Guide | Budgeting
Understanding Your Mobile Home Loan Conditions
After a customer is conditionally approved for a home loan, the next step is to satisfy loan conditions. This post will help you learn what to expect and what documentation you’ll need.
After you’ve completed your application and received a conditional approval letter from the Loan Specialist, it will be time to fulfill your loan conditions. Before we get there, congratulations on your conditional approval! This means you’re on your way toward a full loan approval after the Loan Specialist verifies some items with documentation you provide.
What are loan conditions?
Loan conditions are basically put in place to verify that your income, assets and debts line up and are represented 100 percent correctly on your loan application.
Many customers wonder when they will be fully approved, or thought they already were with a conditional approval. It’s only once these conditions are met and proven by documentation that a customer is fully approved. Your point person during this will be a loan processor. Their role is to help you gather all the paperwork necessary and get you into the next steps in the process.
Typical items needed for document approval, if applicable to your financial situation:
- Driver’s license or other acceptable identification
- Recent paycheck stubs
- Benefit documents (VA/Retirement/Social Security)
- 2-years of tax returns
- Gross income
- Child support
- Stipends and court orders (Adoption/Child support/Alimony)
- History of 2 years of employment
The documents needed will vary based on your situation. There may be less or more than what’s listed above. It depends on how your taxes are filed as how you’ll need to verify income. For example, someone who receives a W-2 will have a different list of needed documentation than someone who is self-employed.
If your down payment is saved or given as a gift, proof of those funds is usually requested. If it’s borrowed it may be a considered to be a debt, but this varies based on the loan program.
The time frame is approximate and depends on the unique situation. From conditional approval to closing this process is typically 30 days for a home only loan and up to 12 weeks for a loan with land and home included. Time restraints may have to do with current COVID delays, multiple verifications needed, two applicants needing to satisfy loan conditions, etc.
Vanderbilt wants to make sure you can comfortably repay your mortgage and to ensure you’ll have the funds to make your monthly payments. During this process, be expecting to provide some paperwork, wait a little bit, answer some questions, and then you’ll move into the next step. Congratulations on your conditional approval!
Curious about the rest of the home loan process? Check out our guide!
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