Overall Processing Timeline

Apply using the Santiago Financial, Inc. Credit Application online, by email or by fax, or by phone.

Once approved, Santiago Financial will send the agent and buyer an approval package with the list of conditions including the forms Borrower Signature Authorization (BSA), Mortgage Loan Origination Agreement (MLOA), Park Approval, Appraisal Acknowledgement, Purchase Order, Request for Tax Transcripts (4506-T), and 1003 Credit Application. Once received, the forms are to be filled out by the buyer and co-buyer and returned to the Processor.

Next, escrow will be opened and the buyer will make an initial deposit that is considered a portion of the total down payment.

Once we receive the completed documents, the Processor will clear the buyer and co-buyer’s incomes using the requested conditions. An appraisal (COD) is also required prior to order loan documents and will take approximately 1-2 weeks to complete and have our lenders review.

Additionally, 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.

Once all the conditions have been met, the Processor will order loan documents, which will take approximately four days for the lenders to create and send to escrow. The buyer will be notified to contact escrow to schedule an appointment to sign. Escrow overnights the loan documents back to the lender. If required, the Processor will advise the buyer to call for their post-doc interview with the Lender. The loan normally funds approximately four business days after document signing. Upon receipt of funds, escrow is able to close and the buyer is given possession of their new home.

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.