Mortgage Application Mortgage Application Step 1 of 7 14% Thank you for your interest in purchasing a home through Mobile Homes USA. We are an insurance, licensed and bonded Mobile Home dealer in the State of Florida. You are requesting financial assistance to complete your home purchase and we would be happy to help you with this process. There are a few requirements and documents we will need to move forward. We work closely with several mortgage companies who specialize in manufactured home loans and have the best possible rates. We will typically an answer to your application within 2 business days. Loan amount minimum is $20,000.00 You must be currently employed with a good work history You will be required to pay an initial deposit for the home which can vary based on you credit history and scoreWorksheets and guidelines below should be used and documents included with your application. Documents include: 1. Drivers License 2. Income Verification - Most recent interim financial statements % Annual financial statements (two years) 3. An IRS form 4506-T 4. If land is owned a Copy of the ownership document (Deed, Contract for Deed, Deed of Trust, etc.), which shows you as owner or buyer Other documents maybe requested before being approved. When you complete the form, attach the documents and simply click SUBMIT. We will contact you regarding the home you are looking to finance and discuss the financing options. Application Date: Name:*Property will be:Primary ResidenceNon Primary ResidenceInvestment/RentalPurpose of the Loan:Purchase home onlyPurchase home and landRefinanceLand onlyStreet Address, Apt or Unit#City:State:Zip:Site of Placement:Owned Property with no lienOwned Property Land Contract/Mortgage Trust DeedLeasedFamily LandCommunityReservationIs property located on a paved road?YesNoLot Size?Does property have a public maintained road frontage?YesNoShared Well?YesNoInformation on the Land Lease Community, Land Owner Name, Tribe name if home is to be placed on a Reservation, or the mortgage holder:NamePhoneMonthly Payment $*Is the site rent scheduled to increase over the next four years? If so, please explain. EMAIL ADDRESS: REQUIRED (for Loan Notices and Documents)APPLICANT EMAIL ADDRESS:* CO‐APPLICANT EMAIL ADDRESS: (A) APPLICANTFull Name:* First Middle Last Birth Date: Social Security #:Sex: (Optional)MaleFemaleMarital Status:MarriedUnmarriedSeparatedDependents:AgesPlease enter a value between 10 and 120.(B) CO-APPLICANTFull Name:* First Middle Last Birth Date: Social Security #:Sex: (Optional)MaleFemaleMarital Status:MarriedUnmarriedSeparatedDependents:AgesPlease enter a value between 10 and 120.APPLICANT'S RESIDENCECurrent Street Address (3 Years Residence Required, attach supplement if needed)CityStateZip:Country:Mailing Address (if different from physical)Home PhoneCell PhoneHow long at present address?*HomeownerOtherRenterParentYearsMonthsMo. Mrtg/Rent:Name of Mortgage Holder or Landlord:Telephone number:*If homeowner, what do you intend to do with the existing home? Previous address (if current address is less than 3 years)CityStateZipName of Mortgage Holder or Landlord:Telephone number:Name of nearest Relative NOT living with you:Relationship:Phone:CO-APPLICANT'S RESIDENCECurrent Street Address (3 Years Residence Required, attach supplement if needed)CityStateZip:Country:Mailing Address (if different from physical)Home PhoneCell PhoneHow long at present address?*HomeownerOtherRenterParentYearsMonthsMo. Mrtg/Rent:Name of Mortgage Holder or Landlord:Telephone number:*If homeowner, what do you intend to do with the existing home? Previous address (if current address is less than 3 years)CityStateZipName of Mortgage Holder or Landlord:Name of nearest Relative NOT living with you:Telephone number:Relationship:Phone: APPLICANT'S EMPLOYMENT HISTORY (Minimum Three Years, attach supplement if needed)1‐Current Employer:Position Held:Self Employed:YesNoDate Started: CityStateSupervisor NameTelephone Number:Email Address: What is your base pay rate excluding commission, bonuses, and overtime:How are you paid? Hourly rate: $Weekly Salary :$BiWeekly Salary: $Monthly Salary: $Do you receive bonuses?How often?How much in bonuses over the last 12 months $Do you receive commission?How often?How much in commission over the last 12 months$Do you consistently receive overtime?How often?How much in overtime over the last 12 months $2‐ Second or Previous Employer:Position Held:Self Employed:YesNoDate Started: Date Left: CityStateSupervisor NameTelephone Number:Income:3‐Previous Employer:Position Held:Self Employed:YesNoDate Started: Date Left: CityStateSupervisor NameTelephone Number:Income:Please provide an explanation for any job gaps greater than 30 days. APPLICANT'S OTHER INCOMEIncome from SSI, retirement, disability, alimony, child support or separate maintenance agreement need not be disclosed if you do not wish to have it considered as a basis for undertaking or repaying this debt.Child Support Monthly AmountAges of ChildrenAlimony or Separate MaintenanceDurationOther Source:How Long:Monthly Amt:CO-APPLICANT'S OTHER INCOMEChild Support Monthly AmountAges of ChildrenAlimony or Separate MaintenanceDurationOther Source:How Long:Monthly Amt: ASSET AND CREDIT INFORMATIONApplicant Bank Name:City, St:Account type:Balance: $Co‐Applicant Bank Name:City, St:Account type:Balance: $Retirement/401K with:City, St:Account type:Balance: $Auto #1: Yr/MakeValue: $Lender:Payment: $Balance: $Auto #2: Yr/MakeValue: $Lender:Payment: $Balance: $Other Asset:Value: $Lender:Payment: $Balance: $Other Real Estate OwnedValue: $Lender:Payment: $Balance: $Other Real Estate OwnedValue: $Lender:Payment: $Balance: $Are you a co‐maker or guarantor on a note? If Yes, for whom?CreditorMonthly Payment: $(A) APPLICANT - Debts / ObligationsAlimony/Maintenance: $Expiration Date Garnishment: $Expiration Date Child Support: $List Ages of Children(B) CO-APPLICANT - Debts / ObligationsAlimony/Maintenance: $Expiration Date Garnishment: $Expiration Date Child Support: $List Ages of ChildrenOther Extraordinary Recurring ExpensesList Items that have a significant impact to your budget. Estimated Monthly AmountIf you drive more than 20 miles each way to work every day, what is your monthly fuel and maintenance expense other than your car payment? $Child Care Expense: $Other: $Other: $List any Government Assistance Payments to you that help offset household expenses, such as WIC, TANF, or SNAP. You are not required to disclose these amounts if you do not wish to have them considered as a basis in analyzing your ability to undertake or repay this debt. $ QUESTIONSIf the answer is “yes” to any of the questions (2‐5), explain on attached sheet. Enter Y (yes) or N (no) for Borrower and/or Co‐Borrower1. Are you a U.S. Citizen?BorrowerYesNoCo‐BorrowerYesNo2. Are you a permanent resident alien?BorrowerYesNoCo‐BorrowerYesNo3. Have you declared bankruptcy within the last 10 years?BorrowerYesNoCo‐BorrowerYesNoIf yes, when did you file?Date Date 4. Have you had any judgments, repossessions, garnishments, or other legal proceedings filed against you in the past 7 years?BorrowerYesNoCo‐BorrowerYesNo5. Do you have any past due obligations to or insured by any agency of the Federal Government?BorrowerYesNoCo‐BorrowerYesNo The following information is requested by the Federal Government for certain types of loans related to a dwelling in order to monitor the lender's compliance with the equal credit opportunity, fair housing and home mortgage disclosure laws. You are not required to furnish this information, but are encouraged to do so. You may select one or more designations for "Race." The law provides that a lender may not discriminate on the basis of this information, or on whether you choose to furnish it. However, if you choose not to furnish the information and you have made this application in person, under federal regulations the lender is required to note ethnicity, race, and sex on the basis of visual observation or surname. If you do not wish to furnish the information, please check below. (Lender must review the above material to assure the disclosures satisfy all requirements to which the Lender is subject under applicable state law for the particular type of loan applied for.)APPLICANT I decline to furnish this information CO‐APPLICANT I decline to furnish this information Ethnicity:Hispanic or LatinoNot Hispanic or LatinoEthnicity:Hispanic or LatinoNot Hispanic or LatinoRace:American Indian or Alaskan NativeAsianBlack or African AmericanWhiteNative Hawaiian or Other Pacific IslanderRace:American Indian or Alaskan NativeAsianBlack or African AmericanWhiteNative Hawaiian or Other Pacific IslanderSex:MaleFemaleSex:MaleFemaleAdditional Disclosures California: An applicant, if married, may apply for a separate account. It is illegal to discriminate in the provision of availability of financial assistance for the purpose of the purchase, construction, rehabilitation of any one to four unit family residences occupied by the owner and for the purpose of the house improvement of any one to four unit family residence by considering: 1. Trends, characteristics or conditions in the neighborhood or geographic area surrounding a housing accommodation, unless the financial institution can demonstrate in the particular case that such consideration is required to avoid an unsafe and unsound business practice; or 2. Race, color, religion, sex, marital status, national origin or ancestry. It is illegal to consider the racial, ethnic, religious or national origin composition of a neighborhood or geographic area surrounding a housing accommodation or whether or not such composition is undergoing change, or is expected to undergo change, in appraising a housing accommodation or in determining whether or not, or under what terms and conditions, to provide financial assistance. If you have questions about your rights, or if you wish to file a complaint, contact the Lender or the California Department of Corporations at: 320 West 4th St, Ste 750, Los Angeles, CA 90013, or 1390 Market St, Ste 810 San Francisco, CA 94102 New York and Vermont: In connection with your application for credit, a consumer report may be requested in connection with such application. Upon request, you will be informed whether a consumer report was requested, and if such report was requested, informed of the name and address of the consumer reporting agency that furnished the report. If your application is granted, subsequent consumer reports may be requested or utilized in connection with any updates, renewal or extension of the credit for which application was made or for any other legitimate purpose associated with the account. Ohio: The Ohio laws against discrimination requires that all creditors make credit equally available to all creditworthy customers and that credit reporting maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. Wisconsin: No provision of a marital property agreement, a unilateral statement under Wisc. Stat. 766.59 or a court decree under Wisc. Stat. 766.70 adversely affects the interest of the creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the agreement, statement, or decree of has actual knowledge of the adverse provision when the obligation to the creditor is incurred. NON-APPLICANT SPOUSE WAIVER OF NOTICE: I agree to waive notice of any extension of credit in connection with this application: Non-applicant Spouse:Date Additional disclosures may be required for the following states: Texas, New York, Ohio, Oregon. These documents are separate from this application and must be submitted with the application for the lender to process your request. Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of the information contained in the application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provision of Title 18, United States Code, Sec. 1001, et seq.; (2) the loan requested pursuant to the application (the "Loan") will be secured by a mortgage of deed of trust on the property described herein; (3) the property will not be used for any illegal or prohibited purpose or use; (4) all statements made in the application are made for the purpose of obtaining a residential mortgage loan; (5) the property will be occupied as indicated herein; (6) any owner or servicer of the Loan may verify or re-verify any information contained in the application from any source named in the application, and Lender, its successors or assigns may retain the original and/or electronic record of the application, even if the Loan in not approved; (7) the Lenders and its agents, brokers, insurers, servicers, successors, and assigns may continuously rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in the application if any of the material facts that I have represented herein should change prior to the closing of the Loan; (8) in the event my payments on the Loan become delinquent, the owner or servicer of the Loan may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more consumer credit reporting agencies; (9) ownership of the Loan and / or administration of the Loan account may be transferred with such notice as may be required by law; (10) neither Lender nor its agents, brokers, insurers, servicers, successors, or assigns has made any representation or warranty, expressed or implied, to me regarding the property or the condition or value of the property; and (11) my transmission of the application as an "electronic record" containing my "electronic signature" as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or my facsimile transmission of the application containing a facsimile of my signature, shall be as effective, enforceable and valid as if a paper version of the application were delivered containing my original signature. I give permission to Lender to investigate my credit and employment history and authorize my employer, landlord, depository institution, and credit company to release information about me. I acknowledge that my dealer is neither a broker nor a credit grantor. This application may be considered withdrawn if I do not inquire about its status within 30 days of the date of this notice.Borrower SignatureDate Co‐Borrower SignatureDate Loan Submission Worksheet - Direct Lending DepartmentSteel Recovery Solutions/Mobile Homes USA Retail # 1909.1 Referred by:OWNER/SELLER/LISTING AGENT INFORMATIONWho is the current owner/seller of the home:?PhoneEmail (Owner/Seller): Who is the Listing Agent of the home:?PhoneEmail (Listing Agent): OWNER/SELLER/LISTING AGENT INFORMATIONYear of HomeMakeModelWidth x LengthHome Sales Price/Refinance Amount: $Lien Holder:?Sales Tax: (If Applicable) +$Total Home Sale Price: + $Land Purchase Price or Payoff of Land + $Lien Holder:?Land Improvements to be financed (Itemize Below) + $Consolidation Requests: (Itemize Below)(For Refi's Only) + $Total Package Price = $A Minimum of 5% is required. A down payment greater than 5% increases the likelihood of approval and may result in a lower interest rate.Source of Down Payment:SavingsCheckingCash on HandLoanGift.OtherIf gift, from whom:Other(Explain):Unpaid Balance of Package Price = $Land Improvements/Consolidations Requested (List Improvements &/or Vendors)List Improvements &/or Vendors$List Improvements &/or Vendors$List Improvements &/or Vendors$List Improvements &/or Vendors$List Improvements &/or Vendors$List Improvements &/or Vendors$List Improvements &/or Vendors$List Improvements &/or Vendors$In the space below, provide underwriting with any additional information that will be helpful in understanding this transaction: ACKNOWLEDGEMENT: Buyer acknowledges and agrees that this Sales Worksheet presents a proposed sales package based on information reasonably available at this time. The terms of the proposal may change at any time based on Seller's or Buyer's preferences and additional information that becomes available concerning the potential sale. Information provided is based on estimates of costs related to the sales package, including but not limited to home unit, options, add‐ons, construction costs, etc. The terms of the agreed upon sales package, including additional information concerning the sale that may not be listed in this worksheet, will be documented in the final sales agreement and/or other sales‐related documentation entered into by Seller and Buyer at the closing of the sale, and will be subject to the terms and conditions contained therein. The final sales agreement may contain additional information concerning rights, obligations, and disclosures applicable to the transaction. New manufactured homes meet Federal Manufactured Home Standards. Actual home purchased may not meet local codes and standards. Buyer should check with local authorities to verify local requirements.BorrowerDate Co - BorrowerDate Primary Applicant Driver License*Co-Borrower Driver LicenseIncome Verification - Most recent interim financial statements % Annual financial statements (two years) Drop files here or A completed IRS form 4506-T for Primary & Co-Borrower Drop files here or If land is owned a Copy of the ownership document (Deed, Contract for Deed, Deed of Trust, etc.), which shows you as owner or buyer Credit Guidelines for Direct Lending Whether you are financing or refinancing a manufactured home we look at three criteria: Capacity (can the customer afford it), Credit (do they pay their bills on time) and Collateral (homes value). Employment Information Employment Information – must be obtained in order to develop ability to pay and stability of income. At least three years of employment history must be obtained in each case. A minimum 6 month continuous employment must be verified. Income Information income must be verified on every approval using check stubs, W-2’s, 1040’s, etc. If the applicant is self-employed, income must be verified with copies of 1040’s and all supporting schedules, forms, attachments and bank statements where applicable. An IRS form 4506-T “Request for Copy or Transcript of Tax Form” must be completed and signed. Part-time job income may only be considered with verification that it has been received consistently for a minimum of 2 years. Child support income may only be considered with verification that it has been received consistently over the prior twelve months and is expected to continue over the next three years. Debt to Income Ratio Total Debt ratio including housing and all minimum debt payments must not exceed 43%. If this ratio is exceeded but less than 50%, the disposable income analysis must be performed and criteria met. Total Debt/Income = Debt to Income Ratio. Credit Scores a minimum beacon, fico score of 600 from all three major credit bureaus Experian, Equifax and Trans Union is required. Do you know what your credit score is? Find out before applying for a loan by clicking on http://www.myfico.com/ficocreditscoreestimator/. The credit score estimator will help assist you in determining the loan requirements mentioned above. Equity Loan Programs are available for applicants scoring less than 600. Minimum 35-40% equity position is required. Co-Signers normally used when younger buyers lack the stability and credit experience to qualify. Should not be used in conjunction with an applicant who has credit problems or lack of sufficient income. Co-Signers must score above 640 on the bureau and be a homeowner, to be considered. Must live within 150 miles of the home location and must budget for the house and site payment. Collateral Credit quality, loan affordability and collateral value will ultimately determine your loan-to-value or down payment requirement. Value is determined by using the following methods. A. Mobile Home Only: Value is derived by using the lesser of the N.A.D.A Appraisal Value or Purchase Price of the Mobile Home. B. Mobile Home and Land: Certified Land Only Appraisal with Improvements (Well, Septic, Detached Garage, etc.) + valuation in (A). Loan Amount minimum loan amount required is $20,000. Primary Residence or Secondary Home LTV will be based off home classification. Age of Mobile Home No restrictions in most states. In AL, the mobile home must be a 1990 or newer. In MS, the home must be a 1999 or newer. In NY, the home must be 1995 or newer. Escrow is required for insurance and taxes. Property must be on paved road, otherwise a minimum of 20% equity or 80% LTV (Loan-to-Value) is required for consideration. Unable to finance properties with shared wells. Land Purchase land may be financed with a home refinance. A house may be financed with up to 95% of the expense of the land, improvements and moving expense, not to exceed $2,000 per floor for the move. Land Improvements (Private Property) such as well, septic, grading and foundation may be included in the home purchase price with a first lien on the land. Land improvements must add value to the property for each dollar of improvement. Land in Lieu real estate may be pledged as additional collateral in-lieu of down payment. The property must be at least ¼ acre, have access from a public road and be served by on-site utilities or public utilities. The pledged land must be verified to have been owned by the borrower or a family member for a period greater than 12 months. If purchased within prior 12 months, proof of purchase price must be presented. Financing company will use quick sale value of the land: i.e. $10,000 X .65 = $6,500 (less payoff) $1,000 = $5,500 as down payment. 100% of the amount paid for the land may be used if there are no major derogatory accounts. Interest Rates Vary* typically range from 6.99 to 11.99% depending on overall credit quality, age of home, collateral type, occupancy type, loan amount and loan-to-value. Meeting the above guidelines, does not guarantee approval. *Rates and Credit Guidelines are subject to change without notice. How can I get pre-approved for a manufactured home loan? Fill out the on-line application and click on submit and it will come to Mobile Homes USA with documents that are required.NameThis field is for validation purposes and should be left unchanged.