The process of buying a house within a mobile home community does not differ far from the process of buying a site built home, except it is typically much easier to qualify for a mobile home than a traditional home due to the lower purchase price.

If you feel you are ready for homeownership and have looked at all of the benefits mobile homes can offer at a fraction of the price of other homes, below is a great step by step process of what to expect during the process of buying a home.

7 Steps to Buying a Mobile Home

Step 1) Complete a Purchase Agreement: By signing a purchase agreement you are committing to buy a specific home, as-is or with agreed upon repairs, improvement, etc. between yourself and the seller.

Step 2) Complete an Application: This document will require your personal information and consent to review your credit report and run a background check on all residents over the age of 18. IF you are doing a financed sale (taking out a mortgage loan) you will also need to sign a lender disclosure form.

Step 3) Lender Application Review:  Your completed application will go through a lender approval process during which they will confirm whether or not you are approved for a mortgage loan and determine the conditions (interest rate, down payment, etc.) required for your specific home purchase.

Step 4) Complete Background Check: We will perform a background check on the buyer, co-borrowers and all residents residing in the home over the age of 18.

Step 5) Collect and Deliver Lending Stipulations: Upon lender approval of your application, they will require the following documents:

• Verification of Employment- You must show proof of a 5 years of employment, if you have been with your current employer for less than a year you will need a VOE letter from your previous employers as well.  If there are any lengthy gaps between jobs, a letter explaining the time off until the new employment began.
• Verification of Income – You will need 2 recent pay stubs with Year-to-date figures
• Verification of Down Payment- You will need a money order or certified check for the full down payment to be remitted no later than at the time of closing
• Two forms of Identification- You are required to present two forms of ID, accepted ID include the following: state issued driver’s license, social security card, matricula consular card, passport translated in English, tax payer (TIN) ID

The lender will verify all of this information to ensure you meet their requirement for a mortgage loan.

Step 6) Complete Closing Documents: Once the lender has verified all of your provided documents and agreed you have met the criteria for a Consumer Loan they will draft up closing documents. These documents will outline the duration of the loan, down payment required, interest rate and your monthly mortgage payment. Your closing documents will also include the Community Living Guidelines you must agree to abide by to live within our community.

Step 7) Make Down Payment & Close Sale: Upon signing the closing documents and paying the agreed upon down payment via money order or certified check, you will officially be a homeowner!

From start to finish, we’re here to help guide you through the process of buying a mobile home. When you’re ready to get started, find a home in your neighborhood and stop by one of our communities to have a look.