Vanderbilt Mortgage Provides Down Payment Tips This Tax Season

National mobile home lender gives homebuyers advice on saving for a home

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Apr 08, 2015, 07:00 ET

MARYVILLE, Tenn., April 8, 2015 /PRNewswire/ -- Vanderbilt Mortgage and Finance, Inc., a Berkshire Hathaway company, is providing potential homebuyers with tips on saving for a down payment for a new home – just in time for tax season.

Vanderbilt Mortgage, which currently services more than 180,000 home loans, has recently launched a new website that is full of tools for those looking to purchase a home. One of those tools is a helpful guide titled The Vanderbilt Mortgage and Finance, Inc. Guide to Down Payments.

Vanderbilt Mortgage and Finance, Inc.'s new website features many tools and guides for consumers, including the down payment guide.

"We want to give our customers every available resource, tool and guide we can so that they can better understand what all goes into financing a home," Eric Hamilton, President of Vanderbilt Mortgage, said. "There are a lot of moving parts involved in purchasing a home, and resources like the down payment guide can make going through the mortgage process easier for the customer."

Many types of mortgages may require a sizable down payment in order for the homebuyer to qualify for financing. Because of this, saving up for a down payment is a crucial part of achieving the dream of homeownership. The new Vanderbilt Mortgage website's guide to down payments provides several helpful tips, which include:

Set a realistic goal—the first step to buying a home is determining an affordable down payment amount. Researching home prices and making a budget can help narrow down which homes are in one's budget. A lender can help estimate the possible down payment amount you will need once you choose the right home for you.
Set up a savings plan—setting up a regular savings plan, whether it be collecting change in a jar or manually setting aside a portion of each paycheck, is a good way to grow a down payment. Automatic transfers to a savings account is also a good way to put money aside without having to think about it.
Earn extra income—this is not always an option for everyone, but working overtime or picking up a part-time job can provide extra money to put toward a down payment.

Once you determine what down payment options are right for you, visit vmfhomeloan.com to complete an online application and begin the journey to home ownership.

About Vanderbilt Mortgage and Finance, Inc.

Vanderbilt Mortgage and Finance, Inc. is a national housing lender that specializes in financing manufactured homes. In business for more than 40 years, the company currently services more than 180,000 home loans and works hard to tailor loans to each family's needs. Vanderbilt has an A+ grade from the Better Business Bureau and is a Berkshire Hathaway company. For more information, visit VMFHomeLoan.com.

NMLS Disclosure

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, KS Licensed Mortgage Co. (SL.0000720), Licensed by the NH Banking Department, Mississippi Licensed Mortgage Company, MT Lic. #1561, Licensed by PA Dept. of Banking.

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SOURCE Vanderbilt Mortgage & Finance, Inc.