Applying for a Mobile Home Loan

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MANUFACTURED & MOBILE HOME LOAN PROGRAMS


21st Mortgage Corporation is a full service lender specializing in manufactured home loans. We underwrite, originate, and service our own loans. That means there are no hassles, no runarounds and minimal wait times. We provide competitive rates for affordable housing - whether you're buying for the first time or looking for a better refinancing package.


Our Manufactured & Mobile Home Loan Programs include:


  • Fixed Rates
  • No Pre-payment Penalties
  • No Land Required
  • Financing for homes located within a Park or Community
  • Financing for New and Used Manufactured Homes
  • Permanent or Nonpermanent Foundations
  • Primary, Secondary, Vacation & Investment
  • Closing Costs and most Third Party Fees may be financed

MANUFACTURED & MOBILE HOME CREDIT GUIDELINES


Our Manufactured & Mobile Home Credit Guidelines include:


  • Loans are not available in the following states: AK, HI, MA, NJ & RI. Land/Home loans are not available in the following counties in the state of IL: Cook, Kane, Peoria & Will.
  • Loan Amount – minimum loan amount required is $20,000, except when purchasing an existing 21st loan.
  • Down Payment Requirement* – as little as 5% of the purchase price on primary residences. Secondary, Vacation, Buy-For, and Investment properties require a minimum of 20% down.
  • Credit Score Requirements – No minimum credit score required for most states. Down payment requirements typically range from a minimum of 5% to 35% depending on overall credit quality, collateral type, and occupancy type. Equity loan programs are available for applicants scoring less than 575 with a minimum 35% equity typically required.
  • Bank Repossessions/HUD Foreclosures – 21st does not provide financing for foreclosed or repossessed properties that are being purchased from another lender, including HUD.
  • Debt to Income Ratio is calculated by dividing your total debts by your income and multiplying the result by 100. This value should not exceed 43%. If this ratio is greater than 43%, then additional analysis must be performed and criteria met.
  • Collateral – 21st Mortgage may lend up to 95% of the overall home and land value. Credit quality, loan affordability, occupancy type, and collateral type will ultimately determine your loan-to-value or down payment requirement.
  • Age of Mobile Home – No restrictions apply in most states. In AL, the mobile home must be 20 years of age or newer. In ME, the home must be 2008 or newer. In MS, the home must be 1999 or newer. In NY, the home must be 1995 or newer.
  • Escrow for insurance and taxes is required for all loans.
  • Property must be on a paved road, otherwise a minimum 20% equity or 80% LTV (Loan-to-Value) is required for consideration. Unable to finance properties with shared wells, except when the well is located on the property being financed.
  • Loan-to-Value Ratio is calculated by dividing the Unpaid Balance of Cash Sales Price by the Total Package Value. Unpaid Balance of Cash Sales Price is the home, land, and land improvements minus the down payment, trade-in allowance, and other credits. Total Package Value is the value of the home, land, and land improvements.
  • Mortgage Insurance – not required on any of our loans.
  • Terms* Purchase and refinance terms range from 60 months to 23 years.
  • Interest Rates* typically range from 6.00 to 12.00% depending on overall credit quality, age of home, collateral type, occupancy type, loan amount, and loan-to-value ratio.

   Meeting the above guidelines does not guarantee approval.

   State restrictions may apply.

* Rates and Credit Guidelines are subject to change without notice.

GET STARTED - MANUFACTURED & MOBILE HOME LOAN APPLICATION


You will need the following information to complete an application:


       Social Security/Tax ID Number
       Email Address
       Current Income Information
       3 Year Employment History
       5 Years Residence History
       Current Monthly Debt Obligations
       Purchase Price or Refinance Payoff Amount
       Down Payment Information (Required on all Purchase Transactions)
       Specific Home Information (Year & Number of Sections)
       Subject Property Address (City, State and Zip code required if not available)
       Mobile Home Community/Park Information (if applicable)
       Name and Location of the Seller/Mobile Home Dealership (if applicable)
       Buyer's and Seller's Realtor Information (if applicable)


LOAN PROGRAMS

MANUFACTURED & MOBILE HOME LOAN PROGRAMS


21st Mortgage Corporation is a full service lender specializing in manufactured home loans. We underwrite, originate, and service our own loans. That means there are no hassles, no runarounds and minimal wait times. We provide competitive rates for affordable housing - whether you're buying for the first time or looking for a better refinancing package.


Our Manufactured & Mobile Home Loan Programs include:


  • Fixed Rates
  • No Pre-payment Penalties
  • No Land Required
  • Financing for homes located within a Park or Community
  • Financing for New and Used Manufactured Homes
  • Permanent or Nonpermanent Foundations
  • Primary, Secondary, Vacation & Investment
  • Closing Costs and most Third Party Fees may be financed

CREDIT GUIDELINES

MANUFACTURED & MOBILE HOME CREDIT GUIDELINES


Our Manufactured & Mobile Home Credit Guidelines include:


  • Loans are not available in the following states: AK, HI, MA, NJ & RI. Land/Home loans are not available in the following counties in the state of IL: Cook, Kane, Peoria & Will.
  • Loan Amount – minimum loan amount required is $20,000, except when purchasing an existing 21st loan.
  • Down Payment Requirement* – as little as 5% of the purchase price on primary residences. Secondary, Vacation, Buy-For, and Investment properties require a minimum of 20% down.
  • Credit Score Requirements – No minimum credit score required for most states. Down payment requirements typically range from a minimum of 5% to 35% depending on overall credit quality, collateral type, and occupancy type. Equity loan programs are available for applicants scoring less than 575 with a minimum 35% equity typically required.
  • Bank Repossessions/HUD Foreclosures – 21st does not provide financing for foreclosed or repossessed properties that are being purchased from another lender, including HUD.
  • Debt to Income Ratio is calculated by dividing your total debts by your income and multiplying the result by 100. This value should not exceed 43%. If this ratio is greater than 43%, then additional analysis must be performed and criteria met.
  • Collateral – 21st Mortgage may lend up to 95% of the overall home and land value. Credit quality, loan affordability, occupancy type, and collateral type will ultimately determine your loan-to-value or down payment requirement.
  • Age of Mobile Home – No restrictions apply in most states. In AL, the mobile home must be 20 years of age or newer. In ME, the home must be 2008 or newer. In MS, the home must be 1999 or newer. In NY, the home must be 1995 or newer.
  • Escrow for insurance and taxes is required for all loans.
  • Property must be on a paved road, otherwise a minimum 20% equity or 80% LTV (Loan-to-Value) is required for consideration. Unable to finance properties with shared wells, except when the well is located on the property being financed.
  • Loan-to-Value Ratio is calculated by dividing the Unpaid Balance of Cash Sales Price by the Total Package Value. Unpaid Balance of Cash Sales Price is the home, land, and land improvements minus the down payment, trade-in allowance, and other credits. Total Package Value is the value of the home, land, and land improvements.
  • Mortgage Insurance – not required on any of our loans.
  • Terms* Purchase and refinance terms range from 60 months to 23 years.
  • Interest Rates* typically range from 6.00 to 12.00% depending on overall credit quality, age of home, collateral type, occupancy type, loan amount, and loan-to-value ratio.

   Meeting the above guidelines does not guarantee approval.

   State restrictions may apply.

* Rates and Credit Guidelines are subject to change without notice.

GET STARTED

GET STARTED - MANUFACTURED & MOBILE HOME LOAN APPLICATION


You will need the following information to complete an application:


       Social Security/Tax ID Number
       Email Address
       Current Income Information
       3 Year Employment History
       5 Years Residence History
       Current Monthly Debt Obligations
       Purchase Price or Refinance Payoff Amount
       Down Payment Information (Required on all Purchase Transactions)
       Specific Home Information (Year & Number of Sections)
       Subject Property Address (City, State and Zip code required if not available)
       Mobile Home Community/Park Information (if applicable)
       Name and Location of the Seller/Mobile Home Dealership (if applicable)
       Buyer's and Seller's Realtor Information (if applicable)