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Mobile homes offered as a result of repossession are often great investments. Used mobile homes are often purchased for 20-40% below market value, making them ideal for first-time buyers or those looking to save.
You can browse our directory to find the best repo mobile homes for your budget and location. Used or repossessed mobile homes in your area can make excellent starter homes for people who want to own their own living space without breaking the bank. Better yet, most of the homes are move-in ready, so you can enjoy your home quickly! They also make great investment properties for those looking to take on a rental property.
21st also offers loans on repossessed mobile homes with or without permanent foundations. This means you can get a loan for a home that you wish to put on rented land, in a mobile home park, on family property, or on a parcel of land that you own. 21st even has options for land and home packages, along with homes already set up in communities! Coupled with 21st's competitive repo financing options, this gives buyers a huge amount of flexibility with their used mobile homes, allowing them to tailor their living space to meet their unique needs!
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Frequently Asked Questions
Q. Does the used mobile home have to be on a permanent foundation?
A. No. We can do singlewide and doublewide manufactured homes with or without a permanent foundation. This allows financing for homes on rented land, in parks, on leased property or on family land.
Q. What is the maximum loan-to-value (LTV) ratio for used mobile homes?
A. Up to 100% LTV on a primary residence. Closing costs can be financed into the loan or seller concessions may be used. Credit quality (based upon your credit history), occupancy type (e.g., primary, secondary, etc.), loan affordability (debt-to-income ratio), and collateral type (home-only or land/home combo) will ultimately determine your down payment requirement.
Q. What age of used mobile homes can be financed?
A. We have no restrictions for the age of the home.
Q. Is Homeowners insurance required for manufactured or used mobile homes and how much?
A. Yes. Full coverage homeowner’s insurance with 21st Mortgage Corporation as loss payee is required at all times during your home loan term. If you want to fully protect your home, coverage should include the current value of your home and improvements. This amount may differ from your existing loan balance. 21st Mortgage may accept a policy with coverage less than the loan balance if your home loan includes financed non-insurable items such as land or land improvements. However, in the event of total destruction of your property, your insurance settlement may not pay off your obligation to 21st Mortgage. We suggest you consult an insurance agent of your choice regarding type and amount of coverage.
Q. Who orders the appraisal, title work, loan closings, etc. for a repossessed mobile home?
A. 21st Mortgage will order all necessary title work on the loan. We will order an appraisal from an independent appraisal management company. The applicant may select the title company.
Q. How are used mobile home loans closed and where do they take place?
A. On a home loan only, the realtor or retailer holds the closing, or we will mail the documents directly to you. A notary must notarize several forms. Funds will be disbursed as quickly as possible after we received the completed closed loan package back in our office. On a loan involving real estate, transactions must close with a title company or attorney. Funds will be disbursed at closing.
Q. How long does it take between the used manufactured home loan application and the manufactured or mobile home closing process?
A. Approximately four to six weeks for home-only loans and six to eight weeks for loans involving real estate.
Q. What closing fees are charged on a repossessed mobile home purchase?
A. Fees for origination, certificate of title application fees, and any required appraisal where applicable. Other fees, if applicable, that may be charged, include title/escrow/attorney fees for loan closing. All closing costs can be financed except for the cost of the appraisal. For person-to-person transactions, seller concessions are also acceptable up to the full amount of closing costs.
Q. What is the mobile or modular home policy regarding a survey and termite letter?
A. 21st Mortgage does not require a survey or termite letter on the property unless required by the title insurer. If the customer requests a survey or termite inspection, they must pay for it out of pocket. We will not finance the cost of a survey or termite inspection unless it is a requirement of the title company.
Q. Can mobile home buyer get pre-approved for a specific loan amount?
A. No. Applicant(s) will need to submit a credit application that has the complete home information (year, make, and dimensions), purchase price, down payment or refinance amount and subject property address to begin the application process.
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