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finder.com’s rating: 3.8 / 5.0
★★★★★
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.
| 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.
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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.
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.
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.
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.
These are non-conforming loans for homes above $484,350.
Home Point Financial also offers:
Common fees charged with a mortgage include application, origination, underwriting, rate lock, ongoing and third party fees.
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.
Be prepared to supply:
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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Review by
Marc Terrano is the lead publisher of Points Finder and a co-host of the Pockey Money podcast. He was previously a writer and publisher for home loans at Finder. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney.
Home Point Financial is best for those looking for low- or no-down payment loan options. It’s website is easy to navigate and offers useful tools to help you on your home-buying journey. But branch locations are limited and customer reviews are mixed, citing poor communication and unexpected costs.