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Frequently Asked Questions
& Glossary of Terms

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Q. How do I get started with 21st Mortgage to finance a mobile home or manufactured home?
A. Check out our video to find out why we are one of the nation's best manufactured home mortgage lenders and how we can help you in your home ownership journey. Welcome to 21st Mortgage

Q. How do I sign up for E-Delivery?
A. Check out our video to see how you can get your mortgage loan valuations and other essential information delivered directly to your inbox today! E-Delivery Video

Q. How can I view my mortgage loan Valuation Letter? Check out our video by clicking the link below!

Q. How does the manufactured or mobile home loan application process work?
A. The 'Start Application Process' button will take you to the log in page. If you have not registered with us before you will need to create an account to fill out an application. Once you have completed your application, a 21st Mortgage Loan Originator will contact you with a decision on your application.

Q. Can I save my manufactured or mobile home loan application and finish it at a later time?
A. Yes! You can do so by selecting the 'Save & Continue Later' button that is located throughout the application. You may resume completing your home loan application by logging into your account and click the 'Continue An Application' button.

Q. What is the "Save and Continue Later" button?
A. The 'Save & Continue Later' button should be used in the event that you wish to quit and continue the application at a later time. The information will be saved for 60 days. You have 60 days from the start of the home loan application to complete it.

Q. Who can I call if I have questions regarding the online home loan application?
A. Please call (833) 809-3056

Q. Who can Brokers contact at 21st?
A. Contact information for our mortgage brokers and realtors can be found here.

Q. Do you offer pre-qualifications?
A. Our home loan application is very streamlined, but we do not offer pre-qualifications.

Q. Do you offer manufactured home only and land & home financing in my area?
A. We offer financing in 46 states. Only loans in AK, HI, MA, and RI are excluded. We also do not offer land & home loans in the following IL counties: Cook, Kane, Peoria, and Will.

Q. What is the minimum home loan amount we provide?
A. For homes purchased from a Retailer or from an existing 21st Mortgage customer, we have a minimum loan amount of $15,000. For homes purchased from another individual or refinanced, the minimum loan amount is $23,000.

Q. What is required for a home loan down payment?
A. Home loan down payments as low as 0% are available for well qualified buyers. Typical down payment requirements range from 5% to 35% and are based on overall credit profile of the buyer, collateral type (home type, home placement, etc.), and occupancy type (i.e. primary residence, secondary home, etc.). Investment properties and “Buy-For” transactions require a minimum of 20% down payment. Home loan down payments may be in the form of cash, trade, or land equity.

Q. What are your current interest rates for home loans?
A. Our rates typically range from 6.35% to 11.99% and are based on the overall credit profile of the buyer, age of the home, collateral type (i.e. home type, home placement, etc.), occupancy type (i.e. primary residence, secondary home, etc.), loan amount, and loan to value. Want more specifics? Check out our Payment Estimator!

Q. What are your maximum loan terms for manufactured home only and land & home loans?
A. We offer terms up to 30 years on new and used Land Home loan products. Additionally, we offer terms up to 25 years on new and used Home Only loan products. Investment properties are limited to 10 year terms.

Q. Do you have a minimum credit score requirement?
A. We do not have a minimum credit score for most manufactured home only and land & home loans. For applicants scoring less than 575 and for “zero credit score” buyers, we have “equity loan programs” available that may require higher down payments – usually a minimum of 35% in the form of cash, trade, or land equity.

Q. Do you have a maximum Debt-to-Income (DTI) ratio?
A. We do not have a maximum debt ratio on any 21st Mortgage portfolio loan. If your DTI is above 43%, there may be additional documentation requirements.

Q. Do you have restrictions on age of home?
A. In most states, we do not have any restrictions on the age of the home for manufactured home only and land & home loans. In Alabama, the age of home is limited to 20 years. In Maine, the home must have a model year of 2008 or newer. In Mississippi, the home must have a model year of 1999 or newer. In New York, the home must have a model year of 1995 or newer.

Q. Do you offer refinance loans?
A. Yes. We offer competitive refinance options. Refinance of an existing 21st Mortgage loan requires a minimum of 5% down payment. “Consolidation / Cash-Out” options are available, but require a minimum credit score of 600. Consolidation / Cash-Out option is not available in TX. Contact us today to apply for a home refinance loan!

Q. Do you finance bank owned foreclosures or repossessed property?
A. We do offer financing for foreclosed or repossessed property owned by 21st Mortgage. We do not offer financing for foreclosed or repossessed properties that are being purchased from another lender.

Q. Will you escrow property taxes and insurance for my home only or land & home loan?
A. For all 21st Mortgage loans, we escrow an amount each month to pay your annual property tax and insurance obligations.

Q. Do you require Private Mortgage Insurance (PMI)?
A. No. We do not require PMI on any 21st Mortgage portfolio originated loan. This will save you thousands of dollars over the life of your mortgage loan.

Q. Does the manufactured home have to be on a permanent foundation?
A. No. We can do singlewide and doublewide manufactured homes with or without a permanent foundation. This allows financing for homes on rented land, in parks, on leased property or on family land.

Q. What is the maximum loan to home value?
A. Up to 100% LTV on a primary residence. Closing costs can be financed into the loan or seller concessions may be used. Credit quality, occupancy type, loan affordability, and collateral type will ultimately determine your loan-to-value or down payment requirement.

Q. What age of mobile home can be financed?
A. No age restrictions apply except for the following states:
  AL: the mobile home must be 20 years of age or newer
  ME: the mobile home must be 2008 or newer
  MS: the mobile home must be 1999 or newer
  NY: the mobile home must be 1995 or newer

Q. Is Homeowners insurance required and how much?
A. Yes. Full coverage homeowner’s insurance with 21st Mortgage Corporation as loss payee is required at all times during your home loan term. If you want to fully protect your home, coverage should include the current value of your home and improvements. This amount may differ from your existing loan balance. 21st Mortgage may accept a policy with coverage less than the loan balance if your home loan includes financed non-insurable items such as land or land improvements. However, in the event of total destruction of your property, your insurance settlement may not pay off your obligation to 21st Mortgage. We suggest you consult an insurance agent of your choice regarding type and amount of coverage.

Q. Who orders the appraisal, title work, loan closings, etc.?
A. 21st Mortgage will order all necessary work on the loan. We will select the appraiser. The applicant may select the title company.

Q. Where do the real estate and home loans close?
A. On a home loan only, the realtor or retailer hold the closing, or we will mail the documents directly to you. A notary must notarize several forms. Funds will be disbursed as quickly as possible after we received the completed closed loan package back in our office. On a loan involving real estate, transactions must close with a title company or attorney. Funds will be disbursed at closing.

Q. How long does it take between home loan application and the manufactured or mobile home closing process?
A. Approximately four to six weeks for home-only loans and six to eight weeks for loans involving real estate.

Q. What closing fees are charged?
A. Fees for origination, credit reports, title transfer, and any required appraisal where applicable. Other fees, if applicable, that may be charged, include Title/Escrow/Attorney fees for loan closing. All closing costs can be financed except for the cost of the appraisal and recording fees for deed or mortgage (if applicable). For person-to-person transactions, Seller concessions are also acceptable up to the full amount of closing cost.

Q. What about the survey and termite letter?
A. 21st Mortgage does not require a survey or termite letter on the property unless the insurer is unable to provide title insurance without one. If the customer requests a survey or termite inspection, they must pay for it out of pocket. We will not finance the cost of a survey or termite inspection unless it is a requirement of the title company.

Q. What down payments are required?
A. Down payments as low as 0% are available for well qualified buyers. Typical down payment requirements range from 5% to 35% and are based on overall credit profile of the buyer, collateral type (home type, home placement, etc.), and occupancy type (i.e. primary residence, secondary home, etc.). Investment properties and “Buy-For” transactions require a minimum of 20% down payment. Down payments may be in the form of cash, trade, or land equity.

Q. How does 21st Mortgage protect my personal information?
A. 21st Mortgage takes stringent measures to protect your personal information because we know privacy is a concern for all consumers. Once you complete your application it is encrypted for transmission and then kept secure with industry-leading security servers.

Q. Can the customer get pre-approved for a specific loan amount?
A. No. Applicant(s) will need to have complete Home Information (Year, Make, and Dimensions), Purchase Price, Down Payment or Refinance Amount and Subject Property Address to begin the application process.

Q. Where do I send my payments to?
A. Making a payment is easy through our online site or they can be mailed to:
    Payments
    21st Mortgage Processing Center
    PO Box 148
    Memphis, TN 38101

Q. Can the mobile home be purchased through a Mobile Home Dealership (Retailer)?
A. Yes. All mobile home dealerships must be an approved vendor before applications can be accepted.

Q. Do you offer financing for mobile or manufactured homes that need improvements or rehabilitation?
A. No. 21st mortgage does not provide financing for homes that need repairs or modernization. At a minimum, the home should have working plumbing, appliances, sound roof/flooring, electricity, gas, locking doors, and meet all local code requirements.

Q. Do you offer financing for manufactured or mobile homes that need to be moved?
A. Yes. If you are buying a manufactured or mobile home from a licensed retailer/dealer that is set and approved with 21st Mortgage. No. If you are purchasing a home from an individual/private party.

Amount Financed- The amount financed is the amount of credit provided to you or on your behalf. It is calculated by determining the principal loan amount or the cash price (subtracting any down payment); adding any other amounts that are financed by the creditor and are not part of the finance charge; and subtracting any prepaid finance charge.

Appraisal- A certified opinion or estimate of value.

Closing- In real estate transactions, the final set of procedures in which documents are executed and the transaction is finalized.

Closing Cost- Expenses incidental to closing a Manufactured home loan such as loan fees, title fees, appraisal fees, closing fees, points, etc.

Debt- A loan that consolidates other outstanding debts into one consolidation loan facility for the purpose of reducing payments or interest expense cost.

Deed- A conveyance instrument given to transfer title to real property upon sale.

Deed of Trust- An instrument used in many states in place of a mortgage. Title to property is transferred to a trustee by the borrower (trustor) in favor of the lender (beneficiary) and reconveyed upon payment in full.

Default- A breach or nonperformance of the terms of a note or covenants of a mortgage.

Delinquency- Failure of a borrower to make timely payments under a loan agreement.

Disbursement- Actual payment of moneys. One time or multiple loan funding.

Disclosure- Information relevant to specific transactions that is required by law.

Equity- The market value of real property, less the amount of existing liens.

Fee Simple- An enduring, inheritable interest in land that may be legally honored until the death of all potential heirs of the original owner, and that the owner is free to convey at any time.

Finance Charge- Fee for the cost of a loan including interest and points.

Lien- A legal hold or claim of a creditor on the property of another as security for a debt.

Mortgage- To hypothecate (pledge) as security real property for the payment of debt. The borrower (mortgagor) retains a possession and use of the property, provided he/she continues to pay the debt. Also, the instrument by which real estate is hypothecated (pledged) as security for the repayment of a loan.

Recording- Filing documents affecting real property as a matter of public record, thereby giving notice to future purchasers, creditors, or other interest parties. Recording is controlled by statute and usually requires the witnessing and/or notarizing of an instrument to be recorded. Recording requirement vary from state to state.

Satisfaction- Discharge of an obligation by payment of the amount due, such as on a mortgage, deed of trust or contract; or payment of debt, such as satisfaction of a judgment. Also the recorded instrument stating such payment has been made.

Staged Funding- A payment process that allows the dealer to be paid at predetermined intervals throughout the construction phase.

Title Insurance- Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to fee (chain of title) or to encumbrances.

Title Opinion- In counties where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract.

Title Search- A review of all recorded documents affecting a specific piece of property to determine the present condition of title. A title search is usually completed by a title company rather than an attorney.

Still Have Questions?

There are several ways to get in touch with 21st Mortgage