Requirements
One of the things that many past and current clients seem to appreciate about this Berkshire Hathaway company is the fact that their service has rather flexible requirements for applicants. For instance, aside from refinancing, there are no credit score requirements. If your score is below 575, you will be offered a different set of credit conditions, but you will still be eligible for mobile home loans with this company.
In case your Debt-to-Income ratio (DTI) is higher than 43%, you might be asked to provide additional documents to confirm that you will be able to repay your mobile home loan. The minimum home loan amount is $15,000 if you're dealing with an official, company-approved retailer. In any other case, the minimum home loan amount is $23,000.
Application details
There are several documents that an applicant should attach to their application, including:
- SSN, TIN, or Mexico's Consular Identification Card;
- The approximate purchase price or an approximate payoff amount from your current mortgage;
- Primary investment (can come in the form of trade value, equity, or down payment);
- Home info;
- Projected home site;
- Information regarding the person or the company that plans to sell the house.
The approval process for this company's home loans is typically fast. There are no reports of drawn-out approvals.
The most common reasons for rejection include providing incorrect information on purpose, missing paperwork, and several other key reasons. For the most part, it's difficult to get turned down for a loan since 21st Mortgage Corporation is interested in giving you a loan.
How to apply for a loan
- In order to initiate the application process, you need to click on the Start Application Process button on the official website.
- You will be asked to create a new user profile and finally begin the process of applying.
- After you provide the documents specified above and submit an application, a company representative will contact you to notify you of the result.
- If you receive approval, you will be able to move forward with the purchase.
