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Vanderbilt Mortgage

Vanderbilt Mortgage
Overall Satisfaction Rating 4.59/5
  • 5 stars
    135
  • 4 stars
    22
  • 3 stars
    4
  • 2 stars
    5
  • 1 stars
    5
Based on 171 ratings submitted in the last year

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.

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.

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

Top Vanderbilt Mortgage Reviews We Found

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Rated with 5 stars
Verified Reviewer Verified Buyer

… 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 was our first home that we financed and it was a lot less scary than we thought it was going to be. So far, so good.

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 helpful. Everything was all smooth.

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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?
  • 3,057,428 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 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Oct. 9, 2020

We've been in the army for 20 years and we've never owned our own home because we’ve moved around every three to four years. Coming home for us meant that we finally got to own something that belonged to us. And we went into this with extremely low expectations because we have heard horror stories about purchases and especially on a mobile home or a modular home. This is our first home purchase. and we didn't know what to do and how to do it and we didn't understand a lot of the terms. We've bought vehicles 100 times over the years, but as far as the home loan, they are very, very different.

Working with Vanderbilt was literally the easiest part of the home buying process. It was extremely effortless and there was a two to three-day turnaround. We didn't have any issues with them. We spoke to a couple of different people from Vanderbilt and we were constantly in the loop. The communication was great. Even if it wasn't actual phone time, we received emails and correspondence. They went above and beyond to help us get what we needed and I did a lot of email and scanning of documents.

I actually had tons of questions prior to the actual approval. My biggest concern was the down payment. It took us a little bit of time to come up with that down payment because it was pretty hefty. And one of the reps, Ashley, went over literally everything with me to make sure that I understood the timeline and how everything broke down. She answered questions that she probably wouldn't have under normal circumstances. She was giving us different scenarios and she told us we have 120 days to get the down payment in and it didn't take us that long. She was constantly, "Just don't stress. It's okay. We're gonna work with you if something happens and it's not in on time, we can revamp things. It's not gonna be that big of an issue."

She always called me back, which is a big thing for me. We get that a lot when you're trying to do business with somebody and you call and we realize that everybody's busy. And at the time a lot of people were working from home and she didn't hesitate to always get back to us. We also received documents in the mail and they outlined everything for us. So it was a pretty great experience.

We actually recommended Vanderbilt to somebody else. They absolutely loved our home. And they were talking about building and we said, “Look, the process itself was super easy. We filled out the application online. Somebody touched base with us that same afternoon. Two days later, we had an approval and an approval amount. And then it took another a couple of days before we found out what our actual down payment was.” My sister said, "Wow. That's pretty impressive. It took us several months to get an approval just to have a home put on our land."

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 2, 2020

    We started at the end of February and closed at the beginning of September. We ended up having to redo the application but it wasn't on Vanderbilt's side. In fact, they were great. They were able to transfer all of our information on the old application to the new application and get us closed. Things were a little complicated in the beginning. My husband is a pastor and the way that his income is shown on his taxes is very different than a standard employee. There wasn't a whole lot of understanding in dealing with that so we ended up having to go to the upper management through Vanderbilt. The guy was able to help us and we ended up having to amend our taxes. We went from a self-employed status to a W2 employee because there wasn't any way to read his taxes without doing that. That was the part that made the process take so long.

    It was definitely a good experience as far as communication goes. On a scale of 1 to 5, it's a 4 out of 5. I wasn't always able to get ahold of who I needed to speak with but they would always call me back in a reasonable manner. If I needed to know something right then, they would always transfer me to someone else in that department who could help me with it and they were definitely really accommodating. We had a unique situation that doesn't normally happen with a lot of people and they were really good to make sure that the right people were contacted to be able to work it out for us.

    I ended up having two reps. The first was Laura then we were transferred to Todd. Both did a great job. Laura was super helpful on the front side of things and in getting everything transferred over for us. She was understanding of the situation and the reason that we needed to get transferred over. She made that process really quick and smooth. When it came to having to transfer things over, she was able to get in that old application and I didn't feel wronged or I had done anything bad for wanting to transfer my application over. On the backside of things, they were able to take care of everything that we needed and as far as the transparency goes, they were really good in communicating exactly where we were in the process. I wasn't left in the dark about anything.

    Doing business with Vanderbilt was easy. They were always available and willing to talk. The main thing that I would hope for improvement for the next family that comes through is just do some research as far as the different occupations that are out there and the way that taxes are handled for different occupations, not just the standard W2 employee. Vanderbilt could also set some systems in place to make it easier for people who are either self-employed or have a unique position that isn't even necessarily self-employed.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 15, 2020

    My credit is not that great. Also, my wife filed for bankruptcy four years ago. So with our income, our credit situation and with what we were wanting, Vanderbilt Mortgage gave ve us a fair deal. The application took about 20 minutes. It wasn't very long. The only thing that really took so long was because we couldn't make up our mind which house we wanted. Now we've already got our house and it's already set up, for the most part.

    We went over a little bit more than what we wanted to spend per month but in the long run, it would not be as bad as we thought. I was also including the lot rent, but we had talked to my wife's parents and wound up putting it on their property. Now, we won’t have a lot rent so the little bit more we have on our house payment isn't that hard. If we would have the lot rent, I probably wouldn't have taken it.

    When we first talked to the rep from Vanderbilt, she said that she was busy and every time we called, she couldn't pick up the phone. But for the most part, she’d call us back in a timely manner. Also, Todd was really good, and Abbie was the one lady that we talked to quite often and she was the one that would call us back most of the time. They did a good enough job. Now we're wanting to set up our house payment every two weeks but I don't know who I need to contact. But they did say that we could just call than they could point us in the right direction. For the most part, we had a great experience with Vanderbilt Mortgage.

    7 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 14, 2020

    I filled out the Vanderbilt application and my boyfriend sent it to them. The guy wasn’t there that Friday but I brought the paperwork up there. One of the ladies who was like the receptionist made a copy and put it on his desk. Two weeks later, the guy from Tennessee was like, “I need this.” I told him that it has been up on the other guy's desk for the past two weeks. I didn't know why that guy had not faxed it to him. I told him that if my boyfriend was not happy then I was not happy. They would need something from him but they would call me every time. Every time my boyfriend would try to call, he could never get the guy that we were going through on the phone.

    They had my boyfriend's number and if they needed something from him, they should have called him because I told them that if they could not get a hold of him, they should just leave a message and he would call them back. He would know exactly what they were talking about. If they need something from a specific person on the application, they should call them. When my boyfriend calls, he should be able to get ahold of them instead of them calling me instead.

    The loan officer we had was great. I had no problems with this person as well as the guy in Tennessee. The one I had a problem with, however, was the one in Sumter. It was a whole communication thing. It was pretty much a failure in communication, especially when it came to my boyfriend. The guy wanted to give us a gift card for $2,500 to get our stove, fridge, washer, and dryer. We said, “No, we can’t. There’s nothing at Lowe’s that’s in stock.” The stove and the fridge each cost $1000 each, not to mention the washer and dryer are at least $500 each, if not more. I bought all these appliances before. $2500 was not gonna cover it.

    Also, we were not told that we could customize certain things in our house. The guy that came out and fixed a few things that were wrong was like, “They don't tell you this, but…” We were gonna replace probably our dining room and our front room with ceiling fans with the light in it. That same guy came out here and fixed the front door that was crooked. You had to pull really tight to get it to click then there’s a big old gap at the top so if it rains, the rain would come in. One of our windows was broken and a few other things. That guy was the one that told us that we could have just had the few customizations that we would have liked before we signed the paperwork.

    From the first day we went up there to the day we saw on the closing paperwork, the process was between 30 days and 45 days. Overall, I’m happy with the Tennessee office and pretty much everyone, except for the Sumter office. But the communication could have been a little bit better. Also, we can do the payment but it's a little high. Other than those, I would definitely recommend them. The overall quality is pretty good. There are just the little things here and there that we noticed, but it's not a big deal. My boyfriend does construction so he can see it pretty much before anyone else can.

    2 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 27, 2020

    I was looking at homes and when I decided what house I wanted to try to purchase, I was told what loan companies the builder worked with. And they recommended that I go with Vanderbilt, so I went with them. Everything took a good while to get finalized because my husband works with a lot of different companies, so it was taking them a really long time to get in touch with his employers. I told them that when the contract is up and he’s finished in the plant, he gets laid off then just waits for the next job. I was trying to explain to them the kind of work he does and they needed stuff explaining the gap period.

    Also, there was one girl named Wendy who was kinda working on our stuff but she wouldn’t contact me about anything and it would be a week or longer before I ever heard from her. She asked me if there was any way I could get in touch with his employers, which would help out a lot, so my husband and I were trying to call whoever we could think of. He was trying to get numbers from everybody and we were calling and trying to hassle people into whatever we needed so Vanderbilt could get what they needed.

    When I would call Wendy, I would leave messages and she wouldn’t return my calls. And I would email her but she wouldn’t email me back. When she did, it was just to say, "Hello. I still can’t get in touch with anyone, but I’m working on it”. So, I was really aggravated and I felt like I wasn’t in the loop, but I was doing everything that she asked me to do. If Wendy felt like she couldn't get in touch with anybody, she should’ve asked for a little more help or given it to somebody else earlier. And when I asked her if she could give the case over to someone else, it sounded like she was really upset that I asked that. She was kinda rude about it but she turned it over to her supervisor. Once it was switched over to her supervisor, they got in touch with everybody they needed to get in touch with and it was done.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 13, 2021

    The process with Vanderbilt was easier than we expected and we were satisfied with them.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 6, 2021

    I dealt with several different people at Vanderbilt Mortgage and they were all through text messages or on the phone. So, I talked to someone different almost every time and I keep getting different information from different people, so, I'm not really not sure what is what. They said that the loan had been funded and my first payment will be due on June 1st. The process has been dragging on for a long time since November but that's really not Vanderbilt's fault. I blame it on all this COVID stuff. People are working from home and it wasn't like 10 years ago when I got a loan through Vanderbilt where you just dealt with one person. You did the application and it went through then you were done.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 30, 2021

    The salesman encouraged me to go with Vanderbilt. He said they're a good outfit. They have kept me informed with what they were doing with the mortgages and how I was coming along with my home. I’d be glad to get settled in my little home.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 29, 2021

    Vanderbilt told us one price, then later they told us another price. It went up and I have not had an answer to why it went up. Other than that, it took us about eight a year to get our house and I didn't have any problem with the reps I spoke to.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 28, 2021

    Vanderbilt communicated with me a good amount for us not ever sitting down face to face. Their reps were all pretty clear and concise and friendly. So, I'm pretty pleased. Everything's going good. I'd tell others to go for Vanderbilt.

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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