Caliber Home Loans was named a Top 30 Lender in 2019 by Inside Mortgage Finance. So, if you’re looking to get a mortgage or to refinance your current one, find out more about Caliber and its mortgage options:
In this post:
- Caliber mortgage purchase review
- Caliber mortgage refinancing review
- Always compare multiple lenders first
Caliber mortgage purchase review
Best if you’re:
- Comfortable working online or through an app
- A member of the military or a veteran
- In need of a portfolio loan
As a non-bank mortgage provider, Caliber Home Loans offers its services by connecting borrowers to a network of loan consultants across the country. Those who can’t find a loan consultant in their neighborhood can use one of the company’s centralized loan consultants, who are licensed to work in multiple states.
Types of Caliber mortgages
For those who are looking to get a mortgage in order to purchase a home, Caliber offers a wide array of loan programs:
- FHA loans: FHA loans are insured by the Federal Housing Administration. It’s possible to get an FHA loan with a down payment as little as 3.5% of the home’s appraised value or purchase price if you have a credit score of at least 580. It’s also possible to get a loan with a lower credit score, though that requires a down payment of 10%.
- Freddie Mac Home Possible loans: If you’ll need to get your down payment funds in the form of a gift, you may want to look into Freddie Mac’s Home Possible loan. However, be aware that this program requires a credit score of 660 and a down payment of at least 5%.
- Fannie Mae HomeReady loans: If you have a credit score of at least 620 and earn a salary less than or equal to 80% of your area’s median income, you may qualify for Fannie Mae’s HomeReady loan, which allows for a down payment of 3%.
- Jumbo loans: If you need financing for larger amounts (up to $2.5 million), you can take advantage of their jumbo loans. Down payments for these start at just 5% and they offer both fixed and variable rates (ARMs).
However, if you don’t qualify for a traditional loan, Caliber also specializes in portfolio loans. With portfolio loans, the debt is kept in-house rather than being sold, which allows the company to set its own qualifying standards.
As of 2019, Caliber has closed over 7,500 of these loans in an effort to help more people become homeowners.
Options for military and veterans
Caliber Home Loans also takes a special interest in assisting military borrowers. The company even hosts a separate website (CaliberMilitaryLending.com) which provides resources meant to help active servicemen and women, and veterans, secure a VA loan.
Here’s a high-level overview of all of Caliber’s mortgage purchase products:
|Conventional, Jumbo, HomeStyle® Renovation, Home Possible®, HomeReady™, FHA, FHA 203(k), USDA, VA|
|Does not disclose, but is not limited to 15- and 30-year terms|
|3/1, 5/1, 7/1, 10/1, and 5/5 ARMS|
|Min. FICO score||580 for fixed-rate loans, also offers FHA loans|
|Min. down payment||No down payment requirement on VA loans; as low as 3% on other types of loans, depending on your loan amount|
Caliber mortgage refinancing review
Best if you’re:
- Hoping to lower your monthly payment by refinancing your existing FHA mortgage to an option that does not require mortgage insurance
- Looking for a custom loan term
- A military member or veteran who wants to refinance
If you already own a home and are simply looking to lower your interest rate or change the terms of your loan by refinancing your mortgage, Caliber Home Loans can be a good option. In this case, the company offers an FHA refinance loan, a VA refinance loan, and two conventional refinance loan options:
- FHA Streamline Refinance:Meant for existing FHA borrowers, this loan is designed to help homeowners refinance without having to make a lot of extra effort. Caliber notes that a new appraisal may not even be required.
- VA Streamline Refinance (IRRRL):This loan is meant for existing VA borrowers who want to lower their interest rate. Caliber notes that a new appraisal may not be required for this type of refinancing either.
- Relief Refinance:This conventional loan refinancing program is aimed at helping borrowers lower their monthly payment by saving on interest.
- DU Refi Plus program:This is another conventional loan option that gives borrowers the freedom to choose their own, custom loan term.
Here’s what you can expect from Caliber’s refinance products:
|Mortgage refinance programs||Relief Refinance, DU Refi Plus, FHA Streamline Refinance, VA Streamline Refinance (IRRRL)|
|Fixed-rate loan terms||DU Refi Plus offers the option for custom loan terms|
|Variable-rate loan terms||Does not disclose|
|Min. FICO score||620 is required for the FHA streamline refinance|
|Typical closing costs||Does not disclose|
Learn More: How to Refinance Your Mortgage in 4 Easy Steps
Always compare multiple lenders first
Whether you’re interested in applying for a new mortgage or refinancing an existing loan, you should compare multiple lenders first. From a rate perspective, doing so could save you thousands of dollars in interest over the life of the loan.
Credible allows you to compare mortgage rates from Caliber Home Loans and other lenders without affecting your credit. We also automate much of the origination process, so you can close any loan you choose without leaving our website.
Note: Credible does not currently offer all loan products described above.