Direct Home Lending Mortgage Review 2020
By Erik J. Martin
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Bankrate Score
4.1
0.0
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.
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 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.”Nationwide availability
Available in California, Colorado, Oregon and Washington.
Minimum credit score
640 for conventional loans; 680 for jumbo loans; 550 for FHA loans; 550 for VA loans
Loan types
Conventional fixed-rate and adjustable-rate (ARMs) mortgages, jumbo, FHA, VA and reverse mortgages. Refinancing options include rate-and-term refinancing, cash-out refinancing, and streamline (VA/FHA).
Pros
- Underwriting approval in 24 hours or less for most loans
- Closings usually within 14 days
- Competitive rates and pricing
- No zero-closing cost options available
- The 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
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Direct Home Lending overview
Loan Types
Conventional fixed-rate and adjustable-rate (ARMs) mortgages, jumbo, FHA, VA and reverse mortgages. Refinancing options include rate–and–term refinancing, cash-out refinancing, and streamline (VA/FHA).
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 $510,400: 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, 0 percent down, 55 percent DTI
Government requirements for FHA and VA loans are detailed here: