Vue Community Credit Union serves people living in a a 75 mile radius of Bismarck-Mandan and their families. You or a family member must live in this radius to be eligible to join the Credit Union and borrow with us.
If you are thinking about purchasing a mobile home, Vue Community Credit Union is here to help. We have compiled a list of things to know, along with all the necessary applications to begin the approval process with us. It is recommended that you apply before you've made an offer on a mobile home and get preapproved for a loan. Getting preapproved first allows you to shop with confidence.
Click here to download the loan application. (Internet Explorer users: To open the fillable loan application, simply click on the link. Mozilla Firefox users: To open the fillable loan application, right-click on the link and choose "Save Link As.") After you have printed and filled out all of the requested information in the form, either deliver it to one of Vue's branch locations, fax to (701) 224-0124, or email to firstname.lastname@example.org
We will also need two current paystubs from your employer(s).
Married applicants may apply for individual credit. Please complete spousal information only if you are relying on their income or applying for joint credit. Income from alimony/child or spousal support payments need not be revealed unless you wish the Credit Union to consider them as a basis for repayment of debt.
Our MINIMUM down payment is 10% with approved credit, Vue appraisal of the condition of the mobile home, an active checking account with Vue Community Credit Union (payroll deposit preferred) and automatic loan payments from checking. You may be asked for additional down payment if any of these requirements are not met. Applicants buying a home for another family member (and will not be living in the mobile home) will be asked for a 20% down payment.
Once you've applied for a mobile home loan, we strive to process your request in 48 hours or less. If you have a signed Purchase Agreement, please submit a copy to us. Once you are preapproved, Vue Community Credit Union will then do a site visit to determine a collateral value. DO NOT ORDER a Home Inspection until Vue has determined that the mobile home is approved as collateral for the amount requested.
If the mobile home is in a Mobile Home Park/Court, you may be required to get approval from the Park/Court to rent the space where the mobile home sits. This should be done immediately up loan approval and could take up to a week to finalize.
Mobile Homes Taxes are paid at the beginning of the year for the entire year. Your purchase agreement should state whether the seller will be reimbursed for the time frame that you will be living in the mobile home. This is called "Proration of Taxes". The Proration will be part of what you pay at "Closing" (when you take possession of the Mobile Home).
Lot Rent is assumed paid by the seller for the current month, unless it is stated in the Purchase Agreement that it is to be split between buyer/seller. If it is split, this also will be figured in as a credit to the seller at Closing.
Homeowner's Insurance is required for a minimum of the amount of the loan. You may shop your insurance with your preferred insurance agent-however, make sure you start this process at least two weeks before closing and get the name of your Insurance Company, Agent, and phone number and insurance premium to Vue Community Credit Union within 3-5 days of Closing.
Escrow accounts are set up for yearly taxes and homeowner's insurance for next year. The yearly premiums are added together and then divided by 1/12th and that amount is added to your loan payment each month. A separate Escrow account holds the money for Taxes and Insurance and Vue will pay those items as they come due.
Typical Closing Costs will include: Lot Rent/Mobile Home Proration, First Year's Mobile Home Insurance Premium, Funds to start the Escrow Account and Lender Fees. A typical mobile home selling for $20,000 wold have approx. $1,600 in closing costs and a $2,000 downpayment (if qualifying for 10%) for a total of $3,600 due at closing.
A CASHIER'S CHECK for the entire amount that you owe-payable to the closing agent will be due at Closing. If you do not have downpayment and closing costs in your local deposit account-please make sure you transfer funds to your local account at least 5 days before closing so that those funds will be available for a Cashier's Check.