Approval Documents

  • Estimated closing statement from escrow

Provided by escrow, outlines all cost for the buyer and seller. Determines the total cash to close for the buyer.

  • One year insurance showing year, make, model, size and complete serial number of home. Also need lender to show as loss payee

Santiago Financial, Inc. has manufactured home insurance in-house for competitive rates. However, the buyer is not required to obtain insurance through Santiago Financial, Inc. but is required by law to obtain a one year policy on the home purchased. If the buyer chooses to proceed with the insurance Santiago Financial, Inc. offers, they have the option to finance the first year’s premium (depending on lender approval). Triad and CU will not finance closing costs normally.

  • Signed and Completed Santiago Credit App

Using the information provided from your initial Credit Application, Santiago Financial will generate a Uniform Residential Loan Application, also known as the 1003, for you to initial and sign.

  • Copy of Driver License
  • Copy of Social Security Card
  • Mortgage Loan Origination Agreement

Agreement of the mortgage loan origination and written acknowledgment that Santiago Financial, Inc. is the broker. The borrower(s) complete the bottom section acknowledging this information.

  • Purchase Agreement (signed by buyer & seller – no digital signatures)

Used to finalize the interest of both buyer and seller in the sale of the manufactured home.

  • Copy of Listing Agreement (only if home is listed by a mobile home dealer)

A contract between the broker and the owner of the manufactured home (mobile home dealer) granting the broker the authority to act as the owner’s agent in the sale of the property

  • Verification of Income – 2 most recent year to date paycheck stubs

The broker and lender need to verify the buyer(s) income amount(s) to be able to approve of a loan. This is because we must verify that the buyer(s) can pay the loan back.

  • Last two years W-2s

Used to determine a 2 year average. If there is a decrease in annual income, then the buyer will be required to provide a Letter of Explanation to clarify the reason for the decrease.

  • Verification of Employment – Santiago Financial to obtain

Santiago Financial must verify that the buyer(s) work at their stated jobs to clear income. They must also obtain verifications from all locations that the buyer(s) have been employed for the last 2 years. Borrower Signature Authorization Form is required to obtain any verifications.

  • Two Years Tax Return – Federal only – all Schedules

Used to clear income is a buyer is self-employed or receives a 1099

  • Source of Down Payment – 3 months complete bank statements showing entire down payment in customer`s account

Buyer(s) must prove that the entire balance of the down payment in their account for 90 days prior to the closing of the loan. If the down payment is a gift, the gifter must provide these documents, as well as a gift letter. All large deposits must be sourced.

  • Proof home sold and mortgage paid in full (if applicable)
  • Park Approval/Lease showing manager signature, space rent, and park phone number

Document that shows that the buyers are permitted to live in the mobile home park, verifies space rent amount, and is signed by the park manager.

  • Invoices (New Home)

Copies of the manufacturer’s invoices are used to determine the value of the home and final loan amount.

  • Appraisal

The amount the home is estimated to be worth by an appraiser’s physical inspection of the home. It is calculated using comparable sales for the last six months in the park or community and takes into account physical aspects of the home. This value affects the loan amount our lenders approve the buyer(s) for.

  • Copy of Title – Title Search – MCO

A document Escrow requests from the state to obtain all home information and to verify if their are any current liens against the property

  • Person to Person Seller Interview

Form to be completed with the sellers information in case of title transfer issues. Two different phone numbers are required.

  • Retailer Disclosure Form

Form to be completed by dealer selling a New home.

  • Escrow Instructions
  • Borrower Signature Form

The borrower(s) completes this form giving us authority to obtain employment information. The form includes a release of the buyer(s) signatures and  the buyer and co-buyer’s signatures.

  • Verification of Rent (if applicable)

Cancelled for the requested number of months or a letter from the landlord

  • Signed and Completed 4506 Form

The lender can request an electronic transcript of the buyers tax returns directly from the IRS to verify income. Borrower must complete entire top portion, sign, and date.

  • Auto Draft (Voided Check)
  • Loan Estimate

This document lists basic information about the estimated terms of the mortgage loan. Please note, the terms found on the Loan Estimate are only estimates.

  • Signed Broker Disclosure

A written explanation, to be signed by the buyer(s), explaining to the buyer the role that the broker plays in the transaction. Also states the fee that Santiago Financial is charging for their services.

  • Signed Appraisal Acknowledgment

This form will be sent to the buyer along with a copy of the appraisal report acknowledging the borrower(s) were provided a copy of the appraisal.

  • Tax & Insurance impounds required

An account managed by a third-party, typically a loan servicer, to collect and disburse funds on behalf of the homeowner and lender.

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.