Article | Home Buying
How to Apply with Direct Lending
This post will help you prep for applying with Direct Lending and help you understand what to expect from the process.
Applying for a home loan is that pivotal step. It takes you from dreaming about owning a home to ideally being able to purchase it. Our application can be filled out online at your own pace. Our desire is that you fill out your application with confidence. So, we’re giving you an easy breakdown of how to apply.
What you’ll be applying for:
You’re probably already aware at this point, but you’ll be applying for any pre-owned manufactured or modular home located on or off land. Based on the home of your interest, you’ll complete an application for the amount of the home. Or if you don’t have a home in mind, you can always apply for max approval.
Within about 48 hours of submitting your application online, you’ll be contacted by a licensed Loan Specialist with the result of your application. Your application could be preliminarily approved, denied or found to be incomplete. If preliminarily approved, the first stage of approval is called a conditional approval because the information on your application has not been verified yet.
The most tedious portion of an application is gathering the necessary documentation to complete verification. So, if you gather your documents up and organize them into a folder before you start filling out an application, you’re going to save yourself some time.
Here’s a list of items you might need:
- Social Security number, email, current residential address
- Monthly expenses: what you spend on clothing, gas, groceries, healthcare, child support and alimony
- Gross Income information and employment history
These requested items are for you and anyone else applying with you. There may be other items needed, and our team will keep you updated on if we need any additional information.
Ways to Apply:
- By Phone – You can call (866) 491-0189 to speak with a licensed Loan Specialist who will take you through the application and fill out your information based on your answers over the phone. They can also help with related questions and submit your application for decisioning.
- Online – You can visit our application at vmf.com. There you can sit down for an allotted time and fill out your application at your own pace. As a helpful reminder, the application cannot be saved and retrieved to finish at a later time, so you will want to have at least 15 minutes set aside to fill out the online application.
- Application by Mail – All you have to do is call us to request a paper application or request online.
If you feel ready to apply – go for it! Or if you still have questions or need clarification, we’d love to help you. Either way, we wish you the best as you pursue homeownership.
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