Vanderbilt Mortgage Announces New 90 Day No Pay Program for New Homebuyers
Our Vanderbilt Mortgage and Finance team knows we are in unprecedented times. In many stay-at-home or shelter-in-place orders, mortgage companies are considered essential business and remain open to serve customers. We are excited to announce a new 90 Day No Payment program to help new homebuyers during this time of economic uncertainty. To support new coronavirus (COVID-19) social distancing policies being implemented across the country, potential new homebuyers have the option to apply for a mortgage online by completing a credit application at VMFHomeLoan.com before they begin shopping for a home. Vanderbilt Mortgage also offers digital tools such as educational buyer resources, a payment calculator and a ‘find a home center’ page.
The 90 Day No Pay program is available to all new qualified customers who submit a credit application from March 30, 2020 through May 31, 2020. The program automatically delays the first mortgage payment due date for 90 days after the loan is funded.*
We at Vanderbilt understand right now affordable housing is more important than ever for families across America. We are here to support new homebuyers and ensure they feel confident about their mortgage journey during this unprecedented time.
* No payments for 90 days (“Program”): Portfolio loans only,not available for FHA. Program available for loans to finance the purchase of new manufactured and modular homes from a Clayton Family of Brands retailer (“Seller”). All loans are subject to credit approval. Complete credit application must be received by May 31, 2020 to be eligible. For eligible loans, the first payment due date will be extended with no additional interim interest for two months. For example, if the loan were to fund in May 2020, the first payment due date will be extended with no additional interim interest from July 2020 to September 2020. Funding occurs after the closing date when the new home is delivered, installed, the requirements for occupancy and all of Vanderbilt’s requirements for the loan are completed. Program not available for loans with closings which have occurred on or before March 30, 2020. Closing means the signing of both the Seller’s sales and Vanderbilt’s loan documents necessary to finance the purchase of a new home.