ConsumerDirect Mortgage, a division of FirstBank (based in Nashville, Tennessee), is an online lender that was established in 2012. FirstBank is a publicly traded, 115- year-old, FDIC-insured bank with more than $11 billion in total assets.
ConsumerDirect Mortgage offers the basic menu of loan options, both conventional and government-insured such as FHA and VA loans. Lender credit is available for borrowers’ closing costs on a majority of their loans, which can help save borrowers money.
ConsumerDirect Mortgage is headquartered in Delray Beach, Florida.
- Rate-and-term refinancing
- Cash-out refinancing
ConsumerDirect Mortgage fees vary by loan type. The lender doesn’t charge origination fees, according to a ConsumerDirect spokesperson.
Minimum borrower requirements
ConsumerDirect Mortgage adheres to 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). Depending on the loan, a minimum down payment of 3 percent is required, according to a spokesperson.
For FHA and VA loans, requirements are set by the government. You can find them here:
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