{"id":60,"date":"2017-03-31T08:30:50","date_gmt":"2017-03-31T15:30:50","guid":{"rendered":"https:\/\/www.santiagofinancial.com\/blog\/?p=60"},"modified":"2020-10-20T00:25:12","modified_gmt":"2020-10-20T07:25:12","slug":"approval-documents","status":"publish","type":"post","link":"https:\/\/www.santiagofinancial.com\/zh\/approval-documents\/","title":{"rendered":"\u6279\u51c6\u6587\u4ef6"},"content":{"rendered":"
Provided by escrow, outlines all cost for the buyer and seller. Determines the total cash to close for the buyer.<\/p>\n
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\u2019s premium (depending on lender approval). Triad and CU will not finance closing costs normally.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Used to finalize the interest of both buyer and seller in the sale of the manufactured home.<\/p>\n
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<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Used to clear income is a buyer is self-employed or receives a 1099<\/p>\n
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.<\/p>\n
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.<\/p>\n
Copies of the manufacturer\u2019s invoices are used to determine the value of the home and final loan amount.<\/p>\n
The amount the home is estimated to be worth by an appraiser\u2019s 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.<\/p>\n
A document Escrow requests from the state to obtain all home information and to verify if their are any current liens against the property<\/p>\n
Form to be completed with the sellers information in case of title transfer issues. Two different phone numbers are required.<\/p>\n
Form to be completed by dealer selling a New home.<\/p>\n
The borrower(s) completes this form giving us authority to obtain employment information. The form includes a release of the buyer(s) signatures and \u00a0the buyer and co-buyer\u2019s signatures.<\/p>\n
Cancelled for the requested number of months or a letter from the landlord<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
An account managed by a third-party, typically a loan servicer, to collect and disburse funds on behalf of the homeowner and lender.<\/p>","protected":false},"excerpt":{"rendered":"
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 […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[31,32],"tags":[40,61,80,82,83],"yoast_head":"\n