What to Expect in the Financing Process

Pre-Qualification:
In this step, you’ll be assessed by the lender to see how much you can borrow. This entails a soft credit check and basic details provided, including proof of income, identification, and more.

Application:
Next, you’ll provide detailed financial statements, credit reports, identification, proof of income, and documentation on your park model home’s specifications. Then, you will submit and wait a few days to a few weeks for a response.

Approval:
The lender will verify your information, assess your creditworthiness, and look at your collateral. Your approval is dependent upon your credit score, debt-to-income ratio, employment stability, and the value of your desired property. If you’re approved, you’re all set for closing!

Closing:
After you’ve been approved, you’ll finalize your loan agreement, sign the documentation, and pay your down payment and closing fees. This might involve a bit of time but be sure to prepare for the additional cost closing!

Post-Closing:
After your park model home financing is secure, ensure you pay your monthly payments on time and, if possible, set up automatic withdrawals.

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21st Mortgage Corporation NMLS # 2280 is a full service lender specializing in tiny homes.
The nation’s number one manufactured and mobile home lender fifteen years running.

Phone: 888-598-6121