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.