They require a credit score of 700+, a down payment of 20% or more, and cash reserves to cover at least one year of mortgage payments. Large, conventional loans that do not conform to the limits set by the Federal Housing Finance Agency (FHFA) are known as jumbo loans. They typically require a 20% down payment, but down payments can be as low as 3% with private mortgage insurance. These traditional loans are for borrowers with good credit. Types of Mortgage Loans Offered by Caliber Home Loans Doesn't offer home equity loans or lines of credit: Caliber doesn't offer HELOCs or home equity loans, which can be a low-cost way to tap into your home's equity without refinancing your primary mortgage.For example, the closest office to Memphis is over 180 miles away. Loan offices are not available in all areas: While Caliber Home Loans can originate mortgages in all 50 states and has offices in each state, those offices may not be convenient to all borrowers.Website doesn’t list current mortgage interest rates: Borrowers can apply online, but they won't know what mortgage rates are available until they speak with a loan officer.Alternative loans for non-traditional borrowers: For borrowers with less-than-stellar credit, difficulty proving income, or a recent late payment, Caliber offers loans with flexible guidelines.Numerous loan programs are available: Caliber Home Loans offers a variety of mortgage products to meet borrower needs, including conventional, jumbo, FHA, and USDA loans.Can complete a mortgage application online: Borrowers who want to start the mortgage process can easily complete their applications online without having to first speak with a loan officer.Additionally, Caliber's "smart" mortgage products are an ideal choice for borrowers with unconventional credit or income requirements. It originates loans in all 50 states and offers a variety of products, including conventional, jumbo, FHA, VA, and USDA mortgages. Caliber was a top 10 mortgage originator in 2020, with nearly $71 billion in loans. If you’re searching for a mortgage, getting quotes from non-bank lenders like Caliber Home Loans can help you find the best rates and terms.
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