Frequently Asked Questions
Q. Does the home have to be on a permanent foundation?
A. No. We can do singlewide and doublewide 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. Can the customer get pre-approved for a specific loan amount?
A. No. All applicant(s) will need to have complete Home Information (Year, Make, Model, and Dimensions), Purchase Price, Down Payment or Refinance Amount and Subject Property Address to begin the application process.
Q. What is the maximum loan to value?
A. Up to 95% 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 in most states. In AL, the mobile home must be 20 years of age or newer. In MS, the mobile home must be 1999 or newer and in NY, 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. 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 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 loans close?
A. On a home only loan, the realtor/dealer holds 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 land/home loan, all real estate transactions must close with a title company or attorney. Funds will be disbursed at closing.
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. How long does it take between loan application and closing?
A. Approximately three to five weeks for home-only and four to six weeks for land/home.
Q. What closing fees are charged?
A. Fees for origination, credit bureau, title transfer, and appraisal can be charged if applicable. Other fees that can be charged, if applicable, include Title/Escrow/Attorney fees for closing the transaction. All closing costs can be financed into the loan if necessary except for the cost of appraisal (if applicable). 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.