- Features
Details
Features
| Loan products offered | Conventional, FHA, VA, USDA |
| Minimum down payment (Conventional) | 3% |
| State availability | Not available in: AK, HI, NY, DC |
| NMLS # | 1561 |
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Our take on Vanderbilt Mortgage and Finance
If you’re looking for less expensive alternative housing, Vanderbilt Mortgage and Finance specializes in providing loans for manufactured or modular homes — a market that many lenders won’t touch.
The company specializes in manufactured and mobile home finance programs for first-time homebuyers and those with less-than-perfect credit. And the company’s bimonthly payment option and land-related loans make the lender a great option if you’re looking to buy a modular home.
But with the lender’s less-than-stellar customer service reputation, you may end up spending a lot of time and energy trying to get someone on the phone if something goes wrong with your paperwork or billing.
Vanderbilt Mortgage and Finance Requirements
Vanderbilt doesn’t list loan requirements on their page. But to qualify for an FHA loan, you need to have at least a 580 credit score and a 3.5% down payment. And most lenders will require at least a 620 credit score to qualify for a conventional mortgage.
Documentation
Have the following information available before you apply:
- Information about the property. In addition to the address, you’ll need to supply proof of your down payment and any contract information, if you’ve already made an offer.
- Personal information. The application asks for the name, address, date of birth, and Social Security number of each borrower. You’ll also need to provide your email address, phone number and marital status, as well as details of your current living arrangements.
- Employment information. Provide details about your employer, including the company name and contact details, how long you’ve been working there and your monthly gross income.
- Other income. Have documentation detailing any other income you receive from sources like alimony, child support or foreign investments.
- Assets and liabilities. You need to document your liabilities, such as other loan payments, alimony and child support. You also need to approximate your monthly household living expenses and supply copies of your checking and savings account statements.
- Declarations. Be sure to include information on any outstanding judgments against you and provide any documents relating to any bankruptcy, repossession or foreclosure you’ve experienced in the last seven years.
Costs and fees
Vanderbilt doesn’t list what fees you’ll need to pay on its website. If you’re considering this lender, you’ll need to ask your loan officer for a full list of fees. But closing costs on a new mortgage are typically 2% to 5% of the home’s price and include:
- Application fees
- Origination fees
- Underwriting fees
- Rate lock fees
- Ongoing fees
- Third-party fees
How to apply for a mortgage with Vanderbilt Mortgage and Finance
To apply for a mortgage with Vanderbilt, follow these steps.
- On the lender’s website, hover over the Home Loans tab and select Apply for a home loan from the drop-down list.
- Gather the information listed and select I’m ready.
- Follow the onscreen prompts to provide information about the property and land you want to purchase.
- Enter your personal information and choose Next.
- Enter information about your income and liabilities and choose Next.
- Review your information and submit your application.
What types of mortgages can I get through Vanderbilt Mortgage and Finance?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Vanderbilt Mortgage and Finance
Vanderbilt offers several unique mortgages, including:
- eScore loans. Vanderbilt Mortgage has partnerships with the Tennessee Valley Authority (TVA) and local power companies to offer loans to customers who want to make their homes more energy-efficient.
- Biweekly Advantage Mortgage. Instead of making monthly payments towards the amount you borrow, this mortgage allows you to make a half payment every two weeks, meaning more of your money pays off the principal of your loan, paying your debt down more quickly.
- Land Home Mortgage. Designed for you if you own land and would like to build a home or need a loan for a land purchase and the home’s construction. Your mortgage payments and fees are conveniently combined into one payment.
Vanderbilt Mortgage and Finance reviews and complaints
Vanderbilt Mortgage and Finance has been accredited with the Better Business Bureau (BBB) since 1974 and has an A+ rating as of July 2022 after closing 46 official customer complaints in the last three years. The lender has a 1 out of 5 star rating based on 17 customer reviews.
Reviews on other sites are much more favorable. On Consumer Affairs, Vanderbilt gets 4.5 stars based on 176 online customer reviews, and on Google Reviews, the company gets a solid 4.6 out of 5 stars from 2,797 customers.
Positive feedback describes an easy application process and helpful loan officers, while negative feedback focuses on rude and unresponsive customer service representatives.
Pros and cons of Vanderbilt Mortgage and Finance
Pros
- Loan options. Vanderbilt offers loans for mobile and modular homes, which can be difficult to finance with traditional lenders.
- Experience. Vanderbilt Mortgage and Finance has more than 40 years of experience and currently services over 200,000 loans.
- Simple application process. It’s quick and easy to begin the application process online for a home loan.
- Difficult customer service. Many reviews complain of being treated poorly by customer service representatives and not getting questions answered or have scheduled follow-up calls. Our attempts to contact the lender have had mixed results, with some long wait times and phone numbers randomly not working properly. Other times, we got right through to a representative.
- Limited information available. The website doesn’t offer much information about interest rates and other loan details. Contact the lender directly for more information about the features of each mortgage.
What is Vanderbilt Mortgage and Finance?
Located in Maryville, Tennessee. Vanderbilt Mortgage and Finance is a national housing lender that provides and services a number of mortgage loan programs. It focuses primarily on the manufacturing housing sector, offering loans for new and used modular homes. It has serviced over 200,000 loans in its more than 40 years of service.
Vanderbilt Mortgage and Finance home loan data
While Vanderbllt doesn’t advertise its government-backed mortgage options, the lender originated over $400 million in FHA, VA and USDA loans last year. Additionally, Vanderbilt originated over $1.8 billion in Conventional loans, but it denied almost three times the applications it approved.
| Loan type | Applications denied | Loans originated | $ Amount (originated loans) |
|---|---|---|---|
| Conventional | 44,260 | 15,661 | $1,868,365,000 |
| FHA | 254 | 1,837 | $293,865,000 |
| VA | 18 | 396 | $100,760,000 |
| USDA | 16 | 149 | $20,315,000 |
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
Alternatives to Vanderbilt Mortgage and Finance
Vanderbilt offers conventional and government-backed loans, but where it stands apart is its focus on manufactured and mobile homes. These homes often require special financing, depending on whether you’re purchasing land or renting an area to place your home.
But its phone service isn’t great and you may spend time on hold. For lenders with a better track record of customer service, check out Draper & Kramer Mortgage, Guaranteed Rate and North American Savings Bank. We’ve spoken with loan officers at these companies and were pleased to receive professional and courteous service.
If you want to save money on lender fees, consider a 100% digital lender like Beeline or Better. Both have loans without lender origination fees, and a 24/7 online application process for quicker preapproval — allowing you to start house hunting right away.
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