Wingate, PA (814) 355-5452 · Julian, PA (814) 353-8180 · PAOAGHIC:005864 · NMLS #200297


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Did You Know?

Modular homes are built entirely indoors, so none of the structure is ever exposed to rain or snow during construction.

Financing: FAQs About Financing a Home

"The folks at Valley Homes were patient with us until we made a decision. You explained the process in detail. We have been pleased with the service after the sale and would recommend Valley Homes to our friends."

Judy & Kevin

How much house can I afford?
This depends on two things: your comfort level and the lenders approval. If you are young and upwardly mobile you may feel comfortable stretching to afford a bigger home, knowing that eventually your increasing income will make the payments easier as time goes by. But if you are older or retiring soon, you may want a lower mortgage payment that won’t require as much of your income. The lender, on the other hand, will be looking at your credit rating, your income and other factors to determine how large of a mortgage you can support.
What will my closing costs be?
Ask your lender for a general summation of the fees and commissions that will be required of you at closing. Different loan types have different closing costs.
Will I be charged points?
Sometimes a loan is only available if you pay points, so ask your lender if the loan quoted requires points.
How long will I be guaranteed the quoted interest rate?
This is called locking in a rate.  Ask your lender how long your rate can be reserved and if there is a fee involved.
How long will the approval take?
This varies, so get an estimate, especially if you are on a deadline.
Does the home have to be on a permanent foundation?
No. We can find you financing for singlewide and doublewide homes that are on or off permanent foundation. This allows financing for homes on rental land, in parks, leased property or family land.
Is homeowners insurance required and how much?
The borrower must provide proof of one year full coverage at the time of closing.
Who orders the appraisal, title work, loan closings, etc.?
The lender, mortgage broker or title agent will order these required services.
Can the customer get pre-approved for a specific loan amount?
Yes. When you send in the loan application, simply make a note this is a pre-appoval. All approvals are subject to the home receiving the value needed.
How long does it take between loan application and closing?
Approximately one month for home only, and six weeks for land/home. Much depends on building permits, site work required and order time from manufactures.
What is a “Title”?
The “right to” or legal ownership of land.
What is a “Title Search”?
An examination of public records relating to the real estate to verify its current state of ownership.
What is “Title Insurance”?
A policy that protects the new owner, and/or lender, from loss due to errors or omissions in completing the title search.
Will I need to have a survey done?
Yes. A current survey will be needed to show boundary lines and setbacks, etc. The survey also shows the proposed placement of your home.
Why is a survey necessary?
A survey verifies that your home is built within boundary lines and setbacks, and that any easements or right-of-ways have been properly addressed.
I was told that I will receive a “Closing Statement”, what is this?
This is a detailed list of all cash transactions relating to the real estate (a.k.a. a “HUD”).
What is a discount point?
A unit of measurement used for various loan charges, 1 point = 1% of the loan’s value.
What is a subdivision?
A tract of land divided by the owner into blocks or building lots.