Frequently Asked Questions
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. 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.