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Step 1
Before you even entertain the idea of applying for mobile home financing, ensure that your credit is in the best possible shape. Obtain a report and see where you stand. If your score isn't high enough you'll be paying a larger interest rate. If it is too low, you might not even qualify. You will save a lot of money and hassle in the long run by having a good score, so do what it takes to get your credit where it needs to be before applying.
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Step 2
Decide for sure whether you want to buy an existing mobile home or build a new one. This will play an important part in how you go about obtaining mobile home financing. If you buy an existing mobile home you'll have to get a property assessment and valuation before you can get the loan. On the other hand, if you build a mobile home the builder may have a list of preferred lenders that they work with to get people financed which makes the process a little easier, and they will generally walk you through the process.
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Step 3
Assuming that you want to purchase an existing mobile home, you can choose to either get pre-qualified or qualify once you find a property. The process of pre-qualifying is the easiest and best because then you can go shopping for homes knowing how much money you have to spend and make a move immediately when you find a mobile home that you like. For this reason, you should opt to get pre-qualified.
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Step 4
To find a lender that will pre-qualify you, you'll need to start shopping around. You can look online, talk to realtors, and do some research using the newspaper to compile a list of lenders that have the best rates. You can also use websites like lendingtree.com where you can compare all sorts of different interest rates at once.
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Step 5
After you've found a lender, you need to make an appointment with a loan officer and meet with them to start the application process. Ask them what you need to bring to the appointment. This will most likely include previous years tax returns and other documents required to prove your income and identity.
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Step 6
Attend your appointment with the loan officer and apply for your loan. They will walk you through the process, but if you are a first time home buyer it's a good idea to have your loan disclosure documents checked by someone else that knows what they are doing and is familiar with the terminology so that you aren't surprised by anything.
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Step 7
In a few days you should hear back from the loan officer regarding the status of your application. They will tell you if you are approved and for how much. Once you know this then you can continue shopping until you find the perfect mobile home for you, and you'll have the reassurance that nothing will slip away since you took the time to get pre-qualified.
