IOWA MOBILE HOME PURCHASE LOAN PROCESS
Below we have outlined the steps involved in financing an Iowa mobile, manufactured or modular home. We must point out that every situation is slightly different. Always refer to your approval for exact loan requirements and information pertaining to your loan.
STEP 1. - DECIDE ON A HOME
Unlike the real estate mortgage industry, the approval you receive will largely depend on the mobile or manufactured home you have chosen. Then your credit and income come into play, determining the rate & term JCF will offer for your situation. If you are looking at several homes and trying to get an idea on rate or payment, simply go to our rate page where we offer handy payment calculators at the bottom of the page.
STEP 2. - APPLY FOR A LOAN
There are many ways to apply for an Iowa mobile home loan with JCF. You may use our online application or print and fax an application. The best way to apply is to call us for priority service. Applying by phone is incredibly simple and takes just minutes to complete, then in most cases, you will receive an approval within 15 minutes. No waiting days for an answer. Your loan officer will then email or fax your approval to you. The approval will give you the specifics of your loan approval and items that you will need to provide for us. Below we have outlined the hours that you may call to receive an instant approval, please call toll free (866) 967-0143.
Monday - Friday
10:00 AM - 10:00 PM
9:00 AM - 9:00 PM
8:00 AM - 8:00 PM
7:00 AM - 7:00 PM
11:00 AM - 6:00 PM
10:00 AM - 5:00 PM
9:00 AM - 4:00 PM
8:00 AM - 3:00 PM
STEP 3. - ACCEPTING THE LOAN APPROVAL
As stated above, you will receive a verbal loan approval normally within 15 minutes, you will then receive a written approval either by email or fax within 1 hour. The approval will give loan specifics and the items that we will need you to fax or email to us. The items that we ask you to provide to us are a mandatory provision of your approval. If you have questions or will have difficulty providing any of the items listed on your approval, please call your loan officer at once. Your loan approval will also include a breakdown of the fees associated with the loan, and the amount to finance, term of the loan, interest rate, and estimated monthly payments. Mandatory fees include a bank fee ranging from $1,000 - $1,500, internal escrow/processing fee of $299, Iowa Titling Fee $25, and a Federal Flood Certification fee of $12 - $15. All of these fees can be financed into the loan. Personal property taxes on the home must be current and paid in full. In some States, these taxes will need to be prepaid for the next year in order to title the home. Your loan officer will advise you on this, and in some cases, an original tax clearance will be required. Some States also have a sales tax on a used manufactured home purchase. We will contact the county to verify the exact amount. We have listed below the most common items that we need:
|Current Pay Stub + Most Recent W-2
|2 Months Bank Statements, Supporting Down Payment
|Letter from Employer, Start Date & Position
|Copy of Earnest Monies Check (If applicable)
|Copy of Drivers License & Social Security Card
Proof of Homeowners Insurance Paid in Full for 1 year
STEP 4. - LOCKING IN THE APPROVAL
Once you have read and have determined that the loan approval meets your needs, you will need to authorize an inspection or appraisal/inspection combination. Your approval will indicate which will be required, and is considered an out of pocket expense and can be paid at the time of the inspection or you can pre-pay for the service in advance by credit card. The fees for these services run from $135 - $310. Once either an inspection or appraisal has been ordered your rate & term approval are locked in place and cannot change for 60 days. Make sure you completely agree to the conditions of the approval before locking in the approval. Once your approval is locked in, we will contact the Seller(s) and/or all involved parties. The seller will be required to send us a copy of the title and a 30 day payoff, if applicable. If realtors and/or dealers are acting as selling or listing agents, we will need a copy of both the purchase agreement and listing agreement as well.
STEP 5. - RETURNING REQUESTED ITEMS
Your approval will indicate items that will need to be returned to us. You may fax, email or mail these items. We suggest that you try and send all items at once. Some items can be returned with your documents. Please contact your loan officer for specific details. Once we receive these items, please allow us 24 hours prior to proceeding to closing documents.
STEP 6. - CLOSING DOCUMENTS
Once your loan stipulations and inspection/appraisal have been reviewed and approved, we are in a position to send closing documents. It is important to note that all escrow functions are handled by JCF, except in California. We do not allow 3rd party escrow. Both the Buyer(s) and the Seller(s) have documentation that needs to be signed and notarized. We can send both the Buyer(s) and Seller(s) documents anywhere Fed-Ex delivers. At extra expense we can also have a notary visit your home to assist with signing the closing documents. Both the Seller(s) and the Buyer(s) documents come with a return pre-paid Fed-Ex label. Both parties can simply call Fed-Ex to have the documents picked up to be returned to us.
STEP 7. - FUNDS DISTRIBUTION
Once we receive your documents, Buyer(s) & Seller(s) closing statements will be sent to you either by fax or email. Here we give you instructions on the preparation of your final down payment distribution. After we receive the documents, funding normally occurs after 2 - 3 business days, at which time certified funds are sent to all parties awaiting proceeds. On the day of funding, the Buyer(s) will need to call us to verbally authorize us to proceed with the funding. This must be done by at least one Buyer and that Buyer must have our loan papers available when making this call.
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