21st Mortgage Corporation
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21st Mortgage Corporation

 4.5/5 (482 ratings)
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21st Mortgage Corporation
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Written by Jennifer Schurman
Edited by Sally Jones

About 21st Mortgage Corporation

21st Mortgage Corporation (NMLS #2280) is a full-service lender that helps people find and pay for mobile or manufactured homes. It offers loans for up to 100% of the cost of your home and land. 21st Mortgage operates in most of the U.S. but not in Alaska, Hawaii, Massachusetts or Rhode Island.

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Pros

  • Offers options for 100% financing
  • Fixed interest rates
  • Private mortgage insurance isn’t required

Cons

  • Only available for manufactured and mobile homes
  • No pre-qualifications or preapprovals
  • No loans for properties in bad condition

Bottom Line

21st Mortgage specializes in originating and servicing loans for mobile or manufactured homes. Its rates are generally higher than the national average for mortgages, but that's not uncommon with these kinds of homes. You can view eligibility requirements and apply for a loan through the company's website.

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Rated with 5 stars
Verified

21st Mortgage had the best rate as far as refinancing a pre-owned mobile home, so I chose them. Communication was good and everything was done through email. If I had any question...

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Rated with 5 stars
Verified

The application process was easy. They approved me and did the mortgage on the home I found. My rep Lindsey kept me informed on the process, what they were waiting for and what wa...

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Rates

21st Mortgage Corporation claims its rates typically range between 6.35% and 11.99%. Rates can vary depending on your credit history, loan amount, home’s age, loan amount, loan-to-value (LTV) ratio and other qualifications.

21st Mortgage Corporation only offers fixed-rate loans. Borrowers often prefer fixed-rate mortgages if they like knowing their monthly payments won’t change. Adjustable-rate mortgages may have lower rates for the first few years, but their rates could increase later on and cost you more in the long run.

In 2021, 21st Mortgage’s rates were significantly higher than the national average (up 4.77%). However, it’s important to note that 21st Mortgage is one of the few lenders that offer loans for manufactured or mobile homes. Interest rates for this type of housing are typically higher than rates for other types of home loans. The company also works with borrowers who have lower-than-average credit scores and may only qualify for higher-than-average rates.

21st Mortgage Corporation average home purchase rate vs. national average

YearDifference from national average
2021+4.77%
2020+4.94%
2019+4.93%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

Getting a home loan from 21st Mortgage Corporation differs from most mortgage application processes. Before you apply, you need to find a mobile or manufactured home and sign a purchase agreement with the seller.

You can then apply for a loan by visiting 21st Mortgage Corporation’s website. It will typically ask for proof of identity, income, employment and residency in addition to other financial documents. The company will also run a credit check to determine how much you can borrow. Once you complete and submit an application, a mortgage loan officer will reach out to you with an approval decision.

The entire process, from the loan application to the closing, should take four to eight weeks, depending on the type of property you’re buying. The application process is online, but the company is supportive and works with customers who need help submitting documentation. Eva, a ConsumerAffairs reviewer from Prairieville, Louisiana, had this to say about their experience with 21st Mortgage Corporation:

“I hate doing stuff online and I would rather had been there to sit down with 21st Mortgage, but they're not here in Louisiana. … The rep was great. … Sometimes I felt like I was bothering her, but she said that was what she was there for. She was easygoing and nice.”

21st Mortgage Corporation application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches2 states
Publishes minimum rate on website
Rate lockUndisclosed
Pre-qualification (no hard credit pull)X
Certified approval letterX

Loan types

21st Mortgage Corporation offers fixed-rate loans specifically for manufactured or mobile home purchases and refinances. The company offers terms of up to 30 years, depending on the type of home and property you purchase.

In 2021, 21st Mortgage received 172,168 home purchase loan applications. Of those, 29,107 (about 17%) were closed. About 49% were denied.

Loan applications for home purchases only by year

202120202019
Home purchase applications172,168165,545127,429
Home purchase loans closed29,10729,05723,462
Home purchase applications denied84,71284,29761,586
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

While 21st Mortgage does offer refinancing options, most of the loans it originated in 2021 were for home purchases (about 98%). It’s unlikely the company will significantly increase the amount of refinances it does in 2022.

In 2020 and 2021, historically low interest rates motivated many borrowers to refinance their existing mortgages. However, rates have risen throughout 2022, so it may make less sense to refinance now. According to the Federal Reserve Bank of St. Louis, average 30-year fixed mortgage rates were as low as 2.87% on Aug. 12, 2021. Roughly a year later, they were at 5.22% and rising.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans98.31%98.58%98.52%
Refinance loans1.09%0.84%0.59%
Cash-out refinance0.27%0.26%0.28%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

Borrower qualifications for manufactured and mobile home loans often look different than traditional loan requirements. For most conventional loans, you’ll need at least a 620 credit score and a 3% down payment. Loans for manufactured homes can have lower credit score requirements, but you may also need to offer a higher down payment.

21st Mortgage Corporation does not have a minimum credit score requirement, but borrowers with less than a 575 credit score may have put down at least 35% to qualify. The company states that typical down payment requirements range from 5% to 35%, but there are also 0% down options available.

To put these requirements in context, check out the table on common mortgage requirements below.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

21st Mortgage also has requirements that your home must meet to qualify for financing. For example, the structure must have working plumbing and wiring, and it can’t be in need of extensive repairs.

Costs and fees

21st Mortgage Corporation charges fees for origination, credit reports, title transfers, appraisals and other services when applicable, and you can finance all closing costs except for appraisal costs and recording fees. However, it doesn’t publicly share much information on how much these fees may cost you.

With a normal mortgage, you can expect to pay 2% to 5% of the loan amount in closing costs. Closing costs may include homeowners insurance premiums, home appraisal services, title fees, origination fees and property taxes. Unlike other mortgage lenders, 21st Mortgage does not require PMI (private mortgage insurance) on loans it originates.

It’s important to note that, even though the company doesn’t openly disclose its fee amounts, you still have a right to access that information prior to signing any loan agreement. Lenders must give you a written document, called a Loan Estimate, outlining the loan terms (including fees) after you apply.

FAQ

How does 21st Mortgage Corporation work?

Once you’ve found a home and signed a purchase agreement, go to “Apply Now” on 21st Mortgage Corporation’s website to apply for a loan. From there, create a profile and start an application.

After you have submitted your application, a 21st Mortgage loan originator should reach out to you with an application decision. If approved, you can move forward to receive a loan for your manufactured or mobile home. The whole process should take as little as four to six weeks for home loans and six to eight weeks for home and land purchases.

Is 21st Mortgage Corporation legit?

21st Mortgage Corporation is a licensed lender that owns and services over $9 billion in loans. It claims to be the nation’s largest manufactured home lender, and it’s owned by Clayton Homes, one of the largest builders of manufactured and modular housing in the country. Clayton Homes itself is owned by Berkshire Hathaway Inc.

Where is 21st Mortgage Corporation available?

21st Mortgage is available in 46 states and Washington, D.C. It’s not available in Alaska, Hawaii, Massachusetts or Rhode Island, and combination land and home loans are not available in the following Illinois counties: Cook, Kane, Peoria and Will.

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 10, 2022

I applied for a loan with 21st Mortgage then I had to find a property. I found the property, and I had to get all the information that they needed for the loan approval, which I did before I found the property. I had to pay them, they picked an appraiser and sent an appraiser out to get the house appraised. I was a little disappointed with that process because the appraiser held up the process. I had to keep calling back to find out where we were with it because the appraiser didn't want to finish the appraisal. But the appraiser wouldn't talk to 21st Mortgage so 21st Mortgage had to deal with the realtors. After that, the appraiser came through, and it was a waiting process. The process was a little frustrating because every time I called in, I would be told, "You need to do this," or, "We're waiting on that."

When that finished, the rep gave me a quote roughly of what it was that included a title company that 21st Mortgage uses. I figured it'd be easier because that title company deals with 21st Mortgage on a regular basis. There was an issue with the title company finding somebody to mobile sign. When I went to closing to sign, there was a problem because the realtor never received the disclaimer on how much he was getting paid. They almost walked out on the deal. But my rep, Drew, was amazing. He answered all my questions anytime I asked. He was always nice. He wasn't frustrated with the amount of times I called him or aggravated that I was calling him all the time. He went on vacation in the process of everything. I don't know if that slowed it down because it had to go through other people at that time he was on vacation. But my experience with him was great. 21st Mortgage was easy to deal with. I didn't have to run around a million places.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 2, 2022

    For four years, we had a small three-bedroom, two-bath modular manufactured home. We bought it for retirement because it was only about 1,000 square feet. But four years ago, my daughter passed away and she has seven kids, so we took on five of them. We were so crowded for four years. We were saving our money and looking for a bigger mobile home so we bought this four-bedroom, two-bath in a park in Spanaway. 21st Mortgage was the only one we knew of that would do a manufactured home in a park. But it took a long time.

    Our Realtor was Carla, my daughter-in-law and she sells real estate too, and she helped us and kept sending stuff to 21st Mortgage. Then, they sent it to escrow and the papers got lost. She had to resend four times. First, we were supposed to sign this 30th of July but they extended it to the 13th. Then, they extended again. And extended again. It got to the point where we paid a week of the lot space at the new place in our escrow and they couldn't get out right away because they were trying to get into their place. They were using the funds from us to buy a newer place so it was a challenge when we got moved. I sent them out our first payment due September 1st.

    It all worked out okay. We got in the mobile home but we had septic problems. It all backed up the first day we moved in. We didn't have water and I had to call the manager. She sent the septic guy out and he looked at it and he said that something was stuck in our pipes. All of a sudden it cleared up for one night, a couple of the kids could take a shower and then, they started backing up worse. So, I called the manager back again and he came out. He discovered it was not our fault. Anything under the mobile home was on us and anything out of the mobile home was on them. So, he got it all working good and we're just trying to get settled. We're happy with the home and I'm so glad 21st Mortgage gave us the loan because the home is so much bigger and everybody's gonna be happier.

    The reps were okay. It's just that they kept extending and extending because they needed this and that. We kept sending them and then, they said they wanted us to sell our other home before we got into this one. And I said no. With five kids, I won't be able to show the place and sell it. I said we have paid for it and we just want to get the best price out of it.

    We get Social Security in all the kids. The boys get from their dad and my daughter's other kids get her Social Security. So, we kept sending them proof of that and they didn't like that. So I had to go to Social Security and get an actual paper from them that they're okay till they're 18. When they're 18, they drop off but the other kids get the benefit. It's just 21st kept losing stuff and asking for stuff. It was almost impossible. They put us through so much. We sent them the first three months bank statements. I get a Social Security account and then I move some money to their savings account and get it all organized. So, I don't know why they couldn't get all that information off of our same statements. But it's all over and we're happy.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 9, 2022

    I was looking at having a trailer built from scratch and 21st Mortgage was one of the companies that was recommended I go through. When I found my home, not very many people lend for trailers so I went with 21st right away. It was a 30-day process and it was really great. The only complaint that I had was the whole appraisal situation. They didn't have any way to get in contact with the actual appraisal company. And then my lender was out of the office. I also had a certain deadline that the sellers were gonna back out if it wasn't done by said day. I contacted 21st and ask them what was going on. The sellers haven't heard anything from the appraisal company. Come to find out, they went a different route with it because we couldn't get ahold of the appraisal company.

    On timeframe on how everything works, I was told, “Oh, okay, now we've done this process. Oh, yeah, by the way, you have to wait three days before you can sign any documents.” I had to inform the sellers of that and it was a little frustrating. Here we thought we got our documents signed and everything was good. And then we still had to wait that extra three days that we were anticipating. That put a little bit of a strain on things. Also, the sellers weren't going to release the keys until they have the checks. That was another strain. Other than that, things were really good for the most part. It was just making it a little more open book and very blunt.

    We put the offer in the 23rd of February. On the get-go, I informed the rep Lindsey that we needed to be closed and everything done by the 1st of April. I ended up taking an extra five days. But that was me calling every day and asking, “Okay, where are we at? What are we missing? What do we need?” If there was that more open book communication, I wouldn't have felt like I had to harass every day to ask what the hold up was. Overall, I'm pretty happy with my rates and terms. It works for me. I went through a house loan process with an actual bank within my community and it was nothing compared to the cut-and-dry of 21st, besides a few little hiccups there.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 6, 2021

    It was the first time I've ever done something like this and it was fine. The application process with 21st Mortgage was straightforward and the online website was simple and responsive. So, I have no complaints there and I was happy it all worked out. The application and underwriting process took about 20 minutes at most. It was a little difficult though to get in contact with people at the office and get a response that same day when I can’t always send emails outside of work. They close at 6:00 Eastern time, which is 3:00 over here and I get out at 4:00 as well as my sister. They could maybe have a helpline after closing or someone else who is able to respond after 3:00 PM. But when they were open, they responded quickly.

    Bryan, the rep from 21st Mortgage, responded quickly anytime I sent him an email at the office. He presented us the information that we asked for and always provided a little more as well. But when I asked him a question, he would tell me the answers to it and if I had more questions, he would be specific and answer it. But 21st Mortgage could have handled differently the amount of information we got during the closing escrow costs. But it was probably more with the Realtor that we were dealing with too.

    We were misinformed with what money was supposed to be had at closing and we had to take out a mall personal loan to try to fix that. Thankfully, the closing date was future-dated so it gave us a day to get that loan and come up with the rest of the money that was needed for the closing cost. 21st Mortgage got me a good loan. It’s difficult with the mortgage for mobile homes and there are not many options out there with today's market. But they were helpful for me. If people are looking for the same thing or something similar, 21st Mortgage is a very good choice to go with.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 26, 2021

    We lived in a trailer home and we financed it through the park so there was no outside entity. We paid a mortgage directly to the park along with the taxes, and then the lot rent, water, and sewer. The trailer that we were at was a 1971 Valiant. It wasn't worth putting any more money into and we were starting to have issues. The furnace kept going. The deck was sagging. The yard was really small. So, I had inquired on a website that was a trailer home because I wanted to find out if the park accepted dogs because I have two.

    When I had inquired on that website, I thought I was speaking with the park but I was speaking with Cross Country Mortgage. They set me up with a real estate agent. His name was Ron. I got approved for something like 150,000 on a house so we started looking for a house. We got disappointed three times, and I was like, “Okay. This is too much. I cannot emotionally take this anymore. Let's shoot for something lower.” We were being outbid. Houses needed everything from the asbestos tile. It’s was all kinds of crazy stuff, and I was like, “I cannot do this. Let's keep where we're at and look for something better, so look for something nicer.” So when I spoke to Ron, he talked to his boss and his boss recommended 21st Mortgage and said that they were specific in mobile home loans.

    When he got with me with that information, I contacted 21st Mortgage. Within 24 hours, they were back in contact with me and sent me a list of the things that they wanted. I already had them on my phone because I just sent them to Cross Country. So, I sent all that to them and the process started. From that point on, it was truly seamless. There were only a few little glitches like the website asked me for my current residence. So, I sent a copy of my current lease. They thought that that lease was the lease for the new place and that kind of got messed up. I was like, “No. That's for the old place.” The rep asked me for my current address. I figured a lease would suffice, and my current address where I'm currently living at. So, we got all of that. They were right on it with whatever it was that I needed to clarify.

    21st Mortgage was truly amazing. They walked me through everything every step of the way. It was really nice with them explaining everything because I had never purchased a home or trailer. I didn't even understand what I was doing then, but they took the time to explain everything to me step by step and what to expect going forward.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 23, 2022

    The application process was a little confusing because I did not have a mobile home picked out. If you do not have one picked out, there could be an option to click that one. That way, you didn't have all those questions about the type, where it’s at, size, and all those things that were not relevant because you did not have one picked out yet. The rep was great though. There was a little bit of a difficulty because he is in Tennessee, but it wasn't too bad.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 13, 2022

    Everything was good until we got to the insurance part of things. They wanted us to get a $300,000 insurance on a $20,000 mobile home. They're too high. I had to get $175,000 on that mobile home and nobody else would insure us with that. The highest I was able to get 40,000 and I was forced to get that high rated insurance from their insurance company.

    Ryan and the other reps were good and the application process was great. Anytime you're gonna get a loan, they always ask for this information and that information. There were a couple of hiccups but nothing we were frustrated out. When we called and asked questions, Ryan answered them. The interest rate was going up and they kept trying to raise it. But other than that, everything was fine. Ryan did a lot of things to help us out.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 11, 2022

    It was fine working with 21st Mortgage. There was a little bit of lag in information, mainly because this was our first time buying and we had no clue what the steps were. But we were able to solve that problem. Once I explained that I have no clue what those steps are, they were very helpful after that. I worked with Joy. She wasn't always available, but her team was available when she wasn't. She always called back or answered my emails or text messages for that matter too. I recommend 21st Mortgage.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 10, 2022

    It was very easy to apply for this mortgage. I was surprised they approved me, with low credit score. Kayla was VERY efficient & professional. She deserves a raise! I wish a home inspection would have been REQUIRED, for a 1970, 12' x 65' trailer. The Fed Regs didn't start until 1976. Therefore I wasn't aware of the endless problems I was buying. ALUMINUM wiring is the most urgent concern for fire hazard. I'm NOT even able to get a building permit to upgrade anything due to the year of build. 21st Mortgage SHOULD HAVE TOLD ME, considering their level of experience. So now I'm stuck in this fire trap & can't fix it even though I want to!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 9, 2022

    Most grateful !! My life was turned upside down with a major change, Ryan ** made the process so easy!!! He is very efficient, friendly and knowledgeable!! I can’t thank him enough! Other than basically holding my hand and walking me through the process, Ryan was so good to get back with me in a well unexpected time frame! He had the answers I needed and if he didn’t, he got the answers quickly. Very trustworthy company.

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    Sources

    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
    1. NMLS Consumer Access, “21st Mortgage Corporation.” Accessed August 23, 2022.
    2. Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed August 23, 2022.

    21st Mortgage Corporation Company Information

    Social media:
    Company Name:
    21st Mortgage Corporation
    Address:
    620 Market Square
    City:
    Knoxville
    State/Province:
    TN
    Postal Code:
    37902
    Country:
    United States
    Website:
    www.21stmortgage.com