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Blue Spot Home Loans Review 2024

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At a glance

Blue Spot Home Loans
Editor's take

Blue Spot Home Loans and its parent, Cherry Creek Mortgage, were acquired by Guild Mortgage in 2023. Compare other mortgage lenders.

Bankrate Score
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4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Customer Rating
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4.9
Rating: 4.91 stars out of 5

327 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 620 for VA loans, 540 for USDA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Blue Spot Home Loans

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 620 for VA loans, 540 for USDA loans

Blue Spot Home Loans overview

Blue Spot Home Loans was a digital lender affiliated with Cherry Creek Mortgage. It was acquired by Guild Mortgage in 2023.

Pros and cons of Blue Spot Home Loans

Pros
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    Wide range of loan programs, including low-down payment options

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    Helpful calculators to estimate homeownership costs

Cons
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    Stricter credit score requirements on some loans

Our Editor’s Take on Blue Spot Home Loans

Blue Spot Home Loans and its parent, Cherry Creek Mortgage, were acquired by Guild Mortgage in 2023. Compare other mortgage lenders.

How to apply for a mortgage with Blue Spot Home Loans

You can no longer apply for a mortgage with Blue Spot Home Loans directly, but you can apply with Guild Mortgage via a branch location, its website or phone at 800-971-3864. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Blue Spot Home Loans

Blue Spot Home Loans offered rate-and-term and cash-out refinancing options.

Blue Spot Home Loans customer ratings and reviews

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4.9

Rating: 4.91 stars out of 5

327 ratings

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This lender has 0 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
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98% of customers would recommend this lender.