What Do Lenders Look For?
The four things nearly every lender checks on a manufactured home loan, and what to have ready.
Financing Options › Financing FAQs
Every lender has its own rules, but nearly all of them look at the same four things.
1. Credit score and history
Your score reflects your payment history, how much of your available credit you use, how long you've had credit and any recent applications. Lenders also look at the history behind the score, like late payments, collections or a past bankruptcy. Higher scores get more options and better rates. Check your reports at annualcreditreport.com before you apply.
2. Debt-to-income ratio (DTI)
Lenders add up your monthly debt payments, including the new home payment, and divide by your gross monthly income. Car loans, student loans, credit card minimums, child support and any loan you've co-signed all count. The lower your DTI, the easier it is to get approved.
3. Employment and income
Most lenders want to see about two years of steady income. You don't need to have been at the same job the whole time, but gaps and changes may need an explanation. Income has to be documented to count, usually with pay stubs and W-2s. Self-employed buyers should expect to provide two years of tax returns.
4. Down payment
More down lowers the lender's risk and can improve your rate. Many loans start around 5% down, some government-backed loans ask for less, and lower credit can mean more. Land you own may count toward it.
Lenders also look at the home and land
The lender will want to know where the home is going: a community, a leased lot, family land or land you're buying. For land and home loans, they'll appraise the property and review the title.
What to have ready
- Photo ID and Social Security number
- Recent pay stubs and two years of W-2s, or tax returns if self-employed
- Recent bank statements
- Details on your current debts
- Land paperwork, if you own land
- Your VA Certificate of Eligibility, if you've served
Questions? Call Vision Homes at (910) 323-8222, apply online or see all of our financing options.
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Vision Homes
Manufactured, mobile and modular homes in Fayetteville, NC. Tour homes and get financing help. Serving NC, SC, VA, GA and AR. Se habla español.
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