Verifying Your Mobile Home Down Payment,
Closing Costs, Assets, Income and Debts for Manufactured Home Purchase Loans

A critical step in the mobile home mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. ValueLoans.com uses this step to determine your qualifications as a borrower. 

Down Payment & Closing Costs

Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.

Take extra care to document the sources for any monies to be used for the down payment or closing costs on your manufactured home loan.

Acceptable Down Payment & Closing Costs Sources For  Mobile Home Loan Financing

• Cash in a bank account
• Mutual funds / stocks / IRA / 401(K)
• Proceeds from the sale of another property
• Gift from an immediate relative
   

Assets

Collect information about your personal assets that add to your net worth and help to prove your credit worthiness for your manufactured home purchase.

Common Assets Considered in a Mobile Home Mortgage Loan Application

• Stocks, bonds, mutual funds, 401(K) and retirement accounts

• Life insurance

• Personal property estimate - cars, boats, antiques, jewelry, etc.

• Other real estate or property

Income and Employment

ValueLoans.com will want to confirm your current gross income and have evidence of stable employment. Documentation requirements vary depending upon a number of factors - including the source of income (hourly, salary, salary + bonuses, salary + commission, commission, self-employed, etc.).

Debts

ValueLoans.com will want to review a list of all your current debts. This along with your credit report will provide us with a snapshot of your obligations. We will want to confirm that you will not be overextended when the mortgage payment is added to your current debt load.