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Vanderbilt Mortgage
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Vanderbilt Mortgage

 4.6/5 (180 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?
  • 3,305,196 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: 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

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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."

    2 people found this review helpful
    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.

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

    We've had nothing but a great experience with Vanderbilt. The whole entire application process to be totally approved took about between two to three weeks for everything. I did the application and somebody got back with me very quickly. They asked us some questions about where we'd like to keep our payments, what would we be able to put down and we worked with that. They got us a better deal than what we were really expecting as far as our down payment and our monthly payments. We were just totally pleased.

    The rep was wonderful. She answered all my questions. She was available any and every time that I needed to talk to her. Sending documents, we did it through email. It was just perfect. They praised me because I have gotten everything done, which usually takes about five weeks, in about two weeks. The transparency was great, ‘cause we have some messed up credit. Income-wise, we knew that we were gonna make it. But this is our first time home, so we've never bought one before. So, getting them to help us understand every step of the way was great. Once we applied, at first the down payment was 11,000. We were like, “Oh, okay.” But then when they finally came through, the down payment was 2,000 cheaper. We were able to get that paid off, no problem. Everything went smoothly. I didn't have any problems doing the loan.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2021

    The rep was good. There was no problem with the loan process and I would recommend Vanderbilt.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 8, 2021

    Vanderbilt's been fine. The whole process, signing the mortgage, getting all of the paperwork done, getting the house moved out there, was simple and easy. It wasn't too long on their end, but due to rain and the state of the lot I chose to put it at has delayed the process. But everything on their end went smoothly.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 7, 2021

    Working with Vanderbilt was seamless. The rep was very knowledgeable, nice, courteous and professional. ​I filled out a few forms and talked to a couple of people and they took it from there.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 6, 2021

    The first time I tried to contact Vanderbilt, I didn't get any response. But it was the middle of that whole COVID thing, so I just kept trying until I finally got somebody. It took them a couple of weeks to give me a callback. Then I kept getting handed off to different departments and different people. If I could have worked with only one person, it might have gone a little bit faster. But overall, it was not bad at all. When we finally got started to when we finally got finished, it was three weeks.

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

    Working with Vanderbilt was really easy. I work nights and we got a lot of communication done through email. It worked really well for me. It took four weeks to get everything situated, and then I had to come up with the money. Everything else went pretty smooth and I got everything done.

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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