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loanDepot

in Home Purchase Mortgages

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loanDepot

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in Home Purchase Mortgages

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Overview

Where does loanDepot do business?

loanDepot is a direct lender based in Foothill Ranch, CA. The company was founded in 2010 and offers mortgages to borrowers in 50 states (and Washington, DC).

How much can you borrow via loanDepot?

loanDepot allows borrowers to apply for loan amounts of up to $2,000,000. 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 maximum loan term you can get with loanDepot?

loanDepot offers mortgages with terms ranging from 10 to 40 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What is the estimated funding time for a home loan via loanDepot?

loanDepot will typically fund mortgages within 2 and 3 days of approval.

Does loanDepot charge a mortgage origination fee?

Yes, loanDepot may charge a loan origination fee of 1% to 5% of the loan amount.

Does loanDepot charge prepayment fees?

No, loanDepot does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does loanDepot offer?

loanDepot 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%.
  • HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
  • 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 loanDepot allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. loanDepot allows the following property usage types: 

  • Primary home
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Message from loanDepot

loanDepot, America's lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives. As a fast-growing national consumer lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit.

Other Services by loanDepot

Availability

Available in 50 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount
$15
Late Fee After (number of days)
15
Origination Fee
1% - 5%
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Joint Loan Applications Accepted
  • Only Individual Applications
Intended Use
  • Primary Home
Minimum Age
18
Credit Score Range
600 - 850
850 300 600
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Self-Employed
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Primary Residence
Loan Amount
Up to
$2,000,000
Loan Term (Years)
10 - 40
1 40

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