FAQ

The 21st Mortgage CASH Program is a bundle of community focused programs designed for land-lease communities. CASH provides inexpensive capital for operators to fill vacant sites with new homes, affordable consumer financing for homes being sold in the community, and includes the option to finance rental homes.

Once you have received an email indicating that the loan is completed, you may then give the customer the keys.

Occasionally, we have homes that reach the 12 month mark. If you have a home that reaches the end of the 12 month period, you can either payoff the home or we can provide a commercial loan for the home to the operator using our Rental Home Program.

One of the key principles of the CASH Program is affordability to the customer. Spec homes are to be priced just above cost to maximize the affordability to customers. For details on pricing, please contact a Business Development Manager.

We can finance homes manufactured in 1976 or newer in most states.

It is very common for us to see communities sold. The buyer can assume your commitments and obligations under the CASH Program, subject to 21st Mortgage approval.

We provide a Community Application with a checklist of requested items, such as organizational documents, financials, etc. For the application and a complete list of required items, please visit our Apply page.

A manufactured home retailer’s license is required to participate in the CASH Program. Please contact the issuing agency in your state for application requirements. The manufactured housing association in your state may offer more guidance on the application process.

The time it takes from receiving the application to being set up for the CASH Program is highly dependent on the operator providing a fully completed application along with the checklist items. Once we have a fully completed application, it typically takes 5 business days to approve the community. An approval package will be emailed to you and upon receiving the completed approval package, it takes approximately 2 business days to process and have you set up.

Under the CASH Program, a key benefit is that 21st Mortgage will reimburse setup expenses related to the home. In general, the operator will contract with setup vendors and pay for the completion of the setup. Then, the operator will send 21st Mortgage all of the receipts and invoices for reimbursement. For details, please log in to the Resources page and refer to the setup reimbursement guide.

Initially, we will start with placing one to three homes into the community. From that point, we will match the pace that you are selling or renting homes.

All manufactured home brands are eligible.

Once you are setup for the CASH Program, you can select homes that meet the specifications of your community from manufacturers and they will submit the approved order to 21st Mortgage. The home will be built and once it is ready to ship, 21st Mortgage will pay for the home.

Any item that is reimbursed for the setup expense while the home is vacant and out for sale are eligible to be financed into the customer loan. Eligible items include, but are not limited to, piers, footers, a concrete slab, vinyl or brick skirting, decks, steps, A/C unit and utility connections. Once the home is sold, there may be items eligible for financing in to the loan with the customer purchase that were not reimbursed for the setup expense. Supporting invoices may be required and will be reviewed to determine if the requested item and amount can be financed.

Manufactured home associations in your state are a great tool for accessing contractor contact information. Manufacturers and local retailers are also good resources for finding setup contractors.

Each manufacturer has their own guidelines to provide warranty and service work to the customer. Some manufacturers have a bill back service policy and other manufacturers have a service team to address issues. Please inquire with your chosen manufacturer to determine their service and warranty policy.

We provide credit applications for customers to complete and send to 21st Mortgage. A downloadable version can be accessed by logging in to our Resources page. Customers can also visit apply.21stmortgage.com to complete an online credit application. 21st Mortgage generally decisions completed applications within 24 hours of receipt.

No, under the 21st Mortgage CASH Program we can finance all credit scores.

We are able to offer financing for down payments as low as 5%, subject to underwriting guidelines

We understand financing can be complicated, so we provide dedicated mortgage licensed loan originators to your customers. These specialists are called Community Account Managers.

This varies greatly due to how long it takes the consumer to submit needed documents, closing schedules, and post-closing document collection/correction. The loan process could go as quickly as seven to ten days.

No, if the customer finances their home through another lender, you simply request a payoff from your Community Account Manager.

Spec homes can be sold or rented. When you have a rental customer, please notify your Community Account Manager with the details of the home and they will prepare rental home loan documents.

Many of your rental customers want to be homeowners, so as a benefit of the CASH Program, you can convert the rental to a sale anytime without early payoff fees. Customers interested in purchasing a home can apply for a loan by completing a credit application in your office or online at Apply.21stMortgage.com. As an incentive to the customer, 21^st Mortgage offers these customers “new” home rates and terms on any rental home financed with 21st Mortgage and converted within 3 years of the rental contract.

Yes, new homes financed under the 21st CASH Program do require a valuation.

21st Mortgage pulls NADA or Datacomp values to determine the value of a used home.

Yes, 21st Mortgage also uses Datacomp, which completes onsite appraisals in the community.

Visit www.21stmarketingmaterials.com to order materials or create an account.

Yes, we work with many new operators and have marketing point of sale materials available to you, free of charge. Visit www.21stmarketingmaterials.com to order materials or create an account. Consult your Community Account Manager anytime for marketing advice or training.