Vylla mortgage review
Find, finance and close on a home in one place, but consider negative reviews.
Vylla calls itself homeownership made simple. Pronounced villa, it supports finding, financing and refinancing your new home with a range of loans and lenient requirements suited for first-time homebuyers. But buyer beware: Many customers online report inaccurate payments and costly errors with this company.
|Loan products offered||Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA|
|Minimum credit score||Conventional: 620|
All other loans: down to 500
|Minimum down payment||3%|
|State availability||Not available in: HI, MA, NV, NY, ND, UT|
What types of loans does Vylla offer?
You can use Vylla to get matched with lenders for a variety of loan types, including:
The most popular type of home loan, conventional loans are available with either a fixed or adjustable interest rate for homes under $484,350.
Backed by the Federal Housing Administration, FHA loans are available with as little as 3.5% down to qualifying homeowners who fall below a certain income threshold based on household size.
Backed by the Department of Veterans Affairs, VA loans are available with $0 down to qualifying veterans, military service members and select military spouses.
USDA loans are available to homebuyers in rural areas who fall below a household-based income threshold. You can use the USDA website to check if your home qualifies.
A jumbo loan is a mortgage that’s too big to be bought out by government lenders Fannie Mae and Freddie Mac. As of 2020, the threshold for jumbo loans is $510,400.
You can use Vylla to refinance your current home loan to potentially get a better interest rate, lower your payments or shorten your loan term.
Vylla charges a flat $599 underwriting fee, and there is no application fee. But because Vylla isn’t a direct lender, you’ll also have to pay fees to the lender you ultimately choose, and those can vary. You’ll generally pay around 2% to 6% of the home’s price in closing costs.
Qualifications vary not only by loan, but also by the lender you ultimately work with. You may qualify for approval with a credit score of at least 620 for a conventional loan, 680 for a jumbo loan and 500 for all other programs.
You may not need more than 3% down for conventional financing or 5% down for a jumbo loan, while FHA loans start at 3.5% down and VA and USDA loans can be as low as $0.
Expect to submit personal and financial documentation that includes:
- Tax returns
- W-2 forms
- Pay stubs or other proof of income
- Bank statements and lists of assets
- Rental payment history
- Government ID with a valid photo
Pros and cons of Vylla
Unlike other lenders that charge an underwriting fee equal to 0.5% of your loan or more, Vylla charges a flat $599 on all of its loans — a bargain on loans of up to $2.5 million — among other benefits:
- Multiple ways to shop. Enter your financial and personal details, search by desired monthly payment or enter the purchase price of the property you’re interested in to see loans that fit your needs.
- Many loan options. Conventional loans come with fixed or adjustable rates and terms of up to 30 years, with qualified applicants eligible for FHA, VA and USDA loans. Down payments range from 5% for jumbo loans to 0% on government-supported options.
- Possible low down payments. You may not need more than 3% down for conventional financing or 5% down for a jumbo loan. FHA loans start at 3.5% down, while VA and USDA loans can be as low as $0.
- Low credit scores OK. You may qualify for conventional financing with a fair score of 620. A score of 500+ may be OK for some government-backed loans.
You won’t get very far on Vylla’s site without signing up for an account, kickstarting multiple follow-up emails, which isn’t ideal if you’re just comparing your options. Weigh that along with other potential drawbacks:
- Not available nationwide. Vylla isn’t licensed for lending to residents of Hawaii, Massachusetts, Nevada, New York, North Dakota or Utah.
- Many online complaints. Across numerous records with the BBB, you’ll find complaints about poor customer service, egregious errors and inaccurate reporting that’s affected approvals and credit for borrowers.
- Not fully online. You can’t apply for preapproval online. Even learning more about your loan’s details and terms requires a chat with a specialist.
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How to get a home loan with Vylla
Vylla is designed to help prospective homebuyers from the earliest stages of the process:
- Go to Vylla’s website and click Start the process.
- Look for a loan by affordability, desired monthly payment or home purchase price.
- Walk through the steps of providing details about the homes you’re interested in, your debts and income, past foreclosures and other financial setbacks and down payment abilities.
- Look over the resulting list of loans Vylla thinks you can qualify for, saving your top options.
- Speak with a home specialist to start the process of applying.
What is Vylla?
Vylla is a direct-to-consumer company that combines a real estate marketplace with a mortgage brokerage, adding title and escrow services to round out support on the road to homeownership. In that way, it’s a true one-stop shop that can support you through finding, financing and refinancing your home — even if you don’t have the best credit, a large down payment or experience with home financing.
For those who are self-employed or otherwise lack robust financial standing, Vylla is willing to look beyond your credit history when determining your ability to repay what you borrow. For example, your lender may accept proof of on-time rental payments and other alternative support to prove lower risk.
Frequently asked questions
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You don’t need the best credit, a large down payment or robust financials to apply for home financing through Vylla. A free application and flat underwriting fee helps take the mystery out of borrowing. But expect to speak with a specialist before you can be preapproved or fully apply for your loan.