
21st Mortgage Corporation Reviews

+1 more

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.
- Offers options for 100% financing
- Fixed interest rates
- Private mortgage insurance isn’t required
- Only available for manufactured and mobile homes
- No pre-qualifications or preapprovals
- No loans for properties in bad condition
Featured Reviews
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
Year | Difference from national average |
---|---|
2021 | +4.77% |
2020 | +4.94% |
2019 | +4.93% |
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
Features | Availability |
---|---|
Online application | |
Mobile document upload | |
Physical branches | 2 states |
Publishes minimum rate on website | |
Rate lock | Undisclosed |
Pre-qualification (no hard credit pull) | X |
Certified approval letter | X |
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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 172,168 | 165,545 | 127,429 |
Home purchase loans closed | 29,107 | 29,057 | 23,462 |
Home purchase applications denied | 84,712 | 84,297 | 61,586 |
Home purchase preapprovals denied | 0 | 0 | 0 |
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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 98.31% | 98.58% | 98.52% |
Refinance loans | 1.09% | 0.84% | 0.59% |
Cash-out refinance | 0.27% | 0.26% | 0.28% |
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 score | Min. down payment | Compare with other lenders | |
---|---|---|---|
Conventional | Typically 620 | Typically 3% | Mortgage lenders |
FHA | 500 | 3.5% with 580 credit score | FHA lenders |
VA | Set by lender (often 580) | 0% | VA lenders |
USDA | Set 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.
21st Mortgage Corporation Reviews
Filter by Rating
- (2,123)
- (511)
- (225)
- (107)
- (315)
Popular Mentions
- 4,606,585 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
A link has directed you to this review. Its location on this page may change next time you visit.
- 4,606,585 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
Sources
- NMLS Consumer Access, “ 21st Mortgage Corporation .” Accessed August 23, 2022.
- 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
