Approval

Once your Santiago Financial Credit Application is received, it will be submitted to our lenders by a loan processing assistant. The lenders send Santiago Financial the loan decision between 24 and 48 hours after it is submitted to them, excluding weekends and holidays. The decision will then be shared with the buyer(s) and agent, if applicable.

Counter offer

Sometimes the lender will respond to a buyer’s application with a counter-offer. This means that the lender is willing to lend to the buyer, but with a different amount or with changes to conditions. Once received, Santiago Financial will inform the buyer or agent (if applicable). From that point, if the buyer accepts the counter-offer, a relook will be sent to the lender accepting the offer. The lender will send the approval information within 24 to 48 hours, excluding weekends and holidays.

Relook

A relook is a document that is submitted when terms of the application have changed, such as loan amount, down payment amount, and adding or removing an applicant, etc. It is processed the same way as the Santiago Financial Credit Application by the lender, so a decision for a relook also takes 24 to 48 hours, excluding weekends and holidays.

No Pre-Payment Penalty

A buyer is not penalized if they pay off the loan before the full length of the given term.

Types of Manufactured Home Loans

Purchase

A purchase loan is for applicants looking to buy a new home. The loan can be for just the home, or for the home and the land (land-home). To get started, apply now for pre-approval!

Gifted Down

You can have the down payment for your home given to you as a gift by a family member or friend, as long as there is no condition of the gift being paid back. Documents required for gifted down payment: source of down payment (3 months of bank statements from all bank accounts the funds are coming from), statement from gifter, and copy of transfer (cancelled check, escrow deposits, teller receipt, etc.)

Buy-For

You can have a relative or friend buy the home you want for you if they have better credit than you or have a better chance of getting approved. This means that the loan and title will be in their name, but you can decide on a payment transfer plan with the purchaser where you gift the monthly payment money to them and they pass it on to the lender. The buyer must be a homeowner prior to the application for the loan and the minimum down payment is 20% of the sales price. Additionally, a 1003 form must be filled out with the information of the occupants.

Refinance

A refinance loan is for customers who already own a manufactured home and want to change their rate or term, consolidate debt, or take cash from their equity for home projects.

Rate Term

A rate term refinance means that the lender will give you a different interest rate, term, or both, depending on what is requested. It can be provided for up to 85% of the original sales price or appraised value, whichever is less. Just the same as purchases, rates cannot be guaranteed by the broker (Santiago Financial), and is up to the discretion of the lender.

Debt Consolidation

Debt consolidation refinances is using the equity of your home to create one payment of debts rather than multiple. For example, if you have three credit cards with $500 on each, a debt consolidation would group them together to be a $1,500 debt, with one payment proportionate to the debt. Customers will be asked which debts they wish to consolidate early in the application process. To be approved for a debt consolidation refinance, the customer must have a 700+ FICO score. The limit is $25,000.

Cash Out

Cash out refinance means taking equity from your home for cash for the purpose of home improvements, as well as other uses as permitted by the lender. To be approved for a cash out refinance, the customer must have a 700+ FICO score. The limit is $25,000.

Necessary Application Information

Below is all the necessary information for your credit application. It is important to complete the application to the best of your ability to receive approval as soon as possible.

  1. Profile Information
    1. Full Name
    2. Social Security Number/ITIN (same # used on W2s as well as taxes)
    3. Date of Birth
    4. Marital Status
    5. Phone Number
    6. Email Address (optional, but recommended)
    7. Current Residence Information
      1. Residence address
      2. Current resident date (move-in date)
      3. Payment type (rent, own, family member, other)
      4. Payment amount
    8. Previous Residence Information (only required if buyer has been living at their current residence less than two full years)
      1. Previous resident address
      2. Previous resident dates (move-in and move-out dates)
      3. Payment type (rent, own, family member, other)
      4. Payment amount
    9. Number of dependents and ages
    10. Gender
    11. Race and ethnicity
    12. Child support/Alimony Obligations
  2. Employment Information
    1. Present Employment
      1. Name of Employer
      2. Start date
      3. Address (optional)
      4. Monthly Income
      5. Occupation
      6. Phone Number
    2. Previous Employment (only required if buyer has been working at their current employment less than two full years)
      1. Name of Employer
      2. Start date
      3. Address (optional)
      4. Monthly Income
      5. Occupation
      6. Phone Number
    3. Other sources of income (Social Security, Permanent Disability, VA Benefits, Court Ordered Child Support, Rental Income, etc)
      1. Name of Other Source
      2. How long have you been receiving this income?
      3. Monthly Income Amount
  3. Home Information (not required if you are applying for a Pre-Approval)
    1. Is your home in a park or is it land home?
    2. If park, park name and space number
    3. Year
    4. Make
    5. Model (optional)
    6. Dimensions
    7. Decal (optional)
    8. Space rent amount/HOA Fee
    9. Source of Down Payment (savings, 401k, gift, cash at home)
    10. Seller contact information (optional if home is used)
    11. Dealer information (required for new homes)
    12. Manufacturer Invoice (required for all new homes)
  4. Sales Information
    1. Sales price
    2. Down payment amount
      1. Minimum is 5% of the sales price
      2. Minimum is 20% for all homes built prior to June 13, 1976
  5. Agent Information (if any)

Application Timeline

Before Applying

The only document we need before your loan approval is our completed credit application. Make sure all of the necessary information is completed for each buyer.

Day 1

Complete our credit application online, or fill out a printed copy of our credit application. If you completed a printed application, please email or fax it back to our office for initial processing. Incomplete information will delay your loan process. We will contact you if there is any missing information. Day one… your loan has been submitted to lenders.

Day 2 – Day 3

We will receive a loan decision (approval, denial, counter offer) from lenders and we will contact you. If approved, we will send you an approval package that includes a list of the necessary documents we need to fund your loan. If you receive a counter offer, our office will contact you to see if you want to accept the counter-offer. After a counter offer is accepted, a relook for your application will be sent to the lender accepting the counter-offer. Our office will receive an approval within 24-48 hours (business days).

Congratulations!

You are on you way to becoming a homeowner. We will work with you through the entire loan process to make it as smooth as possible. We are here to work for you.