Get pre-qualified with Kara
Before anything else, let's know the numbers. Manufactured homes finance a little differently, so this call matters more than usual. Kara Cuka at New American Funding is one of our very favorite lenders: patient, sharp and great at explaining options. She'll look at income, credit and savings and talk through which loan types fit the kind of home you're after.
- Ask Kara about the difference between a pre-qualification and a fuller pre-approval. A pre-approval usually carries more weight with sellers.
- Home with land: if the home sits on land you'll own and is on a permanent foundation, it can often be financed like any other house. Ask Kara which programs she offers for manufactured homes.
- Home on a leased lot (park or community): the home is usually titled as personal property, so it often takes a home-only (chattel) loan or cash. If Kara doesn't do these, she'll know who does.
- Comfortable payment beats maximum approval, and in a park, remember to add the monthly lot rent to the payment.
- Budget beyond the down payment: a typical home inspection runs a few hundred dollars, and lending and title fees are due at closing. Kara's Loan Estimate spells out the numbers.
Helpful links & what to gather
Lenders typically ask for recent pay stubs, two years of W-2s and tax returns, two months of bank and investment statements, and documentation for your down payment source. Gathering them now makes everything later faster.
