Applying for a manufactured home loan? Whether you’re purchasing your first home or refinancing an existing one, having the right documents ready can speed up the approval process and help you avoid unnecessary delays. Lenders require specific paperwork to verify your financial standing, employment, and identity before granting approval.
To ensure a smooth financing process, here’s a checklist of the essential documents you’ll need when applying for a manufactured home loan.
1. Proof of Identity & Legal Residency
Lenders need to confirm your identity and legal status before approving your loan. Be prepared to provide:
- A government-issued ID (driver’s license, passport, or state-issued ID card)
- Your Social Security number or ITIN (for tax purposes)
- Proof of legal residency (if applicable)
Having these documents readily available ensures the application process starts without issues.
2. Proof of Income & Employment
Since lenders need to verify your ability to repay the loan, they require proof of steady income. You’ll typically need:
- Recent pay stubs (last two to three months)
- W-2 forms (for the past two years)
- Tax returns (if self-employed, usually for the last two years)
- Bank statements (last two to three months)
- Employer verification letter (if required by the lender)
For self-employed applicants or business owners, lenders may also require a profit and loss statement and business tax returns to confirm stable earnings.
3. Credit History & Debt Information
Your creditworthiness is a key factor in loan approval. Lenders will typically review:
- Your credit report and score (they’ll pull this, but it’s good to review your own beforehand)
- Current debt obligations (such as credit cards, auto loans, student loans, etc.)
- Debt-to-income (DTI) ratio – a measure of how much of your income goes toward debt payments
If you have a lower credit score, lenders may require additional documents to assess your ability to repay the loan.
4. Details About the Manufactured Home
To secure financing, lenders need information about the home you’re purchasing, including:
- Purchase agreement or bill of sale
- Manufacturer’s invoice or home specifications
- Serial number or VIN (Vehicle Identification Number)
- Property location and whether it will be placed on leased or owned land
- Proof of foundation (for certain loan types, like FHA or VA loans)
If you’re purchasing land with the home, additional paperwork related to the land purchase may be required.
5. Down Payment & Asset Verification
If a down payment is required, lenders will need proof of funds. You may be asked for:
- Bank statements (to verify you have the required down payment)
- Gift letter (if a family member is assisting with the down payment)
- Proof of other assets (such as stocks, retirement accounts, or other investments)
Some loan programs may allow low or no down payments, but lenders still require proof of financial stability.
6. Insurance & Additional Requirements
Once your loan is approved, you’ll need to provide:
- Proof of homeowners insurance (required before closing)
- Flood insurance (if applicable) (depending on the home’s location)
- Title search & appraisal (lenders may require an appraisal to confirm the home’s value)
If you’re financing the home through Horizon Homes, we can help guide you through these final steps to ensure a seamless closing process.
Be Prepared & Get Started Today!
Having these documents ready can help you secure your manufactured home loan faster and with fewer delays. At Horizon Homes, we simplify the financing process by connecting you with the right lender for your needs.
Have questions or need assistance? Contact us today, and our team will walk you through the process, ensuring you have everything needed to move forward with confidence!