Caliber is one of the nation’s largest wholesale lenders, which is no surprise considering just how many mortgage products they offer. Whether you’re looking for a conventional home loan or a government loan, Caliber delivers a huge range of options to borrowers.
Plus, they cater to people of all credit types, even those with below-average credit scores.
Let’s dive into who can apply for a mortgage from Caliber, what kind of loans you can access, and more. When you’re finished reading, you’ll know exactly what to expect from this nationwide lender.
Mortgage Application Requirements
Because Caliber offers such a huge variety of mortgage products, there are some fairly broad requirements for applying. First, you don’t need a history of mortgage or rent payments. That’s a huge plus if you’re a first-time home buyer.
When it comes to credit, the minimum score is 580. Obviously, you may not qualify for every single kind of home loan if your score is on the lower end. But it does mean that Caliber is willing to work with bad credit borrowers in order to find a mortgage that works.
Another helpful requirement is that Caliber has a maximum debt to income ratio of up to 50%. Most lenders cap that number at 43%, so borrowers have a little more leeway with Caliber in terms of how much debt they carry compared to their income.
Finally, Caliber offers home loans in all 50 states. Unlike many online lenders, it doesn’t matter where you live in order to apply for a mortgage.
Types of Home Loans Available
Caliber offers home loans for both purchasing and refinancing. There are countless products to choose from. Let’s take a look at what’s available for home buyers.
Conventional Loan Products
Conventional loans: These are typically reserved for borrowers with higher credit scores and a strong employment background. You can choose between a fixed rate and adjustable rate to suit your financing needs.
HomeStyle Renovation: This product can be used on existing properties as well as new construction. You can finance funding for renovations and repairs up to 50% of the post-renovation value.
Home Possible: A program from Freddie Mac, Home Possible allows for lower credit scores and a down payment as little as 3% of the purchase price. You can also use a temporary buydown to reduce your interest rate for up to two years.
HomeReady: From Fannie Mae, this program is designed for borrowers with limited income. You’re also allowed to receive financial help from your family or employer, plus take advantage of a 3% down payment.
Jumbo Loans: If you need a mortgage either for a luxury property or a high-cost area, then a jumbo loan from Caliber could work. You could borrow as much as $2.5 million and down payments start as low as 5%. Plus, you can pick a fixed rate, adjustable rate, or interest-only payments.
FHA Loans: This mortgage program requires just a 580 credit score and a 3.5% down payment. While you will have to pay private mortgage insurance with this loan type, you can get a temporary buydown on your interest rate for the first year or two.
FHA 203(k) Fixed Rate Rehab: You can buy your own fixer-upper to help repair or renovate your new property before you even move in. There are two options to choose from. The first is the Standard loan, designed for remodeling and repairs. The Limited loan allows for more minor remodeling and only non-structural repairs.
USDA Loans: This loan backed by the U.S. Department of Agriculture lets you buy a home in a rural area with no down payment at all. There are also less strict requirements on credit and income; in fact, there are limits on how much you can earn in order to qualify for a USDA loan.
VA Loans: Designed for veterans and active service members of the military, a VA loan is another option to get a mortgage with no down payment. There are options for fixed rates, adjustable rates, and even high-balance home loans.
Fees and Rates
Caliber doesn’t advertise its rates and fees, likely because they will vary so greatly depending on the type of loan you’re looking for. It’s easy, however, to talk to a loan consultant in order to figure out what kind of mortgage could work best for you.
Also, once you start the mortgage application, you should receive a loan estimate outlining all of the expected fees, interest rates, and closing costs associated with your specific scenario.
Caliber’s Mortgage Process
Caliber’s mortgage process starts with either applying online or contacting a loan consultant. You can search online for a physical branch near your, or you can contact Caliber through their centralized loan consultant program. This service is available in all states except New York and Utah.
When applying online, you’ll first be greeted with a list of electronic resources you can read if you’d like, including some state-specific disclosures. Once you acknowledge that you’ve seen these documents, you can continue to the application page.
Simply start off by filling out your basic information. You’ll automatically be assigned a loan consultant to help you through the process.
Caliber has recently enhanced its online application capabilities so that you can upload all of your documents electronically. You can also track your loan’s progress and request a call back if you want to talk to someone in person.
They also use electronic verification of income, assets, and employment. This can save a substantial amount of time and effort so that you don’t have to scan or fax tons of hard copies to your loan consultant.
Once your loan closes, it will most likely be serviced by Caliber. In fact, the lender services around 94% of their closed loans, which is fairly uncommon in the industry. For you, that means you’ll know exactly where to start making your payments when you get your mortgage.
Caliber’s biggest advantage is the truly wide variety of mortgage products you can choose from. This helps borrowers of all types. If you’re a first-time buyer and you don’t really know what kind of mortgage you want or even could qualify for, then you have the flexibility to really compare different loan types with Caliber.
On the other hand, a more experienced home buyer can access more sophisticated loan products that can help get them in the kind of house they want and can afford.
Plus, with both a strong online platform in addition to an assigned loan consultant to your application, you can get the best of both worlds with Caliber.
Caliber comes with a lot of strengths in terms of loan offerings and its online experience. As with any lender, be sure to compare rates, terms, and fees to make sure you’re getting the best deal.
Buying a house is a huge investment, both financially and emotionally. Take your time to shop around and find what’s right for you. If you can, start early in your house hunt so that you’re ready to pounce when your dream home hits the market.