Eligible borrowers can qualify for a loan with just 3% down, and some programs have flexible credit requirements. With this option, borrowers can finance up to $3 million.Ĭaliber has loans for renovations and new construction, as well as mortgage programs with low down payment requirements. For example, self-employed borrowers can take advantage of the lender’s SmartSelf loan and qualify for a mortgage with their bank statements rather than needing two years of tax returns. The lender offers conventional and government-backed loans-including FHA, VA, and USDA loans-but it also has unique products specifically designed for certain borrowers. The company has robust educational resources to help new homebuyers make informed decisions.Ĭaliber Home Loans is a lender best suited for borrowers looking for mortgage solutions for particular situations. Those with a credit score below 500 cannot qualify for FHA mortgages.įairway's time to close loans is fairly typical at about 30 to 45 days. Borrowers with a credit score of 500 to 579 can still qualify but must put at least 10% down. FHA loans with 3.5% down require at least a 580 credit score. You can boost your credit score over time, making it easier to qualify for a loan and get a lower interest rate.įairway doesn’t list its minimum credit score requirements on its site, but a loan officer told us the minimum score for most loans is usually 620. Fairway can be especially helpful for first-time homebuyers since the lender offers FHA loans as well as conventional loans with a minimum down payment of just 3%.īorrowers can also take advantage of Fairway’s CrediTools program, where a Fairway team member will create a personalized credit improvement plan for you. Rocket doesn’t disclose its fees on its website, and a company representative told us fees can vary based on the loan structure.įairway is a national mortgage lender that offers multiple mortgage products. Overall, they are known to get things done in an efficient manner.Īlthough Rocket Mortgage could be a convenient option for many home buyers, the lender doesn’t offer USDA loans, and its fees may be higher than you’d get from other lenders. Rocket says mortgages normally close in between 30 and 45 days, but there is variation in some cases. In general, borrowers need a credit score of 620 or higher to qualify for a conventional loan, but borrowers with lower scores may be eligible for a Rocket FHA loan. It’s also a provider of government-backed loans, like FHA and VA mortgages. Rocket Mortgage has several mortgage options, including conventional loans and jumbo loans. Rocket's consistent high rankings in studies such as these show its commitment to customer satisfaction and creating a great experience for home buyers. Furthermore, Rocket also ranked first in the J.D. Power ranked Rocket first in its 2022 U.S. Rocket Mortgage is our choice as the best overall mortgage lender because of its high customer satisfaction ratings, its mortgage options, and its convenient online application process.
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