When purchasing a manufactured or mobile home, one of the most recognized financing options in the United States is 21st Mortgage Corporation. They specialize in loans for manufactured and mobile homes, offering flexible lending options even to individuals with less-than-perfect credit. But before you apply, understanding the 21st Mortgage loan requirements is essential.
In this detailed guide, we’ll explore everything you need to know about qualifying for a 21st Mortgage loan, including eligibility, credit score requirements, down payments, documentation, loan types, pros and cons, and tips for a successful application.
Who Is 21st Mortgage Corporation?
21st Mortgage Corporation is a full-service lender specializing in manufactured home loans across the U.S. Established in 1995 and headquartered in Knoxville, Tennessee, it is a Berkshire Hathaway company and has financed over 200,000 home buyers. Their mission is to provide lending solutions for customers with varied financial backgrounds—making homeownership more accessible.
They offer loans for:
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New and used manufactured/mobile homes
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Homes with or without land
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Homes in parks or on private land
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Refinancing options for current homeowners
Understanding the 21st Mortgage loan requirements ensures you’re prepared before you begin the application process.
Eligibility Requirements for a 21st Mortgage Loan
21st Mortgage takes a flexible approach to loan approvals but still has standard eligibility criteria you must meet.
Here are the key requirements:
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Credit Score
While there is no official minimum credit score, a FICO score of 575 and above increases your approval chances. Applicants with scores lower than this can still qualify with a co-applicant or larger down payment.
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Income Requirements
Proof of consistent income is mandatory. You’ll typically need to show:
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Two most recent pay stubs
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Two years of tax returns (for self-employed applicants)
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Monthly income that demonstrates ability to repay the loan
A debt-to-income (DTI) ratio below 43% is ideal.
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Down Payment
21st Mortgage requires:
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A minimum down payment of 5% for land-home deals
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A 10%–35% down payment for home-only (chattel) loans depending on credit
First-time buyers may find this competitive compared to traditional lenders.
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Loan Purpose
You can apply for a 21st Mortgage loan for:
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Purchasing a new or pre-owned manufactured home
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Refinancing an existing manufactured home loan
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Combining home and land purchases
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Installing a home on leased land or in a park
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Property Requirements
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Homes must be manufactured after June 15, 1976
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The home must be on a permanent foundation for land-home loans
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The property must meet HUD standards
Loan Types Offered by 21st Mortgage
Understanding what loan type fits your need is key to choosing the right mortgage product.
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Home-Only Loans (Chattel Loans)
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These loans finance just the mobile or manufactured home, not the land.
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Typical down payment: 10–35%
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Term: 5 to 25 years
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Common in mobile home parks or leased land situations
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Land/Home Loans
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Includes both the home and the land in the loan
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Easier to build equity
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Down payment: as low as 5%
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Term: up to 30 years
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FHA and VA Options
Although 21st Mortgage is not an FHA or VA-approved lender, some borrowers use the loan for homes that may later be refinanced through government programs.
Required Documents for Your Application
To make the application process smoother, prepare the following:
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Proof of Identity (Driver’s License or State ID)
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Social Security Number
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Two months of recent pay stubs
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Two years of tax returns (if self-employed)
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Bank statements
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Proof of land ownership (for land/home loans)
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Credit authorization form
Providing accurate documents helps expedite the underwriting process.
How to Apply for a 21st Mortgage Loan
Step 1: Prequalification
Visit the 21st Mortgage website or call a loan officer to begin the prequalification process. You’ll be asked basic information about your income, credit, and the home you want to purchase.
Step 2: Submit Application
Complete the full loan application online or with a loan representative. Provide all required documentation.
Step 3: Underwriting
The underwriting team will assess your application, verify your income, pull your credit report, and determine your eligibility.
Step 4: Loan Offer
If approved, you will receive a loan offer including:
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Interest rate
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Loan amount
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Term and monthly payment
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Required down payment
Step 5: Close the Deal
Once you accept the terms, closing documents are prepared, and you proceed to purchase or refinance your home.
Pros of a 21st Mortgage Loan
- Flexible Credit Requirements
Even applicants with fair or low credit scores can be considered, especially with strong income or co-signers. - No Land NeededYou don’t have to own land to qualify for a home-only loan.
- No Prepayment Penalty You can pay off your loan early without facing penalties.
- Fast Approval Process Many borrowers report quick turnaround times from application to approval.
- Specialized Support 21st Mortgage understands the needs of manufactured home buyers and offers dedicated guidance.
Cons of a 21st Mortgage Loan
- Higher Interest Rates for Lower Credit
Rates can be significantly higher for those with poor credit compared to traditional mortgage loans. - Limited to Manufactured Homes Not suitable for site-built homes or standard FHA/VA loans.
- Larger Down Payment for Chattel Loans Home-only loans can require a higher upfront investment.
- No FHA or VA Backing Not a government-insured lender, which could affect affordability for some borrowers.
Tips to Improve Your Loan Approval Odds
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Improve Your Credit Score
Pay down debt, avoid new credit applications, and ensure timely payments. -
Save for a Bigger Down Payment
A higher down payment reduces your loan amount and boosts your approval chances. -
Apply with a Co-Applicant
Adding a co-signer with good credit can significantly increase your chances of approval. -
Be Honest and Accurate
Provide accurate documents and complete all forms truthfully to avoid delays. -
Compare Lenders
While 21st Mortgage is a top lender for manufactured homes, always compare offers to ensure you’re getting the best deal.
21st Mortgage vs. Other Manufactured Home Lenders
How does 21st Mortgage compare to competitors?
✔ More lenient credit acceptance than many banks
✔ Offers home-only loans without land ownership
✔ Offers fixed-rate financing (no surprises on payments)
✘ May have higher interest rates than some government-backed options
✘ Not ideal for traditional site-built homes
Customer Reviews & Reputation
21st Mortgage Corporation maintains an A+ rating from the Better Business Bureau (BBB). Most customer reviews highlight:
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Friendly and knowledgeable loan officers
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Quick responses and approvals
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Satisfaction with customer service after the loan closes
However, some customers noted:
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Higher interest rates than expected
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Long document processing times
As always, read reviews and consult multiple sources before deciding.
Frequently Asked Questions
Is 21st Mortgage a direct lender?
Yes. They are a direct lender offering financing without involving mortgage brokers.
Can I finance a mobile home in a park?
Yes. 21st Mortgage finances homes on leased land or in mobile home parks.
Do they offer refinancing?
Yes. You can refinance an existing manufactured home loan through 21st Mortgage.
Are there hidden fees?
Loan terms are clearly stated during the application process. Always review the closing disclosure to check for fees.
Do I need perfect credit?
No. They often work with borrowers with fair or low credit, especially if other factors are strong (income, down payment, co-signer).
Conclusion: Is a 21st Mortgage Loan Right for You?
If you’re looking to finance a manufactured or mobile home, 21st Mortgage is a top choice. Their flexibility, wide range of loan products, and focus on helping underserved buyers make them ideal for many Americans. While their rates may be higher for some, their commitment to accessibility and dedicated customer service stands out.
By understanding 21st Mortgage loan requirements, preparing your documents, and improving your financial profile, you increase your chances of securing a loan that makes homeownership a reality.
Whether you’re buying your first home or refinancing a current one, 21st Mortgage offers a reliable path to homeownership for manufactured housing.