Vanderbilt Mortgage
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Vanderbilt Mortgage

 4.5/5 (182 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

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Pros

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

Cons

  • Loans limited to specific home types

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.

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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.

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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?
  • 3,849,244 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.

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: April 30, 2022

I enjoyed working with Vanderbilt. My wife went through them on her last house, which was the reason we chose them. It's been a streamlined process. Everything was laid out very simply and they were very understanding. I don't have a whole lot of time when I'm at my job to do stuff and they were very accepting that it might take me a little bit. The reps were perfect. Every time I had a question, they called and I didn't even have to call them on some stuff. They would call and check up on me and ask me if I had any issues or anything they could answer. We had tried a couple of times and things didn't work out but in this last process we went through, we were still undecided when we started on which mobile home we would go with and Vanderbilt was very understanding about us changing and gave us all the options on it. Vanderbilt is in the top three, if not number one as far as going about getting a loan from them.

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    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.

    5 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 1, 2021

    The process with Vanderbilt was easy and things went fairly smoothly. I was able to track everything online. If I wasn't able to get one of the ladies I dealt with, I was able to talk to someone else who would know the answers. The home we got was nicer than what we thought we would be able to get. It was of good quality. For the overall experience, I liked Vanderbilt. We're hoping to upgrade in several years and I will probably use them again if they're available to use. They were really good and I would recommend them. We've had a few different loans and this was the one that was the most streamlined because it had a pretty fast turnaround. Once I figured out what I needed to send them, they kept me in the loop and said, "Everything looks good. You should have approval in the next week or two. We've got to do all the paperwork." From the time we started to the time we closed was two weeks.

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    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.

    2 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: June 23, 2022

    With the loss of my loved one, Mikale & Morgan went over & beyond to help me during a financial heartship. With their caring understanding gave me ease with allowing me to defer some payments. I was so nervous about the situation when requesting and Mikale assured me that she was going to do everything she could and the M&M's came through. Thank you Vanderbilt Mortgage for hiring people with Sympathy/Empathy.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 22, 2022

    The process was quick and easy and whenever I dealt with the loan officer, my experience was good.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 11, 2022

    Vanderbilt has been good. They were the first one that reached out to us when we were trying to buy a home and get this process started. We first started the process a few months ago. We applied through one place and they got back with us within three or four days. However, whenever you go to a different county or different city, you have to re-qualify for each one every time. We started out in two different counties and we had to redo it and redo it. Finally, we found the one that we wanted in Richmond and Vanderbilt got back with us instantly. The reason it took so long was because my wife hadn't worked for six months. As soon as her six-month period had hit, Vanderbilt was right there whenever we called.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 10, 2022

    We had to sell a home to buy another one, and the rep was wonderful. I talked to her one time, and she gave me a pre-approval almost immediately then started dealing with the place we were buying a mobile home from. One part I didn’t like was the closing agent wanted ridiculous stuff. He asked for our closing statement and we hadn't closed yet. That was minute though. We closed on May 30th and bought the mobile home on May 30th as well. It didn't take anything, but the guys at the place we were buying a mobile home from had to really jump in there and get some stuff done. Overall, Vanderbilt was the easiest part of our experience. Also, the homeowners insurance that they offered us is right in line with what it should be and it's got great coverage. We're happy.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 9, 2022

    Vanderbilt has been prompt. The questions we’ve had have been answered. The only thing I don't understand with Vanderbilt is this one thing. Vanderbilt went ahead and funded the loan and we’re supposed to get two months free whenever we bought the house. But we're not even in the house yet, and that two months has already started.

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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