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One of the key elements in any loan package is the type of financing arranged. There are many companies that will finance a mobile home as chattel. This means a personal property loan that can include the home and some optional equipment or improvements. They only hold the home title as collateral.

A second type of loan is a real estate mortgage loan. This means financing the home and improvements and land as a regular home mortgage.  Typically this mortgage loan offers better rates, but there are closing costs and escrows involved.  Still, the payment is usually quite a bit less and means much more savings to you.

We offer both types of loans and will gladly pre-qualify you for the best program available.

Please call or email us for an application today.

We offer Chattel Mortgages, Land in Lieu Mortgages and Land/Home Mortgages. The best package for you just depends on your credit and the down payment you have available. But no matter how your credit scores, we have a package for you because we do our own financing. We are the Bank.

Mortgage and Finance Inc

Vanderbilt Mortgage & Finance makes dreams possible. Rapid response credit processing allows our experienced underwriting team to quickly approve a tailored manufactured home loan just for you and your family. Since inception over 190,000 homeowners have made Vanderbilt their mortgage lender.
Vanderbilt mortgage has many programs to help you keep your payments low and save money. Listed below are just a few of them.
Chattel Mortgages:
This is a mortgage on the home only. The down payment in this case can be lower than in a land/home package. The homeowner in this scenario may already have their land and can not use the land as collateral for the home. The homeowner may decide to purchase owner financed land or get a separate mortgage on the land in order to make budgeting a little easier possibly by having the house payment due on the first and the land on the fifteenth, or vise versa. Another scenario is the homeowner may not be financially able to purchase land at this moment so they choose to put their home on a rental lot.
Land in Lieu Mortgage:
This mortgage is for customers who already own their land and have a clear deed of trust to their property. This type of loan is useful when you are short on cash. Your land is a great substitute. If some improvements are needed, they can possibly be added into your new loan.
Land/Home Mortgage:
This is a mortgage on the home, the land, and any improvements needed. The homeowner is this case is purchasing the land and the home at the same time and would like to have it all in one package and one payment per month. In this scenario, the homeowner may need to have a larger down payment than what would be expected on a chattel mortgage.

Bubba: is Buying Under the Biweekly Budget Advantage, through this program you SAVE on interest, REDUCE the term of your loan and MORE!
Benefits include: Pay your loan off faster Convenient Trade up faster Interest Savings= up to 1/3 cost of home Easier on your budget A-1 Credit rating guaranteed
Betsi: is Build Equity Thru Saving Interest, this program also Saves you interest, Reduces your term on your loan, Plus some.
Benefits include: Build equity fast Trade sooner Fixed rate loan Home pays off in 1/2 the time Lower interest rates Retire early