Www.21Strepos (2024)

FAQs

Is it hard to get approved with a 21st Mortgage? ›

We do not have a minimum credit score for most manufactured home only and land & home loans. For applicants scoring less than 575 and for zero credit score buyers, we have loan options available that may require higher down payments – usually a minimum of 35% in the form of cash, trade, or land equity.

About 21st Mortgage

Founded by CEO, Tim Williams, and retired CFO, Rich Ray, 21st Mortgage has always played an important role in the revitalization of downtown Knoxville, and continues to actively support local organizations in-and-around Tennessee.

21st Mortgage Corporation is a full service lender specializing in manufactured home loans. We underwrite, originate, and service loans for customers purchasing homes through manufactured home retailers, private individuals, and a network of mortgage brokers.

Tim Williams, CEO

Tim Williams, President & CEO, began his career at Clayton Homes in 1976. He was the acting President of Vanderbilt Mortgage & Finance by 1982, and he founded 21st Mortgage in 1995.

FHA mortgage requirements. It may be easier to qualify for an FHA loan, a mortgage backed by the Federal Housing Administration (FHA), than a conventional loan. FHA-approved lenders are protected against losses when you pay for FHA mortgage insurance.

Age doesn't matter. Counterintuitive as it may sound, your loan application for a mortgage to be repaid over 30 years looks the same to lenders whether you are 90 years old or 40.

21st Mortgage was purchased by Berkshire Hathaway in 2003.

When you use land equity “in lieu” (instead) of cash to make the down payment on a loan, it's called “land in lieu” financing. This type of arrangement is typically associated with borrowers who want to finance a manufactured home or the construction of a home on land they already own.

For conventional loans, you need a higher credit score of 680 or higher. FHA loans, on the other hand, are available to buyers with a lower credit score of 580. All of this of course will depend on your exact situation, so contact us today for more financing options on Clayton Homes.

Although 21st Mortgage doesn't offer government-backed mortgages like FHA or VA loans, it does allow eligible borrowers to finance up to 100% of the purchase price of a manufactured or mobile home.

Can you get approved for a mortgage at 21? ›

By law, mortgage lenders can't discriminate based on age. As a first-time buyer, the loan requirements might be easier to meet, thanks to the many more affordable first-time buyer programs.

Class 3 Loan means a Collateral Loan (a) that is not a Class 1 Loan or a Class 2 Loan and (b) the relevant Obligor of which has an EBITDA of less than the Dollar Equivalent of $35,000,000 as calculated in accordance with the Related Documents as of the Trade Date of such Collateral Loan.

21^st Mortgage, a subsidiary of Berkshire Hathaway, underwrites and originates both consumer and commercial loans in nearly all 50 states.

Fees aren't transparent and some are simply outrageous in size. Traditional mortgage lending is rife with unnecessary fees and slow, painful processes. It's a system set up to benefit insiders — not you. Better.com CEO, Vishal Garg, set out to change that.

Timothy Williams - President / CEO - Aero Instruments & Avionics, Inc.

At the same time, loan rates increase steadily with age, peaking for new borrowers over the age of 60 and 70. The difference of interest rates is less pronounced, as lenders charge older applicants modestly higher interest rates while they reject older applicants much more often, but both trends are still very real.

Conventional 20-Year Mortgage

Keep in mind that if you make a down payment of less than 20%, you'll have to pay for private mortgage insurance (PMI). To qualify for a 20-year conventional loan, you'll need a credit score of at least 620 and a DTI of 50% or less.