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Home Point Financial review

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finder.com’s rating: 3.8 / 5.0

★★★★★

This lender offers a wide variety of mortgage products, but your experience depends on which agent you get.

Home Point Financial is a multi-channel mortgage originator and servicer available in all 50 states. It offers a wide range of mortgage products for borrowers of different income levels.

Details

Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
Minimum credit 620
Minimum down payment 3%
Origination fee N/A
Other fees Home Point Financial doesn't disclose actual costs, nor does it include fee estimates through an online mortgage interest rate calculator. You'll need to ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.

Pros

  • Wide range of mortgage options for borrowers.
  • Extensive website.

Cons

  • Limited branch offices.
  • Mixed customer reviews.
Home Point Financial is not accredited with the BBB nor is it rated with the organization. Online reviews for Home Point Financial are mixed.

Many past customers praise the loan process as smooth sailing, with great agents and clear communication. But there are also a number of negative reviews complaining about poor communication, misinformation and frustrating wait times to hear back from agents.

What types of loans does Home Point Financial offer?

Conventional

Available with fixed-rate terms of 10, 15, 20, 25, or 30 years, this loan is suited to those who plan to stay in their home for a long time and like the security of consistent payment amounts. Borrowers with credit scores as low as 620 may qualify for a conventional loan, but a down payment of 20% would be required. For more competitive borrowers, down payments as low as 3% are available.

Adjustable rate mortgages with terms of three, five, and seven years are also available.

FHA

Backed by the Federal Housing Administration, this type of loan requires a smaller down payment — as low as 3.5% — than a conventional loan and is designed for those with less-than-perfect credit scores. Fixed-rate mortgages are available for terms of 15, 20, 25, or 30 years, while adjustable-rate mortgages are offered for terms of three or five years. Borrowers with credit scores as low as 620 may qualify for this type of loan.

VA

Guaranteed by the Department of Veterans Affairs, a VA loan is available to military members, veterans and eligible surviving spouses. Available for borrowers with no down payment, a VA loan offers competitive interest rates, a streamlined approval process and no need for private mortgage insurance (PMI). Fixed-rate mortgages are available for 15, 20, or 30 years, while adjustable-rate mortgages are offered for terms of three or five years.

USDA

Offering competitive rates and up to 100% financing, this loan is designed for the purchase of homes in rural areas. These loans are offered with flexible credit qualifications and no limitations on the loan amount. There are also no limits imposed on seller concessions and gifts.

Jumbo

These are non-conforming loans for homes above $484,350.

Other loan types

Home Point Financial also offers:

  • Non-agency mortgages
  • HomeReady and Home Possible mortgages
  • High balance mortgages
  • Renovation mortgages
  • HELOCs

Home Point Financial fees

Home Point Financial doesn't disclose actual costs, nor does it include fee estimates through an online mortgage interest rate calculator. You'll need to ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.

Common fees charged with a mortgage include application, origination, underwriting, rate lock, ongoing and third party fees.

Requirements

Factors that Home Point Financial consider when determining whether a homebuyer qualifies for a mortgage include credit score, debt-to-income ratio, how well you’ve managed prior credit and length of credit history.

That said, Home Point has several loans with flexible qualifying criteria. An FHA or VA loan only requires a minimum credit score of 580, while a conventional loan requires a credit score of at least 620 — and likely higher for a small down payment.

Documentation

Be prepared to supply:

  • Tax returns
  • Bank statements
  • Retirement account statements
  • Proof of employment
  • Monthly debt payments
  • Your current mortgage statement, if you’re refinancing
  • Social Security number

Pros and cons of Home Point Financial

Pros

  • Choice. Home Point Financial provides a wide range of mortgage options for borrowers, including specialized loans for low-income borrowers or high-value homes.
  • Extensive website. This lender’s website is easy to navigate and contains guides, articles, videos and calculators to help you learn more about your loan options and find the right fit.

Cons

  • Limited branch offices. If you prefer face-to-face access when managing your mortgage, check to see if Home Point Financial has a location close to you.
  • Mixed customer reviews. While many customers rave about Home Point Financial’s service, there are also quite a few past customers expressing frustration with poor communication, misinformation and unexpected costs.

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How to get a home loan with Home Point Financial

  1. To being the application process with Home Point, you first need to create an account. home point financial
  2. Then you must agree to the terms of use. home point
  3. Move through the application process by answering several questions, including your contact info and marital status, as well as your assets, income, demographic info and info about your current home.
  4. When you are finished, review and submit your application.
  5. Finally, you will be requested to upload documents to help verify the information you provided.

What is Home Point Financial?

Home Point Financial was founded in 2015 and is based in Ann Arbor, Michigan — though it offers loans in all 50 states. The company has been growing rapidly and in 2017, Home Point Financial acquired Stonegate Mortgage.

Reviews on the company are mixed, with some customers praising Home Point Financial’s great customer service and others complaining that it’s less than stellar. While good reviews outnumber bad reviews on this lender, there is a pattern of negative reviewers complaining about the same communication issues.

Because each borrower is assigned a different loan officer, a lot of how the process runs will depend on the person assigned to your case.

Bottom line

Home Point Financial is available in all 50 states and offers many loan programs, from low- or no down-payment loans to ARMs and HELOCs. But as always, compare your full options before making a decision.

Frequently asked questions

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

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