedding sites and registries available to couples – here’s a list of a few:

The Knot

The Knot helps couples make a free wedding website with all the important details for their guests. On your website, you can create a list of gifts you’d like and combine lists from other websites. This includes the option to have different money collections, like one for buying your first mobile home.

With The Knot, you can write a message to your guests which can be helpful for couples who might not feel very sure or comfortable asking for money.

Zola

Just like The Knot – Zola allows you to create a free wedding website, combine lists with other registries, and create a cash fund.

Same as with The Knot – you can write a message to your guests explaining your need for the fund.

Joy

Joy is another option – they market themselves as having zero fees for their cash fund option. Joy allows to you add physical gifts and cash funds for a variety of needs and experiences.

How to Explain Your Down Payment Fund to Guests

When explaining to your friends and family about why you’re asking for funds for a down payment instead of having a “regular” registry – be honest and let them know why this fund will be more helpful and useful to you as a couple.

You can say things like:

  1. “Just being with us on our wedding day is enough, but if you want to help with our future home, feel free to give to our down payment fund.”
  2. “Instead of a regular wedding registry, we made a house fund to buy our first home together. If you’d like to give us a gift, you can contribute to our down payment fund.”
  3. “We’ve got all the things we need for our future home. The only thing missing is the home itself! If you’ve been wondering, we’re asking for help with our future home instead of traditional wedding gifts.”

Say it in a way that feels true to you, your personality, and your story. Everyone is different, and some people might find it easy to use an online cash fund registry, while others might feel unsure or worry about what others might think. Some people might not want to make a payment online.

Make sure to tell your friends and family that they don’t have to give a gift, and your request is for those who want to help. Money can be an awkward topic, but guests like knowing where their contributions are going.

Being honest and truly grateful is important when dealing with money gifts as graciously as possible.

Reach Out To Midwest Mobile Home Loans When You’re Ready

Once you have those down payment funds secured – reach out to us here at Midwest Mobile Home Loans and apply for prequalification. It’s the first step in the home buying process and shows agents, sellers and parks that you’re serious and have the means to purchase your dream mobile home.

 

Photo by: Md. Aftab
Source: Compass Mortgage
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