1. How long does it take to get approved?
Once you submit your application it will take only 24-48 hours to get an approval response
2. How much money will I need to put down?
10% (contact a MHB to discuss details and options)
3. Do I need to get approved to purchase the house?
This is done at the same time you are getting approved for the MHB funds.
4. How long do I have to purchase a home once I am approved for the cash loan?
As long as it takes to find the right home for you and your family.
5. What happens once I find the home I want?
Your real estate agent will submit an offer using the MHB cash approval letter.
6. Do I get the opportunity to do a home inspection on the home purchased?
Yes, MBH requires that a home inspection be done on every property purchased.
7. What happens if the appraisal comes in lower than the offer price?
Standard contract rules apply. When an offer is placed on the home, an appraisal is ordered. Once the appraisal comes back if the price is anything other than the sales price negotiated or higher, Your realtor will negotiate with the seller on your behalf to lower the sales price.
8. What will I have to pay once I move in?
Monthly lease payment until you sell your existing home.
9. What happens after I sell my existing home?
You will purchase the home you are currently leasing from MHB with a home loan approval you obtain.