Used home purchase process
A used manufactured home is described as a home that has previously been titled and being re-sold 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 home valuation is ordered to and completed by NADA book out method or comparable based appraisal through Datacomp Appraisal Services, or other approved appraisal company if located in California.
Step 8: A home valuation report is received and reviewed by our underwriting department.
Step 9: A copy of the home valuation is sent to applicant(s) from our underwriting department.
Step 10: Monthly escrow (impound) amounts determined using tax certification and home owners insurance quote.
Step 11: Contracts are generated and sent to the retailer and applicants or settlement company.
Step 12: Applicants can sign closing documents on the 7th business day after home valuation is approved.
Step 13: Documents are signed by both buyer(s) and seller(s) and returned to Credit Human.
Step 14: Final loan package is audited to verify all title information is accurate and documents are complete.
Step 15: Final phone interview is conducted with auditor to verify home completion.
Step 16: The loan is finalized and funds dispersed to the seller or a settlement company. (Wire service available)