Caliber Home Loans Mortgage Review 2021

By Bankrate Staff

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

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4.1

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Loans offered

Conventional, FHA, FHA 203(k), VA, USDA, jumbo, ARM and investment property loans; refinancing options include HELs, HELOCs and streamline refinancing
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Nationwide availability

Available in all U.S. states
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Min. credit score required

620 for conventional; 620 for VA loans; 580 for FHA loans; 700 for jumbo loans

Pros and cons

Pros

  • Online and phone customer service available
  • Can close loans in as few as 10 days
  • Loan options include fixed-rate, adjustable rate (ARM), flex-term, investment property, VA, FHA, USDA and jumbo mortgages
  • First-time homebuyer program with a low down payment requirement (as little as 3 percent down)
  • Offers loan modification programs for eligible borrowers
  • Services loans after closing

Cons

  • No brick-and-mortar locations
  • Customer service call center hours limited

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.

Loan types

  • Conventional
  • FHA
  • FHA 203(k)
  • VA
  • USDA
  • Jumbo
  • ARM
  • Investment property loans
  • HELs
  • HELOCs
  • Streamline refinancing

Lender fees

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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