Reliant Home Funding overview
Reliant Home Funding is a Long Island, New York-based mortgage lender available in nine states, including Florida and Pennsylvania. The lender has a heavy focus on customer service, emphasizing relationships over transactions. With Reliant Home Funding, you can complete the entire lending process remotely, preapproval takes just a few days and closings happen within 30 to 45 days for most borrowers.
Borrowers who want good customer service, a quick preapproval and a completely online experience
- Rate-and-term, cash-out and streamline refinancing
- Construction and renovation loans
- Reverse mortgages
Reliant Home Funding does not clearly state the lender fees it charges online, so if you’re interested in working with this lender, inquire about any additional costs, such as an application, origination or underwriting fee.
Reliant Home Funding is very transparent about its rates, displaying rates directly on its website and updating them regularly. Each quote includes the rate, APR and cost of points, so you can get a clearer look at how much you’ll have to pay for a loan.
Reliant Home Funding is fully licensed by the relevant banking and insurance departments in the states in which it operates. It has an A+ rating from the Better Business Bureau (although it is not BBB-accredited).
Reliant Home Funding makes it very easy to apply for a loan without having to leave home. You can get preapproved or prequalified online, and if you want to move forward with the loan, you can complete the entire process online, as well, including signing required documents. You can also use Reliant’s app, RHF Go, to compare loan options, calculate savings if you’re looking to refinance, submit documents, check your loan’s status and more. In addition, the lender’s website features a handy mortgage calculator, which you can use to learn more about how much yours might cost.
Minimum borrower requirements
Reliant Home Funding requires conventional loan borrowers to have at least a 3 percent down payment, a minimum credit score of 620 and “consistent and documented” income, according to the lender’s website. (For many lenders, this typically means W-2s from the past two years.) FHA loan borrowers, meanwhile, need a down payment of at least 3.5 percent, but can have a credit score as low as 580. Jumbo loans require an “excellent” credit score, a low debt-to-income (DTI) ratio and 20 percent or more down, but allow for more flexible income verification, so alternative assets can be considered as part of your application. To get an ARM, you must put down at least 5 percent and have “ideally over 700” for a credit score. VA loans have no down payment or formal credit requirement.
Refinancing with Reliant Home Funding
Reliant Home Funding offers refinancing options, including to reduce your interest rate and monthly payment or cash out some of your home’s equity to use for other purposes. You can refinance completely online just like applying for a mortgage to purchase a home, but you won’t be able to view fees upfront through the lender’s website.
Not sure if Reliant Home Funding is right for you? Consider these alternatives
Breakdown of Reliant Home Funding overall review score
- Affordability: 13/15
- Availability: 12/15
- Borrower experience: 9/10
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.