Direct Home Lending Mortgage Review 2020

By Erik J. Martin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Direct Home Lending

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4.1

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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

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Direct Home Lending overview

Loan Types

Conventional fixed-rate and adjustable-rate (ARMs) mortgages, jumbo, FHA, VA and reverse mortgages. Refinancing options include rateandterm 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 minimum5 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:

FHA loan requirements

VA loan requirements

Get started with Direct Home Lending

Borrowers can apply online at directhl.com (after which a representative will contact you), by phone at (800) 575-3648, or in person at its two branch locations in Corona, California.

Hours

Monday - Friday: 9 a.m. – 6 p.m. PST Saturday: By appointment only Sunday: By appointment only

Direct Home Lending consumer rating and reviews

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