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Beginner’s Guide to Mobile Homes Lending Process

New Mobile Homes For Sale
Mobile Homes Lending

People often require loans to buy their dream mobile homes. You may have chosen the home from new mobile homes for sale ads, but the buying process starts with lending money. The following are the paperwork needed to be done to clear the formalities and get to business.

Proof of Revenue

This is necessary since lenders need to verify the financial background of the buyer. Individual buyers receiving paycheck, for instance, need to bring Form W-2, which contain past information regarding the tax. This is different from contractors who must show tax returns and business owners who should carry Profit & Loss statements, for the past two years.

List of Assets Owned

Valuable assets include cars, property, possessive artworks and paintings. Make it a point to carry documents that prove ownership of the said assets. Banks perform thorough checking and validation of assets owned by the lender before approving mortgages. The likelihood of getting the nod from banks depends on how well you cooperate with the formalities.

Rental History Details

Rental history includes details regarding bounced checks, delayed payment notifications, and eviction notices from the bank if any. How well you have dealt with banks during the past two years would eventually decide your fate.

Current Debt Details

Details regarding pending car loans, personal loans, and other credits carry a special importance while applying for mobile homes loan. It is still necessary for the lender to check trivial matters, to have faith in your repayment abilities. They must know where you belong financially to offer you a loan. Take a complete list of your current debts in a single sheet alongside the respective proofs, to clear matters quickly.

Government Photo Identity Card

Lenders with a good reputation would not hesitate to help you if you carry proper identification. Although the aforementioned documents may prove that you have a proper address, the government ID further validates your claims. No one wants to pay loans to a fraudulent buyer.

To get things moving quickly, you should ensure that you have all the documents mentioned here. In the case of a missing paper, banks would make you take a step back, for it is your requirement to gain loans not their obligation to pay. Banks are lending agents in the long-driven process of transferring authority in new manufactured homes sale.