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Manufactured new home purchase process

New home purchase process

A new manufactured home is described as an untitled home which is sold by a licensed retailer to a consumer for use on private ground or in a community.

Step 1: The applicant completes and submits an application.

Step 2: The application is received and verified with the applicant.

Step 3: The completed application is submitted to underwriting.

Step 4: An underwriting decision is rendered after review of the file.

Step 5: An approval letter is issued or a decline is relayed to the applicant.

Step 6: An applicant’s conditions are requested, received and reviewed.

Step 7: A retailer invoice and installed options worksheet is requested and collected from the retailer.

Step 8: The Market Suggested Retail Value third party valuation is ordered through Datacomp Appraisal Services.

Step 9: A home valuation report is received and reviewed by our underwriting department.

Step 10: A copy of the home valuation report is sent to applicant(s) from our underwriting department.

Step 11: Monthly escrow (or impound) amounts are determined using tax certification and home owners insurance.

Step 12: Contracts are generated and sent to the retailer, applicants or settlement company.

Step 13: Applicant can sign the closing documents on the 7th business day after Home Valuation is approved.

Step 14: Documents are signed by both buyer(s) and seller(s) and returned to Credit Human.

Step 15: Final loan package is audited to verify all titling information is accurate and documents are complete.

Step 16: Final phone interview with applicant conducted with auditor to verify home completion.

Step 17: The loan is finalized and funds dispersed to the seller or settlement company. (Wire service available)