Homebridge mortgage review
- Minimum credit score
- FHA: 640
VA: 580 - Minimum down payment (Conventional)
- 3%
- State availability
- Not available in: UT
Our verdict
This nonbank lender offers a solid range of mortgage products — but it’s not available in Utah and only 29 states have physical branches.
Homebridge Financial might be a good option for homebuyers looking for a range of loan programs. In addition to conventional, jumbo and reverse loans, it offers FHA, VA and USDA loans, plus FHA 203(k) and FHA 203(h) loans and a VA 95% cash-out.
But Homebridge Financial mortgages aren't available in Utah, in-person branches are only available in select states and the company doesn't offer home equity loans or HELOCs. If Homebridge doesn't have what you're looking for, compare more lenders to find the right one for you.
Pros
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Wide assortment of home loans
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Unique loan approval process
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Licensed in 49 states
Cons
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Limited branch locations
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High origination fees
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Transfers loans to other servicers
Details
Features
| Loan products offered | Conventional, Jumbo, FHA, VA, USDA, HELOC, Refinance, Reverse |
| Minimum credit score | FHA: 640 VA: 580 |
| Minimum down payment (Conventional) | 3% |
| State availability | Not available in: UT |
| NMLS # | 6521 |
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Homebridge Financial requirements
To learn if you’re eligible for a Homebridge Financial home loan, visit the company’s website. Basic eligibility for a mortgage with Homebridge includes:
- Residency in any state except Utah.
- Two years’ history of employment.
- A FICO credit score of 640 or higher.
- No history of bankruptcy in the past two years.
Documentation
When applying for a mortgage with Homebridge Financial, be prepared to provide the following information and documents:
- Government-issued ID
- Residence history for the past two years
- Employment history for the past two years
- Last two years’ tax returns
- Last two months’ pay stubs
- Last two to three months’ statements for checking accounts, savings accounts and retirement or investment accounts
- List of all debts, including car loans, current mortgages or home equity loans, if applicable
- Sales contract for home purchases
Depending on your situation, you might also be asked for the following documents:
- Business returns — for applicants who own more than 20% of a business
- Proof of VA eligibility for VA loans
Costs and fees
Homebridge Financial charges a $1,275 origination fee, which may be offset partially or fully with lender credits, depending on the borrower’s eligibility and market conditions. In addition, expect to pay about 2% to 5% of your loan amount in closing costs, which typically include:
- Your credit report.
- Appraisal.
- Home inspection.
- Private mortgage insurance (PMI).
- Homeowner’s insurance.
- Title insurance.
- Taxes.
How to apply for a mortgage with Homebridge Financial
To get started applying for a home loan with the company:
- Go to Homebridge Financial’s homepage and select Let’s Get Started.
- Enter the loan information, your credit score range, name, address and contact information and choose Submit.
- Wait for a loan officer to contact you after submitting the form. Alternatively, call 877-750-7366 to reach a loan officer over the phone. Business hours are weekdays from 9 a.m. to 8 p.m. ET.
What types of mortgages can I get through Homebridge?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products available at Homebridge Financial
Homebridge Financial also offers these specialized types of mortgages:
- FHA 203(k). A purchase or refinance loan that rolls the cost of renovations and the mortgage into one loan.
- FHA 203(h). A 100% financing loan available for homeowners that lost a home in a Presidentially-Declared Major Disaster Area (PDMDA) and are currently rebuilding or buying another home.
- VA 95% cash out. A mortgage refinancing loan that allows current VA homeowners to refinance to lower their interest rate and get cash out at the same time.
- FNMA HomeStyle. A purchase or refinance loan that lets homeowners roll the cost of fixed improvements and the mortgage into one loan.
- Construction to Perm. A home loan that covers the lot, construction and mortgage financing into one loan. Make interest-only payments during construction.
- Energy Efficient Mortgage. Allows homeowners to finance energy-efficient improvements with their FHA mortgage.
- Mixed-Use. Allows eligible homebuyers to buy, refurbish or refinance mixed-use properties.
- Low-to-Moderate Income Programs. Offers lower income and eligibility requirements for homebuyers who may not qualify for a traditional mortgage.
- Mortgage refinancing. A new loan that replaces your current mortgage, allowing you to lower your interest rate, change the term length and eliminate PMI.
How Homebridge Financial’s mortgage products compare to other lenders
Compared to other lenders, Homebridge offers a wide range of home mortgage options, including purchase and mortgage refinance products and first-time homebuyer programs. The bank also offers mortgage refinancing and specialized loan programs for homebuyers in different circumstances.
Homebridge Financial doesn’t offer home equity loans or HELOCs at this time.
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Homebridge Financial reviews and complaints
As of August 2022, Homebridge Financial scores a 4.98 out 5 rating on Zillow from 4,909 customers who praise the company’s loan officers for professional service, availability and overall helpfulness throughout the process. The majority of customers also report that interest rates and closing fees were “as expected.”
Homebridge Financial is not accredited by the Better Business Bureau (BBB) and has a 1 out of 5 rating from 16 customers. The company has an A- BBB business rating, with 84 customers closing complaints in the past three years. Some complaints indicate problems with unexpected price rises in insurance policies after closing and payments being mishandled after loans were sold.
Homebridge Financial pros and cons
Homebridge might be a good choice for your mortgage and refinancing needs but weigh both sides first.
Pros
- Homebridge Home Rewards. Eligible buyers will receive a gift card worth up to $595 on purchase loans or refinances after closing on loans of $100,000 or more.
- Wide assortment of home loans. Homebridge offers both standard and niche mortgage options for homebuyers in a variety of situations.
- Unique loan approval process. Homebridge works with local market experts to understand local regulations and attempt to find what’s best for your situation.
- Licensed in 49 states. Homebridge is a licensed lender in every state except Utah.
Cons
- Limited branch locations. You must live in one of 29 states where Homebridge has retail branches to meet a loan officer face to face.
- Home loans are sold. Homebridge sells its loans after closing, requiring you to work with a new company for your loan servicing.
- Website lacks information. The Homebridge website doesn’t list interest rates or fees, and there is no quick online prequalification.
What is Homebridge Financial?
Homebridge Financial is a privately owned, nonbank mortgage lending firm with a stated mission of simple and affordable homeownership. In business for more than 25 years, it acquired a majority of HomeStreet Bank’s standalone home loan centers in 2019. This purchase expanded Homebridge’s mortgage lending services and increased the number of retail branches throughout the country.
