Delmar Mortgage Mortgage Review 2021

By Diane Costagliola

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

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4.0

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Loans offered

Conventional, FHA, VA, jumbo, fixed and adjustable, interest-only; home equity lines of credit (HELOCs)
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Nationwide availability

Available in Alabama, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas and Wisconsin
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Min. credit score required

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans

Pros and cons

Pros

  • Processes 95 percent of all loans in-house
  • Borrowers work with same loan officer throughout process
  • Flat-rate lender fee with no hidden surprises

Cons

  • Not available in all states

Delmar Mortgage overview

Delmar Mortgage, also known as First Rate Mortgage, is an online mortgage lender based in Missouri, with branch offices in seven states. The family-owned operation offers conventional, jumbo and government-backed loans. After completing an initial online inquiry, including credit score and home purchase price information, borrowers will hear from a loan officer within minutes (if not seconds) and work with them throughout the entire process. Borrowers typically close within 45 to 60 business days. Delmar Mortgage prides itself on its customer relationships and works to ensure that their customers never feel like a number while buying their home. “We have all the tools and resources of big banks,” explains Zac Holt, national sales director, “but we are guided by our customers and their trust.”

Loan types

  • Conventional
  • FHA
  • VA
  • Jumbo
  • Fixed
  • Adjustable
  • Interest-only
  • Home equity lines of credit (HELOCs)

Lender fees

Delmar Mortgage charges a flat-rate lender fee of $1,195 to cover underwriting and processing.

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 less than 50 percent for a conventional loan and a maximum DTI of 57 percent for FHA loans.

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