Frequently Asked Questions
Q. Does the home have to be on permanent foundation?
A. No. We can do singlewide and doublewide homes with or without a permanent
foundation. This allows financing for homes on rental land, in parks, on leased property or on
Q. What is the maximum loan to value?
A. Up to 95% LTV on a primary residence purchase. Closing cost can be financed on top of the loan or seller concessions may be used. Credit scores will make the final determination of LTV.
Q. Is Homeowners insurance required and how much?
A. The borrower must provide proof of one year full coverage at the time of closing. We
offer competitive insurance rates. If 21st Mortgage's policy is accepted, the 1st year's premium can be financed.
Q. Who orders the appraisal, title work, loan closings and etc.?
A. 21st Mortgage will order all necessary work on the loan. We will select the appraiser.
The realtor, dealer or the customer 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 within 48 hours after we receive the closed loan package back in our office. (Note: By law we are unable to pay commissions directly to the realtor - this must be arranged for the seller to pay out of their proceeds.) On a land / home loan, all real estate transactions must close with a title company or attorney. Funds will be disbursed at the closing table.
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, Dimensions) and Subject Property Address to begin the application process.
Q. Can the home be purchased through a dealer?
A. All loan applications must be submitted by a 21st Mortgage approved retailer. Please contact the dealership to apply.
Q. What age of a home can be financed?
A. Age of Home 1976 or newer in most states. In AL the mobile home must be 1990 or newer, MS 1999 or newer and in NY 1995 or newer.
Q. How long does it take between loan application and closing?
A. Approximately two to three weeks for home-only and four to five weeks for land/home. Our closing department will schedule your loan closing.
Q. What closing fees are charged?
A. Our closing fees will vary depending on the customer's credit scores and the rate we are able to obtain. All closing cost can be financed into the loan if necessary. 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 Title Company 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.