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Vanderbilt Mortgage

Vanderbilt Mortgage
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Vanderbilt Mortgage

 4.5/5 (172 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?
  • 3,526,011 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: Oct. 15, 2021

The reps at Vanderbilt were very concise, clear in interactions and answered any questions we had. We couldn't have been happier with how the process went. Out of a very stressful process of buying a house and getting everything moved, they were one of the high points. We had a manufactured home made and our agent interacted with Vanderbilt far more than we did. It was more of towards the end when we needed to sign things and they needed to go over sensitive information. My wife talked to them far more than I did and I only had a total of two conversations with them but those interactions were very positive. They were very helpful and knowledgeable, and we didn’t have any problems.

The only downside is we got contacted because they said they needed to go over things towards the end and we thought it was gonna be an overview of everything. We were worried that something happened with the loan and it ended up just being a survey thing. We got a lot of problems already. It ended up being kind of a waste of time. But the lady was sweet and it didn't take long. It was a minor annoyance but it freaked us out for a little bit. Vanderbilt was very easy to deal with and I would look into doing business with them if that was an option.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2021

    The application process with Vanderbilt was understandable and easy to do. The reps were super helpful. They’ve been great with any questions we've had even if it wasn't necessarily about financing but about the process itself. I can call and get somebody, and if I want to know something, I'll find out. First time home buying could be stressful but Vanderbilt helped make it a little bit easier on us. Also, we’ve been working on our credit. Being young and dumb and with college loans, it’s been terrible. We never worried about it until wanting to own a home. We weren't quite at the point where most people would approve us, we're just right under it but we knew we had the means. My husband has a good job and we do okay for ourselves, and we knew we could afford it. Vanderbilt took a chance on us and we appreciate it. We are about to pay our first mortgage payment next week.

    The quality of the home is the only negative. Upon closer inspection, it looks like it was a little rushed and maybe people weren’t as careful about what was going on. But most of the stuff, as long as you're not looking close, you don't see it. It's no biggie and everything works like it should so we're all right. It’s our forever home and we love it. Working with Vanderbilt helped us out. We got it done and now, instead of throwing money in the trash by renting every month, we're investing in our future and our kids’ future by putting it in our mortgage and owning our own home.

    4 people found this review helpful
    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: April 14, 2021

    The guy I was working with told me what all I needed to have ready and I got all that together. Then, I talked to somebody on the phone a couple of times about the payment and whether I'd want to do the two a month or once a month. He explained the difference in those and I picked the every two weeks. Then we went and signed all the papers not long after that.

    We had to give the trailer place money down and I wrote them a check out of my savings account. I just realized the other day that when they sent my papers saying the automatic draft was gonna start, it was for my savings account, so I had to go in and change all that. I wish they could ask somebody which one they want to take it out of instead of just assuming. Other than that, it's great. I’ve been waiting to get a new house for 20 years now and working with Vanderbilt made a big impact. It’s helped a lot. If they weren’t willing to loan on mobile homes like a lot of places, I would have been screwed.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 13, 2022

    Everybody that we dealt with was very nice and helpful, except for our loan officer, Charlie. He was terrible and every single time, it was us having to reach out to him. Also, I wish he called us and let us know if he isn't going to be able to close on the same day. There were several things that he told us that different people from Vanderbilt were like, "No. Who told you that?" That was kind of discouraging. We had to scrounge up and get funds for this and that when really, we didn't even need it. It was very frustrating and my wife was really worried about it. And it was like he got frustrated whenever she would call him and he quit answering the phone for her. We ended up asking for a different loan officer. The new guy was with us the last two weeks and he was a great guy. He was easy to get along with.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 7, 2022

    The whole process from the loan application to the close was so simple. I would highly refer them to all of my friends and family. They close between 3-5 weeks and other Companies said it would take at least 4 months.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 5, 2022

    My experience is just this... I've been with them going on 8yrs come February 24th. I've had a total loss of all my belongings and my baby pup in a fire on November 28th,2021. It was ruled as a total loss and the homeowners insurance sent a check to cover the balance owed and my husband and I have lived with black mold ever since 2014 and I now have developed cirrhosis of the liver and spleen issues with massive swelling and vomiting as well as breathing issues and swelling of my throat among many other immunodeficiency issues since living there all these yrs dealing with the mold. Now we decided to try after the fire for a new home with putting our land up as collateral and were denied due to a car payment and the fact that he hadn't been at his new job but a few short months.

    Now mind you we both draw disability as we have since getting the first home and neither of us worked then and our payments from disability were way lower than now and we had a car payment and he had a loan when we got our first home but now with way more income and only a car payment we no longer qualify to have another loan to replace our loss. Just a lil while back we qualified for a 115,000 dollar loan and now we qualify for nothing with better income and land to use for collateral... Can someone explain how they can get away with kicking someone who is already down as low as we are right now. Never been late on payments and all our bills has always been paid and on time with just our disability checks oh but now suddenly we can't keep up and make all our payments from disability alone as we've always done before? What's wrong with that picture?

    I strongly advise anyone looking for a loan from them DO NOT TRY!!!! They are NOT the company you want and all those so called good reviews are a total crock of lies unless of course you are one of the rich people they love to see coming. I for one will never go to them again and the homeowners insurance company they use sucks as well only giving a measly amount of what I had worth-wise in my home and lost... just my sectional couch and washer and dryer unit cost more than I got for all I lost.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 2, 2022

    It took a little longer to verify employment, but that was on my other employer's thing because it took them a while to get back to Kelsey, the rep. Apart from that, the process was good and my fiancee and I now have a house. I would highly recommend Vanderbilt.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 1, 2022

    The process was a little slow, but it was good. It took longer than I thought it should have. The guy that started it out quit and they had to put us with somebody else. But other than that, everything's been good and the customer service has been wonderful. They call and check in often with us to make sure that there's nothing we need. They've been very patient with us and understanding with the weather conditions.

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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