Zero Down Payment – not Land in Lieu – Manufactured Home Chattel Lending Program

NoMoneyDownMHChattelLoan$DailyBusinessNewsManufacturedHousingIndustryProNewsMHProNews has been advised by sources that Vanderbilt Mortgage and Finance (VMF) has been testing a Zero Down Payment chattel lending program.

Per those sources – one of which is involved in manufactured home industry lending – the loan program doesn’t require “land in lieu” of down payment.

The assertion is that it is a true zero cash down payment, home only (chattel loan) financing plan.

The program, the Daily Business News is told by sources, applies only to Clayton Homes retail centers.

An inquiry to a senior VMF team member has not been replied to as of the time this post was published.


But an informed source at 21st Mortgage Corporation tells MHProNews that while they can’t confirm that VMF related information; they will state that they do not have nor have a current plan for a similar program for 21st customers.

One of many screen capture of messages to MHProNews on the alleged VMF zero down payment chattel loan program.  Sources on this issue are kept in confidence, but they are free to reveal themselves, if they so choose.  MHProNews honors confidential source requests. 


If the information provided to MHProNews proves to be accurate – and Clayton/VMF become successful at selling it – on paper this could prove useful to selling the masses of buyers who have decent-to-good credit, but have heavy debt, may still budget, yet lack a down payment.  To rephrase, as the retailer above said in their messages, that this program tilt’s the playing field toward Clayton, saying, “Not right.”


Zero Down? What Sounds Grand, May Not Be All Peaches and Cream…

An informed source tells MHProNews that VMF reps “are getting a little tired of the product because it has a “higher rate, points,” and a “23-year max loan” term.

As a result, well qualified buyers aren’t jumping for joy…

…at least, not yet. But that may prove to be a training issue.

But if the product proves real – and Clayton/VMF finds the best way to present and close sales with it – VMF rep enthusiasm could grow for the plan anew.

It should be noted that the sources on this report differed on what they thought the VMF interest rate was on these zero down loans.


News Tips, Documents, Insights Welcome

All mainstream media news sources rely on experts and tips.  MHProNews is no different. Ideally, when no documents are involved, a news sources wants at least two different sources to verify a claim.  MHProNews is no different.

This trade media site does not encourage anyone to break any law.

Many stories that MHLivingNews and MHProNews has done over the years has been the result of sources inside businesses, associations, from public officials and others providing insights and tips.  Our recent reports on planned protests at the upcoming MHI Orlando event are the result in part of initial news tips.

When those sources desire to be acknowledged, we do so.  When they want to remain “off the record,” we honor those requests.


Another new report – indirectly related to this one in more than one way – that came to us as a result of readers tips is linked here.

There are several details MHProNews is seeking to develop on this issue. Tips from readers, as well as the principles in the matter, are welcome. ##

(Note: as VMF and Clayton’s parent company are part of our daily market report, the most recent one, is linked here.  These industry connected stocks with publicly traded companies are normally available by 7 PM ET, and routinely include information found from other stock reporting services.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for




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