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Conventional: 620
FHA: 620
VA: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: NY, UT
State availability
Loan products offered | Conventional, FHA, VA, USDA, Jumbo, Reverse, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 620 VA: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: NY, UT |
NMLS # | 1025894 |
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In business for over 100 years, Mutual of Omaha is a civic-minded mortgage lender that specializes in 0% down VA loans and supports veterans and service members through various charitable initiatives.
In addition to VA loans, the company offers FHA, USDA, jumbo and reverse loans, which represents a solid selection of loan products under one roof. But if you’re looking to tap into your equity, Mutual of Omaha only offers cashout refinancing ​​— no home equity loans or HELOCs.
The company offers a user-friendly website and lists its current rates online. But to get a personalized quote based on your credit score, you’ll need to call the company, fill out the contact form or download its mortgage app.
Unlike some lenders, Mutual of Omaha has physical branches in multiple states. Depending on where you live, you may have the option of meeting with a loan officer face-to-face instead of just over the phone.
To find out if you’re eligible for a Mutual of Omaha home loan, visit the company’s website. Basic eligibility for a mortgage with the company includes:
The documents you’ll need to apply for a home loan from Mutual of Omaha include:
For employed persons:
For self-employed persons:
Mutual of Omaha charges a standard $1,650 processing, underwriting and origination fee. This is higher than other lenders we’ve seen with origination fees of $1,200 or less. Review all fees on your loan disclosure and compare lenders for the best deal.
In addition to your loan’s origination fee, you should budget around 2% to 5% of your loan’s total value in fees and closing costs, which typically include:
You can view all of your loan’s costs and fees on the loan disclosure. If you don’t understand what a particular charge is for, ask your lender to explain it to you.
To get started applying for a home loan with the company:
Alternatively, call the bank at 800-247-2832 to speak to a loan officer and get the ball rolling over the phone.
Mutual of Omaha also offers these specialized types of mortgages.
If you’re looking for an established, civic-minded lender with a wide range of loans, Mutual of Omaha may be a good option. The company has a long track record, a good reputation with past customers and relatively few complaints.
But compared to other lenders, Mutual of Omaha appears to lag behind in using technology and doesn’t offer an online application. For a faster online application process, you may want to consider a 100% digital lender. Some options include Better, Beeline and Rocket Mortgage, where you can apply 24/7 and get a quicker loan preapproval decision.
But no matter which lender you go with, compare lenders and lender marketplaces to find the best deal for your situation. By comparing quotes, you could save thousands on interest rates and fees.
As of July 2022, Mutual of Omaha has a 4.88 out of 5 rating with the Better Business Bureau (BBB) from 892 customers and a 4.89 out of 5 rating on Zillow from 912 customers. Mutual of Omaha has been accredited with the BBB since 2019 and has an A+ business rating with 43 complaints closed in the last three years.
Positive reviews from customers mention attentive and caring service from experienced loan officers, low interest rates and hiccup-free processes. While there are far more positive than negative reviews online, some customers have mentioned a lack of communication and clarity from loan officers, resulting in missed closing deadlines and lost earnest money.
Weigh out both sides before making your decision.
Founded in 1909 and with headquarters in San Diego and Chicago, Mutual of Omaha is a Fortune 500 company that’s served millions of customers. Originally offering insurance, Mutual of Omaha formed Omaha Financial Holdings, Inc. in 2007 as a holding company for its banking operations, opening with 13 locations.
According to HousingWire, Mutual of Omaha Bank acquired Synergy One Lending in 2018 to expand its reverse mortgage lending. Currently, Synergy One’s reverse mortgage business operates as a subsidiary of Mutual of Omaha Bank.