First Mortgage Direct Mortgage Review 2020
By Diane Costagliola
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Bankrate Score
4.4
4.9
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.
First Mortgage Direct is the online lending division of First Mortgage Solutions, a brick-and-mortar lender based in Kansas City, Missouri. The company was founded on the principles of honesty, integrity and experience, and loan officers are available to consult and educate clients as much as possible during the process. There are no origination or hidden fees, nor does it offer any gimmicky specials or limited-time offers. It is licensed in 17 states, and according to Ryan Wiebe, CEO of First Mortgage Solutions, is expected to be available in 37 states by the end of 2020. Even as the company expands, however, Wiebe values the “Midwestern spirit” on which it was founded. “We honestly care about our clients and by expanding we hope to touch the lives of everyone across the United States.” Once borrowers complete an online application, they should hear from a loan officer and be pre-qualified within 24 hours. Borrowers will then work with the loan officer to complete the loan application and upload necessary financial documents. Most borrowers close within 30 days.Nationwide availability
Available in California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Missouri, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington
Minimum credit score
620 for conventional loans, though most borrowers have a credit score of 740 or above; 580 for FHA and VA loans
Loan types
Conventional, FHA, VA, USDA
Pros
- Borrowers are assigned a readily available loan officer to work with via phone or email
- No origination fees or hidden fees
- Loans for purchases, first-time homebuyers and refinancing
Cons
- Currently only available in a small number of states
- No brick-and-mortar locations
- Limited call center hours for general inquiries
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First Mortgage Direct overview
Loan types
- Conventional
- FHA
- VA
- USDA
Lender fees
First Mortgage Direct does not charge an origination fee. Borrowers may choose to pay discount points for a lower rate.
Minimum borrower requirements
Following Fannie Mae and Freddie Mac guidelines, borrowers must have a credit score of at least 620 for a conventional loan and must have at least 3 percent available for a down payment. Borrowers must have a maximum debt-to-income ratio (DTI) of 50 percent or less for a conventional loan and a maximum DTI of 57 percent for FHA loans.
Get started with First Mortgage Direct
Borrowers can apply online. If you apply online, a representative will contact you.Hours
First Mortgage Direct consumer rating and reviews
97% recommended
First Mortgage Direct, is licensed in California, Colorado, Connecticut, Florida, Georgia, Kansas, Missouri, Nebraska, New Jersey, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington as well as with the FHA, the VA, and the USDA. Specializing in both purchases and refinances, it is our goal to get all of our customers through our quick and painless lending process, and into the very best loan program possible.
- Direct Mortgage Lender with closings in less than 30 days.
- Free online quotes with ultra-competitive rates.
- Quick, no hassle, online mortgage process.
Customer Service Rating