Buying a home can be a hectic and confusing time for the purchaser. At Park Lane Finance we specialize in making the process easy and straightforward for our customers. Click below to read some of our most frequently asked questions.
What items do we need to verify income and identity?
A valid government issued photo ID, social security card or ITIN letter, most recent pay stubs (four if paid weekly, two if paid bi-weekly), most-recent year’s tax returns / W2’s / 1099’s (last two years’ if self-employed or paid with a 1099), and the most-recent month’s bank statements (all accounts).
Park Lane may require verification and/or documentation in addition to these items, depending on the applicant’s circumstances (e.g. verification of child support income if applicant is using the income to qualify for the loan).
How does the loan application process work?
Once a completed credit application and sales contract is received, the application process begins. If the application meets our credit criteria, certain disclosures (such as the Truth in Lending disclosure) are sent to you according to federal law. Along with these disclosures will be a checklist of items needed to verify income and identity. After all necessary documentation is received our underwriting team evaluates the application, credit report, and proof of income using company guidelines. This underwriting process takes only a few days. If the application is approved, a closing date convenient to all parties is scheduled.
How long does the loan approval process take?
Based on the information on the credit application we can typically give you a conditional approval within 24 hours. For a final approval the number of days varies depending upon receipt of specific requirements, such as proof of income. The faster you provide the required documentation (pay stubs, bank statements, etc.), the faster a final approval can be issued.
Where do the loans close?
Closing could occur at either the dealer’s office or the office of the land lease community in which you signed the sales contract on the home.
What age of home can be financed?
Park Lane will finance homes 20 years old or newer. In some cases, with a detailed home inspection, an exception could be made for a home older than 20 years.
How do I obtain a payoff quote?
Simply contact our office at (434) 975-5088 or at email@example.com to request your payoff.