Vanderbilt Mortgage

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Vanderbilt Mortgage
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Vanderbilt Mortgage

 4.6/5 (162 ratings)
  • 5 stars
    126
  • 4 stars
    21
  • 3 stars
    4
  • 2 stars
    6
  • 1 stars
    5
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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
    126
  • 4 stars
    21
  • 3 stars
    4
  • 2 stars
    6
  • 1 stars
    5

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?
  • 3,146,338 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: 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.

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

    It was very easy to deal with Dwayne and the mortgage guy (Brian). They were able to answer all my questions and point me to the people that I needed to speak with and get things accomplished. It took minutes to fill out the application, but the underwriting took a while. I used my own land and there were some issues with the property that I had to take care of, but once I got my issues squared away, it was within weeks from closing that out. Keeping me apprised of what was going on could be improved though. They could've let me know if things weren't clear on the deed and that would hold up the time for the underwriters.

    Dwayne was really helpful. Lee, who stepped in and helped me once it got into that phase, was really helpful too. Lee dealt with the deed part of the land in the whole process, so his part was following up with the underwriters and making sure that they got all the information they needed in order to do their part when the land is involved.

    I feel very comfortable with Vanderbilt. When I first applied, I was anxious to try to get things going. After dealing with everyone and going through it, I'm surprised it's done and I'm in the house. I'm very satisfied. I've got other land that I'm gonna look for rental properties, and I'm looking to go back through this whole process again with Dwayne in a few years.

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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.

    8 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 1, 2021

    Once I knew who to contact, the process was relatively easy. Vanderbilt was easy to work with and they have programs for people who don't have a larger down payment. The rep took our concerns and took time to answer them the best that she could. However, we didn't hear anything for like 100 days on the status of our loan. I know that there was a backlog but an open communication is always nice.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: April 23, 2021

    I was happy with Vanderbilt Mortgage. Their rep was very thorough.

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    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 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 2 stars
    Verified Reviewer Verified Buyer
    Original review: April 12, 2021

    We did all our paperwork through the guy that I spoke with with Vanderbilt. It was a brief signing up work. The lending process went well. I did have a couple questions in the beginning of the process that I would’ve reached out to. They could improve a little bit more on the communication end as far as understanding the whole process for buyers, such as ourselves, being first time homebuyers.

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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