Caliber Home Loans overview
Conventional, FHA, FHA 203k, VA, USDA, jumbo, ARM and investment property loans. Refinancing options include HELs, HELOCs and streamline refinancing.
Caliber Home Loan fees include the usual loan costs including origination fees and closing costs.
Closing costs include things like title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and surveying fees.
Minimum borrower requirements
Caliber Home Loan goes by the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement. Borrowers must also have a minimum of two months cash reserves to cover the closing costs; proof of employment or income; and, in most cases, a debt to income ratio (DTI) of 45 percent or less.
Keep in mind, you might be able to submit alternative credit data to improve your chances of getting a lower interest rate or just getting approved for a loan. Alternative credit data includes rental history and car payments.
For FHA and VA loans, those requirements are set by the government. You can find them here: