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Vanderbilt Mortgage
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Vanderbilt Mortgage

 4.6/5 (164 ratings)
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Vanderbilt Mortgage

About Vanderbilt Mortgage

Vanderbilt Mortgage is a nationwide lender that specializes in mortgage services for manufactured, mobile and modular homes. You can apply online for its conventional, FHA, biweekly, land mortgages and more; the company also offers loans for those with lower or no credit scores.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Variety of loan options available
  • Plans for low or no credit scores
  • Easy and quick application

Cons

  • Limited customer support
  • Not much info on the website

Bottom Line

Vanderbilt Mortgage is a national financial lender that focuses on manufactured, mobile and modular housing. It offers several loans, including traditional, biweekly and FHA mortgages.

Top Vanderbilt Mortgage Reviews

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Rated with 5 stars
Verified

… They were polite and they explained everything well. We also liked their rates. Their reps seemed very knowledgeable… The process went a lot smoother than I had expected. This w...

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Rated with 5 stars
Verified

The lending process was easy to get through. The Vanderbilt rep was nice and she helped me through everything. She chatted with us, talked to us through the loan and it was super ...

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What is Vanderbilt Mortgage?

Vanderbilt Mortgage is a national housing lender that specializes in loans for manufactured, mobile and modular homes. The company has several home loan options, including:

  • Traditional: Conventional and simple
  • FHA: Insured by the Federal Housing Association (FHA) and designed for lower-income borrowers; lower down payment and credit score requirements
  • Biweekly advantage: Requires half-payments every two weeks (rather than one large monthly payment)
  • Land home: Assists in financing both a home and land in a single payment
  • eScore: Helps pay for energy-efficient upgrades

Vanderbilt Mortgage qualifications

The Vanderbilt Mortgage website doesn’t list its application requirements, but it does mention that lenders typically consider factors like your FICO score, income and debts. The standard lender credit requirement is 620 for a traditional loan and 580 for an FHA loan, but the company also offers options for those with low or unestablished credit scores. Other qualifications might include additional proof of income, savings or emergency funds and repayment ability.

Vanderbilt Mortgage rates

Vanderbilt Mortgage doesn’t list rates on the website, but it does provide a mortgage calculator tool. Standard mortgage and interest rates vary by situation, including credit score, income and debts. Your Vanderbilt Mortgage closing cost includes a variety of fees, such as:

  • Loan origination fees
  • Appraisal and survey fees
  • Title insurance
  • Homeowners insurance
  • Private mortgage insurance
  • Mortgage points
  • Property tax
  • Escrow fees
  • Attorney fees
  • Miscellaneous fees

Typically, you should budget between 3% and 5% of your loan amount for closing fees. You can direct further financing questions to the company’s customer service representatives.

Vanderbilt Mortgage FAQ

Does Vanderbilt Mortgage have credit qualifications?
There are no specific credit qualifications listed on the Vanderbilt Mortgage website; that said, standard credit score minimums for lenders are 620 for conventional loans and 580 (plus a 3.5% down payment) for FHA loans.
Does Vanderbilt Mortgage finance houses?
Yes. The company provides financing for new and used modular, mobile and manufactured homes.
Who owns Vanderbilt Mortgage?
Vanderbilt Mortgage is a subsidiary of Berkshire Hathaway, which is owned by Warren Buffett.
Where is Vanderbilt Mortgage available?
Vanderbilt Mortgage is licensed in 32 states: Alabama, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Missouri, Mississippi, North Carolina, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia and Wyoming.

Is Vanderbilt Mortgage a good company?

Because Vanderbilt Mortgage provides loan options for those with lower or nonexistent credit scores, it’s a good option if you’re unable to get help from traditional lenders. It also provides financing for modular, manufactured and mobile homes, which isn’t true of many mortgage companies.

Vanderbilt Mortgage Reviews

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3 featured reviews
How do I know I can trust these reviews about Vanderbilt Mortgage?
How do I know I can trust these reviews about Vanderbilt Mortgage?
  • 3,428,233 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 29, 2021

The home has been on our land going on the third month and we hadn't moved in. There are different items and different stuff was going on with the home. So, I called Vanderbilt. I was so upset that I was in tears and the rep consoled me and told me to calm down. I told her the problem that was going on and she got the ball rolling. She told me that she would get it done. She was trying to find out what was going on and she called me back not too long ago, and I thanked her. So, Vanderbilt had helped me by talking to me and trying to see what was going on. So, I've been satisfied with them.

Me and my husband wanted to find out if there is any way that we can push back our payment and the rep, Sherry, told me that she will help and they would get back with me. I hadn't heard from them yet. She told me to give them a little while, they will discuss my case,- and that they will text me or they will call me back to let me know. But so far, Vanderbilt have been good. I hadn't had any problem with them.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 27, 2021

    Vanderbilt was easy to apply with and they also financed mobile homes. I spoke to the lady that handled my application process the most. She was very friendly. If she didn't know, she would find out for me. She never acted like I was bothering her when I called. She communicated well. When she went on vacation, she let me know how long she would be gone, when she would get back, and if I had any questions, who I could ask for that would answer the question for me. The process would have been a bit shorter, but we changed homes midway through. Altogether, it took us three months. They could have communicated with us a bit better. A lot of times, it would take them a bit to return our calls, especially if we had concerns. But all in all, it wasn't bad.

    There are some things that I did not realize when we did the initial viewing of the home. And then I didn't realize it again during the walkthrough. There were some big issues that we have to deal with now. The floor is not well put together. They disclosed to us that there was a leak in the hallway next to our heating and air unit and that they had fixed it, which they did, and they put down new flooring. But what they didn't tell us was they did not replace the subflooring underneath. We have a lot of soft spots. The flooring itself is buckling, so we have to pull up all of it.

    And then we found when we moved in that in the farthest bedroom, there had also been a leak with the bathtub, but they had covered it with a dresser. When we originally looked at the home and did the final walkthrough, there were cut-out holes in the walls where they had to access the plumbing. And the floor has sunken in to the point that all of that flooring also has to be replaced. And the roof leaks. We didn't know that either. All in all, I still would have bought the house. I just would have offered a lot less for it. Vanderbilt is a great company to get financing through. They're very helpful.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 18, 2020

    I applied for the loan in mid-May and I closed on the house the 24th of June. Since it was a repossessed home, it took another four and a half months to get it over here and set it up. The Vanderbilt rep never answers her phone. So you leave a message and you'll have to wait for her to get back to you. Usually, when you're waiting for somebody to get back to you, you sit there and you wait and wait. The minute that you get up and do something like leaving the house, going to the store, or going to the bathroom, that's when the phone will ring. It never fails. She was always really polite and helpful.

    I got an insurance settlement and I wanted to pay a big chunk of money down on the principal. But I cannot get anyone to tell me if I need to send them a cashier's check or just send them a personal check for $35,000. Vanderbilt has several people that answer the phone and just sit there waiting for an agent to come to the phone and you never get the same person twice. So you have to start the whole thing over again to tell them. So it's really inconvenient that way and it takes way longer for me and the person.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 29, 2020

    The application and underwriting process took about three months, which was a lot longer than expected, although I guess due to the COVID-19 and everything going on. I only dealt with the home builder and they dealt with Vanderbilt for me. They were like the middle person, so I only got the information when they got the information. Once it got to the point of closing, when I actually was able to talk to Vanderbilt myself, it got a lot simpler. I could call them anytime and they’d explain anything I wanted to. They also would call me at least once every two weeks to check to see if I had any questions before we did the full final closing. They kept me up-to-date on everything and walked me through everything.

    Then if I left my loan specialist a message or even I left it with another individual, she always called me back. For me in West Virginia, that was after business hours when I’d get a callback, just to make sure that I was taken care of and that I didn't have any more questions. It meant a lot to me, that even after business hours, they would still reach out.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 25, 2020

    Vanderbilt helped me a lot and I'm really happy about it. But the thing is they brought the mobile home out to us here on our land, but they haven't set us everything up yet. So the mobile home is sitting there still. We haven’t moved in yet. There were certain things that we tried to go through to get financed but they didn't help us. But Vanderbilt helped us. They kept us updated on everything that what we needed and what needed to be sent to them. They told us upfront what kind of documents we needed and we got all the documents. Then we sent everything at one time. After that, they never called us again until they fixed everything for us, which was good.

    We've been trying to go around, trying to get application here and there. But companies kept denying us. We kept praying and never gave up. Then finally, Vanderbilt gave us an opportunity to go with them. The reps that helped us were pretty professional with the way they talked to us. When we turned in our application, that first lady that called told us that we were approved 93,000 loan. From there, we started working on everything. They were working as a team, which they were doing a good job.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 27, 2021

    Getting the loan was painless and easy. Getting out was a pain. We sent Vanderbilt a check for the payoff with the words "payoff" and our account number clearly written on the check. We calculated the amount by multiplying the number of remaining payments in the book by the payment amount. These people waited six months before sending us a late payment notice. Their claim was because they had been applying the payments monthly and the amount ran out, not so. Our payments were under $100 and the check was written for just over $6700. It would have taken years for the amount to run out if what they said was true. They did this to squeeze a little more wine from the grape.

    An honest company would have notified us that they had not sent us a payment book containing ALL of the payments. They would have notified us that the figure we sent was not sufficient. They would not have waited six months and handed us a story that stunk to the heights of corporate greed. They may have gotten their late fee, but they will never get any more business from me. Unlike Vanderbilt, I am an honest man.

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 18, 2021

    I had an awful experience with Vanderbilt's reps. They are a pain in the ** to work with and they make it hard for a person to get a home. Just everything, from words that can't be abbreviated, to ink that has to be strictly blue or the fact that I had to call a thousand times to get ahold of anybody on any given day of the week. They could show a little bit of compassion for somebody that's buying their first home but they acted like I had done it a thousand times.

    Also, they didn't finish anything inside the home. I had to do their work for them as far as the trim. There are staples sticking out of the wall and patches that they didn't fix. They also didn't caulk in their holes and the plumbers didn't use glue on the pipes. They also didn't hook my shower up. It's just a nightmare. My brother who is a licensed plumber took care of that for me and Vanderbilt compensated him for that which is great. But it's ridiculous I have to go through that. If I was an older single lady or guy who doesn't know the things that I or my family know, think of what kind of mess I would be in. That's what pisses me off. Because they're screwing people and I'm sure there's not a lot of people that are catching on to it.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 17, 2021

    Vanderbilt's application process to underwriting seemed like forever. I had to get information, had to show my tax return and after I showed my tax return, I still had to prove some proofs of income. I thought when they saw the tax return, that was automatic, but it didn't. I still had to show some proof, but I guess people have fraud so they can’t trust anybody. Other than that, the two people that helped me were fine.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 16, 2021

    Doing business with Vanderbilt has been really easy. It took a while to get the process going but that was mostly my county and the issues with working through that. They were really quick to contact me if there's anything they needed from me and then contacting the county which was very difficult to get a hold of.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 15, 2021

    Doing business with them was easy. The reps were very knowledgeable and quick with processing all the paperwork. They were very good about either emailing or getting the phone to talk about things.

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    Vanderbilt Mortgage Company Information

    Company Name:
    Vanderbilt Mortgage
    Address:
    PO Box 9800
    City:
    Maryville
    State/Province:
    TN
    Postal Code:
    37802
    Country:
    United States
    Website:
    www.vmfhomeloan.com