Getting Pre qualified

The process of getting pre-approved for a mobile home is a bit more streamlined than a conventional loan pre-approval. The three areas of investigation remain the same: Income, Credit and Assets.

Income. Lenders want to verify you have sufficient income to make the payment with money left over to pay for food, clothing, and other obligations. In addition, they look at your history of income to get a sense that you will likely have sufficient income into the future. While lenders can’t predict the future, they can and do make estimates based on previous years work experience and income.

+Credit. +What does your credit history tell the lender about your history of managing credit? Have you made your payments on time? Are there any derogatory credit items such as bankruptcy or foreclosures that may raise concerns. In addition, your non-housing monthly payments are also considered such as auto loans, student loans, and credit card payments.

Assets. Do you have the money for the downpayment and closing costs. And what might be left over after your home purchase in the event of emergencies? Assets can take the form of investments, savings and gift funds. What is not considered is cash in a safe somewhere.

While there are several other items an underwriter considers, these are the first major hurdles to overcome