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Our Mortgage Expert
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The offers on this page may no longer be available. In 2023, Caliber Home Loans merged with Newrez. Existing customers should have a seamless experience during the transition. New customers will be directed to Newrez for all loan applications.
Caliber Home Loans is a great choice for first time home buyers, military home buyers, and anyone who needs a fast loan closing. The Caliber Ultimate Homebuying Experience can efficiently move some borrowers from application to closing in as little as 10 days. Also, this lender specializes in low down payment mortgages. Our Caliber Home Loans review will help you decide if Caliber is right for you.
Best for: Loan variety
Caliber Home Loans
Rating image, 4.5 out of 5 stars. 4.5/5 Circle with letter I in it.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Caliber is a great home loan option that offers more variety than some other lenders, which might make it easier to find what works best for you. It also offers fast closings and some assistance programs for certain borrowers. Caliber offers a Smart Series loan program, a program for self-employed individuals, those with credit issues, and experienced real estate investors with complex finances.
Min. Credit Score 580 FHA 620 Conventional
Min. Down Payment 3% Conventional 3.5% FHA
Fixed Rate Terms
Adjustable Rate Terms
It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:
Rating image, 4.5 out of 5 stars. 4.5/5 Circle with letter I in it.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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580 FHA 620 Conventional 680 Jumbo
This mortgage lender is a good fit for: A number of borrowers, including those who need a fast closing, who want to participate in a down payment assistance or first-time home buyer program, or borrowers who qualify for a VA loan.
Caliber Home Loans offers a broad menu of mortgage loan options. They include the following:
Caliber Home Loans has a separate website for education and information about VA loans. It also provides information about military relocations.
The company provides a cutting-edge desktop and mobile app.
First-timers and those looking for a low down payment mortgage will find several down payment assistance options. Caliber Home Loans offers to help borrowers experiencing financial hardship caused by COVID-19, a natural disaster, or another significant event. Options can include a monthly payment mortgage forbearance plan, repayment deferral, or even loan modification.
For borrowers who meet underwriting guidelines and can digitally deliver all required documentation, Caliber Home Loans says it can close a purchase loan in as few as 10 days.
Caliber Home Loans keeps most of its mortgages, rather than selling them to another servicer to collect payments. If you've ever had your mortgage taken over by a new servicer, you know it can be inconvenient and frustrating to make the transition. You also have no control over who you work with to repay your mortgage, as you cannot choose your servicer the way you can choose your lender. Keeping the loans for long-term servicing creates consistency and stability for customers.
Caliber Home Loans has an account management portal that allows borrowers to set up automatic payments at several different frequencies. In addition to the standard monthly payment, you can choose bi-weekly or semi-monthly automatic payments. The bi-weekly payment shortens the life of your loan because you end up making 13 monthly payments each year. The semi-monthly payment can be a helpful budgeting tool for people who get paid twice a month.
One of the biggest mortgage loan cost drivers is the interest rate. You'll want to secure the best mortgage rate you can. You can start comparing by mortgage rate shopping, but you can't compare rates and fees at Caliber Home Loans unless you make a formal application.
If you're a homeowner considering the pros and cons of a HELOC vs. cash-out refinance or you're interested in a home equity loan, you'll need to shop somewhere else.
Compared to other large mortgage lenders, Caliber Home Loans scores below average in the most recent J.D. Power U.S. Primary Mortgage Servicer Satisfaction survey. Caliber Home Loans does get an A from the Better Business Bureau, which means that when customers do complain, Caliber Home Loans responds.
You’ll need a 580 FICO® Score for an FHA loan. For most other loans, Caliber Home Loans requires a minimum credit score of 620.
Debt-to-income requirements with Caliber Home Loans vary by loan type. For most borrowers, total monthly debt obligations (including mortgage payments) should stay under 43% of total income. You might still qualify for a mortgage with a 50% DTI if the other parts of your application are strong.
Most loan programs require you to bring some money to the table. So be ready to make a down payment or cover some closing costs. If you don't qualify for a VA loan or a USDA loan, you'll need at least 3% down. If you qualify for a USDA loan, you may be able to roll your closing costs into the loan.
Caliber Home Loans doesn't publish its refinance rates. Because it is a very large national lender, Caliber's rates will usually be competitive.
Caliber Home Loans' mortgage rates trend about the same or a little higher than the national average. Also, you can't see rates on Caliber's website. The only way to find your rate is to apply. You can get a general idea by calling and talking to a loan officer, but that usually entails disclosing your contact information.
Caliber is an especially good option for lower- and moderate- income households who want to take advantage of special mortgage programs designed to help them get into homeownership.
Consider Caliber if you need more flexible underwriting guidelines to finance improvements or renovations along with the purchase.
Also, Caliber Home Loans is a good choice for someone who is wary of unknown mortgage servicers. Caliber keeps and services most of the loans it makes, rather than selling them on the secondary mortgage market. Anyone who has had the displeasure of being involuntarily switched to a mortgage servicer without good customer service will appreciate the consistency.
Probably, especially if you want a fast close and human interaction. Also, it's a great choice for people who want a digital mortgage experience, and folks who don't like the idea of your loan being sold soon after you get it. Since rates and fees are undisclosed, the only way to know for sure whether Caliber is the best option is to apply and compare.
Probably. You'll have to apply to find out the rate and fees. Caliber doesn't publish that information.
Caliber is able to accommodate borrowers with a wide range of credit scores and financial resources. It's best if you have a 620 credit score, but Caliber offers programs for people with lower scores. Your debt-to-income ratio should be no higher than 43%. But in 2021, changes were made to mortgage rules, and some lenders can now approve applicants with a DTI over 50%. Lastly, your down payment: USDA and VA loans don't require a down payment, but everyone else needs 3% or more. If that's too steep for you, Caliber can help you find out if you qualify for down payment assistance.
