Guide | Home Buying
What is a Direct Loan Through Connect Lending?
A Direct Loan is a loan available through our Connect Lending group within Vanderbilt Mortgage. This loan is specifically for pre-owned, manufactured homes owned and sold by individuals.
At Vanderbilt Mortgage and Finance, Inc. we specialize in financing the purchase of new and pre-owned manufactured and modular homes. We offer a variety of loans to fit your financial situation.
Within Vanderbilt, we have a group called Connect Lending that is your resource for homes purchased from an individual or a home listed on our VMFhomes.com inventory. Connect Lending specializes in financing for pre-owned manufactured and modular homes. If you’re interested in originating a loan for a new home manufactured or modular home instead, that’s also an option. Reach out to us online for help to find the right home loan for you, or give us a call at 866-701-0467. Let’s learn about one of the loans within Connect Lending.
This is a unique financing option. A Direct Loan allows you to finance the purchase of a pre-owned manufactured or modular home without a retailer. This is a loan program for individual-to-individual sales. Your mortgage will still be through Vanderbilt, and you’ll fill out the same application, with just a few variations. Check out more below on how we can potentially finance your home purchase.
What can be financed with a Direct Loan (Pre-owned):
- Manufactured/mobile and modular homes in livable condition
- Land and home packages (where home is already set up on land) or the home only sold by individuals (Real Estate Agents are permitted if the home is titled to the individual owner/seller.)
What can’t be financed with a Direct Loan:
- Homes owned by dealerships, communities or any business
- Homes owned/being sold by banks (excludes liens with another lender where title is in owner/individual’s name)
Now that you’ve learned about the Direct Loan through Connect Lending, you might be curious to find out if Connect Lending has any other loans. They do! There are two other loans available through Connect Lending. Let’s get a snapshot of each.
New Owner’s Welcome Loan
This loan is also referred to as a NOW Loan. It is for homes already financed through Vanderbilt Mortgage.
Typical situations for this loan include:
- an owner who financed through Vanderbilt is selling a home and the buyer also wants to finance through Vanderbilt.
- A current customer wants to remove or add someone on the loan. (Some restrictions apply)
Loans for Vmfhomes.com Inventory
- This loan package is an option for a variety of pre-owned manufactured / modular homes. Vanderbilt also offers loans for certain homes with land that are available on vmfhomes.com that are marked with financing available. Check out the website to see possibilities in your area.
- This is an inventory of Vanderbilt-owned assets. Financing options are the buyer’s choice.
These are helpful overviews, but not all of the details and stipulations within each loan are listed here. All loans are subject to credit approval. We hope that you’ve learned about some financing possibilities you may not have been familiar with through our Connect Lending group. Remember they are your resource for pre-owned home loans at Vanderbilt.
Are you interested in applying with us or have questions? Apply online or give us a call at (866) 491-0189. Our licensed representatives will be happy to assist you in your journey to finding the best loan for you!
Article | Home Buying
Article | Home Buying
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