Caliber Home Loans overview
Texas-based Caliber Home Loans, Inc. is a mortgage originator and servicer that offers a large variety of conventional, government-backed and specialty home loans. The lender also refinances existing mortgages under a number of programs, including a relief refinance to make your loan more affordable.
Caliber Home Loans was founded in 2013 when Caliber Funding and Vericrest Financial merged.
Caliber Home Loans gives borrowers several options to choose from, which is especially helpful for borrowers who want to explore various options. The lender offers both purchase and refinance loans for borrowers with excellent to average credit.
Caliber Home Loans’ customers can apply online and check their application status anytime through Caliber’s online portal. Customer service agents and loan officers are also available by phone.
- FHA 203(k)
- Investment property loans
- Streamline refinancing
Caliber Home Loan lender fees include the usual loan costs including origination fees and closing costs.
Closing costs can include 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:
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