Where does Clara do business?
Clara is a direct lender based in San Francisco, CA. The company was founded in 2016 and offers mortgages to borrowers in 1 state.
How much can you borrow via Clara?
Clara allows borrowers to apply for loan amounts of up to $636,150. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the estimated funding time for a home loan via Clara?
Clara will typically fund mortgages within 7 and 14 days of approval.
Does Clara charge a mortgage origination fee?
Yes, Clara may charge a loan origination fee.
What mortgage programs does Clara offer?
Clara offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Clara allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Clara allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Investment properties and house flipping projects