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Frequently Asked Questions
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Q. Does the home have to be on permanent foundation?
A. No. We can do singlewide and doublewide homes that are on or off permanent foundation. This allows financing for homes on rental land, in parks, leased property or family land.
Q. What is the maximum loan to value?
A. Up to 95% LTV on a 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, it 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 dealers hold 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. Yes. When you send in the loan application, simply make a note this is a pre-approval. All approvals are subject to the home receiving the value needed.
Q. Can the home be purchased through a dealer?
A. If your customer is purchasing land and would like to consider a new manufactured home to place on the property, we would love to finance a new manufactured home from a dealer. In these situations, we must work directly with the customer and not with the dealer.
Q. What age of a home can be financed?
A. As far back as HUD will go – 1974.
Q. How long does it take between loan application and closing?
A. Home only – approximately three to five days
Land / home – approximately three weeks
Our closing department will schedule closings.
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. We do not escrow any taxes/insurance except for conventional conforming mortgages.
Q. What about the survey and termite letter?
A. 21st Mortgage does not require a survey on the property unless the Title Company is unable to provide title insurance without one. If the customer request a survey, they must pay for it out of pocket. We will not finance the cost of a survey unless it is a requirement of the Title Company.
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21st Mortgage Corp. is an Equal Housing Lender
©2003 21st Mortgage Corp.
All Rights Reserved
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