Top perks
Wide selection of loan options
Caliber Home Loans offers a broad menu of mortgage loan options. They include the following:
- HomeOne is a conventional mortgage requiring a 3% down payment.
- HomeReady and Home Possible loans are for low- to moderate-income borrowers. They require a low down payment and offer flexible terms not found on all mortgages. For example, you may be able to have a co-borrower who does not live with you, or a mortgage cosigner.
- FHA 203(k) and HomeStyle are renovation loans. The 203(k) loan program is an FHA mortgage with extra funds to repair or rehab a property. The HomeStyle loan can be used for luxury upgrades like financing a pool or even building a garage apartment.
- Mortgage refinancing. Caliber Home Loans offers FHA and VA streamline refinance loans to help borrowers lower the interest rate on a loan. A streamline refinance has fewer requirements than a purchase mortgage application. The FHA streamline refinance might not require a new appraisal. The VA streamline refinance does not require income verification or an appraisal. Also, there may be no out-of-pocket costs.
- USDA home loans are 0% down payment loan options for borrowers in eligible areas, usually (but not always) rural. Household income cannot exceed current limits, set county by county.
- VA home loans are 0% down payment loan programs for active duty and former military as well as some spouses.
- FHA loans are 3.5% down payment mortgages with more generous credit requirements. A borrower with bad credit (a FICO® Score under 580) can qualify with a 10% down payment.
- Conventional loans are any mortgages not backed or insured by the federal government.
- Jumbo loans are any mortgages in an amount that exceeds federal loan limits and may have different qualification requirements.
Caters to the military
Caliber Home Loans has a separate website for education and information about VA loans. It also provides information about military relocations.
Digital application
The company provides a cutting-edge desktop and mobile app.
Assistance programs
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.
Fast closing
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.
Also a servicer
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.
Automatic payment options
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.