Steps of the Home Loan Process

Steps of the Home Loan Process

1. Financial Self-Assessment and Preparation

  • Ensure You Can Afford A Home Create a Budget: Assess your monthly spending habits. Add up total monthly bills and subtract it from your monthly income. Do you have enough left over for a new payment?
  • Assess Your Credit Score: If your credit score is lower than you would like, work toward building up your credit.
  • Develop a Savings Plan: Saving a small amount every month for a year is a good way to save enough for a down payment on your dream home.

2. Apply for a Loan

Documents typically needed to complete a home loan application might include:

A) Proof of Income Most Recent Paystubs

B) Proof of Employment Past 2 Year History

C) Proof of Residency Current Street & Mailing Addresses

D) Proof of Identity Current Driver’s License, State Issued ID or Social Security Card

3. Origination & Underwriting

Origination: A licensed loan specialist reviews financing options and works with you to complete the credit application. You may then be issued a “conditional approval.” This means your information must be verified before a full approval offer can be issued to you.

Underwriting: Credit risk is determined based on credit score, income, existing debt and down payment.

4. Satisfy Loan Conditions

  • Complete all tasks assigned in the “conditions to approval” list
  • Tasks Could Include: Additional proof of income, proof of savings/emergency funds, proof of ability to repay the loan
  • Once conditions have been satisfied, Congratulations! You’re approved! Be expecting a call from a Vanderbilt representative to discuss any additional info that may be needed to move on to the next step.

5. Processing

  • Select your dream home
  • Sign a purchase agreement with the seller
  • Your processor will order a home appraisal if needed and will provide you with a copy of the appraisal

6. Closing

The final step of the home loan process!

  • Titling is finalized with the title company
  • Closing documents are signed
  • Closing costs are paid

The home loan process can be confusing, but don't worry! We're here to help you every step of the way. View the infographic to see an overview of each step of the manufactured home loan process.

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