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Mutual of Omaha mortgage review

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Mutual of Omaha
Minimum credit score
Conventional: 620
FHA: 620
VA: 620
Minimum down payment (Conventional)
State availability
Not available in: NY, UT

Our verdict

This VA loan specialist offers a range of home loans in 48 states, but branches are only available in select states.

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.

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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

Mutual of Omaha requirements

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:

  • Residency in any state except New York or Utah
  • Two years’ history of employment
  • A FICO credit score of 620 or higher
  • No history of bankruptcy in the past two years


The documents you’ll need to apply for a home loan from Mutual of Omaha include:

For employed persons:
  • Photo identification
  • Employment history
  • Your most recent pay stub
  • W-2 statement for the past year
  • Most recent personal tax return
  • Other documentation
For self-employed persons:
  • 1099 statements for the past year
  • Most recent two years’ personal tax returns
  • A year-to-date profit and loss (P&L) statement and balance sheet

Mutual of Omaha’s origination fee is on the high side

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:

  • Credit report
  • Appraisal
  • Home inspection
  • Private mortgage insurance (PMI)
  • Homeowner’s insurance
  • Attorney’s fees
  • Title insurance
  • Escrow fees
  • Recording fees
  • Taxes

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.

How to apply for a mortgage with Mutual of Omaha

To get started applying for a home loan with the company:

  1. Go to Mutual of Omaha’s website and select Get Started Today.
  2. Fill out the contact form with your name and contact information.
  3. Submit the form and wait to be contacted by a Mutual of Omaha loan specialist.

Alternatively, call the bank at 800-247-2832 to speak to a loan officer and get the ball rolling over the phone.

What types of mortgages can I get through Mutual of Omaha?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products Mutual of Omaha offers

Mutual of Omaha also offers these specialized types of mortgages.

  • Jumbo VA loans. If you have a service history and can meet minimum down payment requirements, Mutual of Omaha can authorize VA loans above local county limits of $1.5 million.
  • VA IRRRL Streamline Refinance. This loan program for existing VA homeowners can help you secure a lower rate while reducing paperwork requirements and eliminating the need for an appraisal in many cases.
  • Investment property refinance. A loan program that can help eligible homeowners refinance their investment property mortgage. Higher refinance costs may apply with this type of loan.
  • Walmart Employee Mortgage Benefits. This special loan program for Walmart employees offers $1000 off closing costs and a choice of conventional, VA, FHA, jumbo, HARP and USDA loans.
  • Mortgage refinancing. By replacing your current loan with a new one with better terms, mortgage refinancing can help reduce your interest rate, lower your monthly mortgage payment and eliminate PMI.

Alternatives to Mutual of Omaha mortgage

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.

Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
Not rated yet
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Apply online for free and lock in your rate for 90 days.
Veterans United
Not rated yet
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.

Mutual of Omaha customer reviews are overwhelmingly positive

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.

Mutual of Omaha pros and cons

Weigh out both sides before making your decision.


  • VA loan specialists. Mutual of Omaha has a dedicated section on its website about VA loans and its VA loan team is made up of former service members.
  • VA jumbo loans. Eligible service members can borrow over $1.5 million as long as they meet certain income, employment and credit requirements.
  • Mobile mortgage app. The Mutual of Omaha mortgage app allows you to get prequalified for a home loan from your smartphone.
  • Civic-minded company. Mutual of Omaha supports several service organizations dedicated to military members and veterans.


  • Limited branch availability. While Mutual of Omaha offers home loans in 48 states, retail branches are only available in select states.
  • No online application. The Mutual of Omaha website doesn’t offer an online application. Instead, you’ll need to contact the company to begin the loan application process.
  • No HELOCs. If you’re looking to tap into your home’s equity with a HELOC or home equity loan, you’ll need to look elsewhere.

What is Mutual of Omaha?

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.

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