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Cornerstone Home Lending is a regional mortgage lender offering standard and portfolio mortgage options. But you’ll need to contact a loan officer to research the loans available to you since the information on the website is limited.
Conventional: 640
FHA: 620
Investment properties: 660
Minimum credit score
5%
Minimum down payment (Conventional)
Not available in: CT, GA, HI, IL, MA, NH, NJ, NY, RI, VT
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, Refinance |
---|---|
Minimum credit score | Conventional: 640 FHA: 620 Investment properties: 660 |
Minimum down payment (Conventional) | 5% |
State availability | Not available in: CT, GA, HI, IL, MA, NH, NJ, NY, RI, VT |
NMLS # | 2258 |
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Available in 40 states, Cornerstone Home Lending provides a standard range of mortgage offerings, including a few specialty loans like 203k rehab loans, construction-to-permanent loans and portfolio loans, which allow the lender to consider borrowers on a case-by-case basis.
Its experienced staff may be the right fit if you’re looking for a conforming or government-backed loan. But the lender’s lack of website transparency can make it difficult to research without the help of a loan officer. If you need a more specialized loan, you may want to consider other lenders.
This lender wants you to have a credit score of at least 640, though prefers 660, and a 5% down payment is required. Currently, Cornerstone also requires that your debt-to-income (DTI) ratio not exceed 45%. Also, if your down payment is less than 20%, you will need private mortgage insurance.
Your document requirements may vary based on your occupation and situation, but all borrowers should be ready with the following information before applying:
Cornerstone requires different additional documents for salaried and self-employed borrowers. Salaried borrowers must provide the following documents:
The required documents for self-employed and freelance borrowers may vary by loan program, but you should have the following documents ready before applying:
Cornerstone doesn’t list its loan fees on its website, but you’ll generally be responsible for the following costs related to your mortgage:
For Cornerstone, the application process starts with a prequalification.
Cornerstone offers the following additional mortgage loans:
On the Zillow website, Cornerstone Home Lending has received an impressive 4.96 out of 5 rating from over 3,200 customers as of July 2022. Customers rave about attentive and professional service from loan officers at the company, including many first-time homebuyers and refinancers.
Cornerstone Home Lending is accredited with the Better Business Bureau. As of July 2022, it has an A+ rating for closing 52 complaints in the last three years and a 3.18 star out of 5 customer rating from 28 reviews.
While company reviews are overwhelmingly positive, some customers have complained of difficulties in contacting customer service after their loan closed. Other complaints report an outdated online payments system.
Cornerstone opened in 1988 and now has over 200 branches in 22 states. The company is licensed to work in 40 states and Washington DC and is headquartered in Houston, TX.
In addition to conforming fixed- and adjustable-rate mortgages and government-backed mortgage programs, Cornerstone offers customized portfolio loans that don’t have to conform to the Freddie Mac or Fannie Mae requirements. Cornerstone is also committed to working with North Carolina’s Housing Finance Agency to provide access to state assistance programs.
But for even more mortgage options, including jumbo and condo loans, reverse mortgages and lender-paid PMI programs — companies like Draper & Kramer Mortgage, North American Savings Bank and Stearns Lending have a wide selection of loans, great customer reviews and offer portfolio loans, too.
If you want to save big on lender fees, consider a 100% digital company like Beeline or Better. Neither charge lender origination fees on their loans and their 24/7 online application process allows for a quicker preapproval decision — to get you house-hunting right away.
Compare top brands by home loan type, state availability and credit score. Select See rates to get a personalized quote today.