Direct Home Lending Mortgage Review 2021
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
4.0
Bankrate Score
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Find my best matchesLoans offered
Conventional fixed-rate and adjustable-rate (ARMs) mortgages, jumbo, FHA, VA, reverse mortgages; refinancing options include rate-and-term refinancing, cash-out refinancing and streamline (FHA/VA)Nationwide availability
Available in California, Colorado, Oregon and WashingtonMin. credit score required
640 for conventional loans; 680 for jumbo loans; 550 for FHA loans; 550 for VA loansPros and cons
Pros
- Underwriting approval in 24 hours or less for most loans
- Closings usually within 14 days
- Competitive rates and pricing
- Zero-closing cost options available
- Website provides free personalized rate quote
Cons
- Doesn’t offer USDA loans
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
- Only available in four states
Direct Home Lending overview
Direct Home Lending, founded in 2006, is an online and brick-and-mortar lender that offers loans in California, Colorado, Oregon and Washington. Legally known as PIC Capital, Inc., Direct Home Lending is headquartered in Corona, California. “Our company mission is to make lending a better experience,” says Direct Home Lending President and CEO Brian Sardarizadeh. “To accomplish this, our focus is on technology and customer service. We also pride ourselves in helping borrowers to clear obstacles that can challenge their ability to secure a loan.”
Loan types
- Conventional fixed-rate and adjustable-rate(ARMs) mortgages
- Jumbo
- FHA
- VA
- Reverse mortgages
- Rate-and-term refinancing
- Cash-out refinancing
- Streamline (FHA/VA)
Lender fees
Lender fees vary depending on loan type.
Minimum borrower requirements
Direct Home Lending adheres to the conforming loan requirements and underwriting guidelines for mortgages approved by GSEs Fannie Mae, and Freddie Mac, as well as those backed by the FHA and VA. Requirements will vary based on the loan and borrower. In general, minimum FICO scores, minimum down payment and maximum debt-to-income ratio (or DTI, the percentage of your monthly gross income used to pay debts) can range from, respectively:
- Conforming loans up to $548,250: 620 credit score minimum, 5 percent down, 50 percent DTI
- Jumbo loans up to $2.5 million: 680 credit score minimum, 5 percent down, 43 percent DTI
- FHA loans: 600 credit score minimum, 3.5 percent down, 55 percent DTI
- VA loans: 600 credit score minimum, zero percent down, 55 percent DTI
Government requirements for FHA and VA loans are detailed here:
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Direct Home Lending consumer reviews
4.8
17 reviews
Customer service rating
94% of reviews would recommend this lender
0 of 0 rates honored
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2 of 2 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Great experience with a refi
Vincent L. | CA | 1/24/2020
Steven Arroyo was extremely helpful and personable during the refi process. He always went out of his way to be available when needed. I would definitely do business with Steven again.
DO NOT USE THEM - THE WORST!
Jimmy | Southern California | 12/6/2020
100% the absolute worst loan experience I have ever had or even heard of, and I work in the loan business! THIS WAS THE WORST. The rate was the lowest (I bought it down), but once my app was taken, the communication was absolutely atrocious. I could barely get a call back. All of their "systems"...
Response from Direct Home Lending
Hi Jimmy, I apologize for any experience you had that was not excellent. I did look into your file and two items I wanted to point out. Unfortunately in today's Covid environment self employed individuals are under the most scrutiny we have ever had to qualify for a mortgage. This was a warning that your loan officer also relayed to you. You also chose your own title and escrow company which you have every right to do but they also delayed our file due to multiple mistakes they made. Regarding communication, I did reach out to your processor Carolina and she is sending me all the emails you were sent. She did let me know what she responded to every call or email you sent her within 24hrs. Again I am very sorry your experience was not what it should have been. We make every effort to ensure our clients are happy and receive excellent service. If you'd like please call and ask for Brian I would be more then happen to go over your file with you and answer any concerns you may have.