Article | Home Buying
How to Apply for a Mobile Home Loan
Buying a mobile home is a multi-step process and one of the largest purchases someone can make. Whether you are a first-time homebuyer or buying again, you may have questions about applying.
You’re ready for homeownership, and no doubt, you have likely spent countless hours searching for the perfect mobile home! Now that you have fallen in love with the mobile home you’ve been dreaming of, you’re ready to apply for financing. This is a big and exciting moment, and we will be with you during every step of the way.
Wondering how to apply? No worries! Here is a breakdown of the steps and ways to apply for a mobile home loan.
Information to Have on Hand
Before we talk about how you can apply with us, let’s talk about the information you will need to provide.
The content of your application packet varies by state, but the main document will be the actual loan application asking for your personal information — such as your Social Security number, birthday, address and current employment or gross monthly income received (the total amount of money you earn each month before taxes are deducted). This, as well as other information on the application, is needed to make a loan decision.
Another helpful tip is to have names and phone numbers of current and previous employers and your addresses where you have lived for the last two years. Having that information on hand can save you time when applying.
Options for Applying
Now that you are prepared for what information you will need to provide, let’s talk about your options for applying. Vanderbilt’s goal is to give ease to our customers, so we offer plenty of options to help you feel comfortable applying for your credit approval. This way, you can choose what is best for you!
Online: By going to VMF.com you can apply online . You will need a current email address to be able to submit an online application. If you don’t have one created, that is okay! You can always create an email for free before beginning.
In Person: If you are purchasing a mobile home through a home center, they will have information available there. When you are filling out your application at a home center, you will be given a document called a Retail Choice of Lender form, which lists some lenders who provide manufactured home financing. We are proud to be an affiliate lender with the Clayton Family of Brands. If you check Vanderbilt Mortgage and Finance, Inc. on the Retail Choice of Lender form, the home center will send your loan application to us for consideration.
Over the Phone: If you are looking to purchase a pre-owned mobile home for sale by Vanderbilt or by a private owner, we can assist you with a phone application. A representative will help walk you through each step and can answer any questions that you have during the process.
At Home: We also have the ability to email you a copy of our paper application or mail you an application. Just give us a call and request that we send you the appropriate application for you. Once completed, just send the application back to us via mail, email or fax.
If you have questions along the way, we are always happy to help! Just give Vanderbilt Mortgage and Finance, Inc. a call at 1-866-701-0467 during normal business hours. We are here to give support in any way we can.
What All Can We Finance?
Vanderbilt offers loans for mobile homes and a variety of packages for your application. When applying, you will have the option to apply for our Home Only loan, Land and Home loan, or you can use your land as collateral to help you purchase your mobile home. Just let us know what all you are planning on purchasing, and we will help fit you with the best package we can offer you.
After You Submit Your Application
Whether you have submitted your loan application online, over the phone, or filled out a paper application at a retail home center, you are probably wondering, “What happens next?” Once your application has been received, we will review it to make sure no information is missing. If we are missing any information, you may receive a call from a representative to help complete your application. Once complete, you should expect a call or email from a licensed loan specialist within 3 business days. All loans are subject to credit approval.
Now that you know the ways to apply, choose the application method that would work best for you. We are here to help you every step of the way and look forward to being on this journey to homeownership with you!
Apply now to start your journey home today!
Article | Home Buying
Guide | Home Buying
Article | Home Buying
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