Financing

Thank you for your interest in Express Homes of Texas. This is our credit application which may be downloaded and filled out, and carried, faxed or mailed in.  You may email it to sales@expresshomestx.com.

The Credit Application has several parts: the 6-page Consumer Disclosure Statement, the universal credit application, and three lender disclosures.  All parts are required in order for us to accept your application.

Please ensure that the credit application is completely filled out, including an email address.  If you have no email address, please write in NONE.  Do not date any of the forms.

Once your application is received, one of our sales consultants will contact you for further information that is required before submitting your application to one or more of our national lenders.

For assistance in completing your application, please contact our office at 817-641-2249.

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WHAT KIND OF LOAN DO I NEED?

Are you confused by the terms chattel, land-in-lieu, FHA?  Want to know what they mean and which one is best for you?  Here is a simple explanation of each type of loan:

*Chattel loans are also known as Home-Only loans.  These loans are to cover the price of the home, without land, and usually without any construction costs included.  Chattel loans are closed in our office by our closing agent.

*Equity Loan Programs are available to applicants with lower credit scores (or with ITIN card rather than a social security card). Minimum 35-40% down payment required.  This may be for home-only or land/home.

* Land-in-Lieu – paid for 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 lender must have a first lien. 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. Land-in-Lieu loans are closed in our office using both our closing agent and a title company agent.

* ​Land/Home loans may be either Conventional or FHA.  Construction improvements to the property, such as well, septic, grading and foundation may be included in the home purchase price with a conventional land/home purchase and may be required on other loans.  These loans are closed in our office using both our closing agent and a title company agent. 

* Conventional Land/Home loans finance both the land and the home.  This may be land that you are already purchasing, making payments on, or that we help you to find.  Some construction costs may be added in, but are not required as a condition of the loan. ​

* FHA loans are loans that are insured by the Federal Housing Authority.  Like a conventional loan, they tie the land and the home together in the financing.  However, with an FHA loan, there are certain requirements that must be included such as appraisals, surveys, engineered foundations, driveways, etcetera.  These must be done through the retailer and may not be provided by the customer. 

* ​VA loans are loans that are regular chattel or conventional loans that are insured by the US Dept of Veterans Affairs.  You must be eligible and meet all the lender's regular credit conditions in order to secure a VA loan.  To check your eligibility, visit the US Dept of Veterans Affairs website.  VA loans will be closed in our office with the appropriate agents depending on the type of loan. 

* USDA loans are loans specifically for rural areas.  The US Dept of Agriculture regulates these loans, which are basically conventional loans.  For more information, including eligibility, locations, and contact offices visit the USDA Rural Housing webpage


Conditions

Most lenders need basic conditions-or items-that are required to proceed with the loan on all financed purchases, particularly income verification and source of down payment.  Here are a few items that are commonly needed.  Note that if you are self-employed, an immigrant, or have extenuating circumstances, other conditions may apply.

  • Two most recent paystubs for each applicant
  • Last two years W-2s for each applicant
  • Verification of Employment on company letterhead with hire dates for each applicant
  • Down payment by certified funds
  • Verification of down payment (2 months bank statements showing money in account or written proof of source)
  • Signed Form 4506T (form available in our office or by e-mail)
  • Letter of explanation for satisfactory disposition of current home (sold, rental agreement, letter)
  • Deed of Trust, Warranty Deed, or proof that land is owned free and clear - OR - information about your park
  • Clear copy of driver’s license and social security card (copies can be made in our office)

CREDIT QUESTIONS

For customers who need financing, the biggest concern is if they will qualify.  There are many factors involved, and each case must be judged on a one-by-one basis.  However, there are some basic factors that are fairly standard.  

  • Credit score of 640 or above is preferred (easier to get approved and better interest rate)
  • Verifiable downpayment of 5% or more
  • Debt ratio of no more than 45%
  • Minimum two years work history in the same field (or self-employed with verification by tax returns)
  • Valid ID (driver's license and Social Security card or valid ITIN)
  • Other conditions and restrictions may apply.  

Even if you do not meet one of these conditions, please fill out a credit application and bring it to our office with your ID.  Many times, our lenders are able to work with individuals and families on a personal basis to overcome some of the credit challenges.


What if my credit score is too low?

Maybe your credit score is low, you have been turned down, or you are just starting but want a better interest rate.  What can you do?  We are pleased to partner with UpMyScore to help raise your credit score.  They are experts at repairing poor credit and raising lower credit scores.  This is not a free service, but by going to their website and using bonus code 30011066F, you receive a $60 value bonus from UpMyScore.  Click on the logo below to visit their website, or come into our office to pick up a flyer and get more information.  Let us help you get into the home of your dreams.


" Debbie & I would like to thank you for taking the time and making the effort to meet with me ..."
- Dan N., Granbury, Texas
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Express Homes

Mon-Fri - 8:00am - 5:00pm
817-641-2249 sales@expresshomestx.com


This institution is an equal
opportunity provider and employer.