MOBILE HOME FINANCE LOAN PURCHASE PROCESS

Below we have outlined the steps involved in financing your 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. The time from application to funding normally takes 2 - 3 weeks, depending on the cooperation of all parties involved.

STEP 1. - DECIDE ON A HOME

Unlike the real estate mortgage industry, the approval you receive will largely depend on the 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. - KNOW YOUR MORTGAGE SCORES

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STEP 3. - APPLY FOR A LOAN

Simply click on the apply button and follow the easy instructions. It should be noted that it is a good idea to know your mortgage score prior to application. You can also call us at (866) 967-0143, please be logged on to our website when you call.

STEP 4. - ACCEPTING THE APPROVAL

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. We have listed below the most common items that we need:

STEP 5. - 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 $145.00 - $400.00. 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 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 6. - RETURNING REQUESTED ITEMS

Your approval will indicate items that will need to return 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 7. - 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. 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 for return to us.

STEP 8. - 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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