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loanDepot Home Mortgage

in Home Purchase Mortgages from loanDepot · NMLS ID #174457

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loanDepot Home Mortgage

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in Home Purchase Mortgages from loanDepot · NMLS ID #174457

SuperMoney Net Recommendation Score -20%

SUPERMONEY NET RECOMMENDATION SCORE

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Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

Mostly not recommended

4 users recommend
0 users are unsure
6 users don't recommend
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Highlights
Highlights
Community Rating Mostly not recommended
Loan Amount $85,000 - $3,000,000
Loan Term (Years) 10 - 40 years
Number of Reviews 10

loanDepot Home Mortgage Review

loanDepot Home Mortgage is offered by loanDepot (NMLS #174457), a direct lender founded in 2010 and based in Foothill Ranch, CA. loanDepot Home Mortgage is available in 50 states (and Washington, DC).

loanDepot Home Mortgage FAQ

How much can you borrow via loanDepot Home Mortgage?

loanDepot Home Mortgage allows borrowers to apply for loan amounts of up to $3,000,000. 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 Home Mortgage?

loanDepot Home Mortgage 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 Home Mortgage?

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

Does loanDepot Home Mortgage charge a mortgage origination fee?

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

Does loanDepot Home Mortgage charge prepayment fees?

No, loanDepot Home Mortgage 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 Home Mortgage offer?

loanDepot Home Mortgage 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 Home Mortgage allow?

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

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Other Services by loanDepot

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.

Availability

  Available in 50 states and Washington, D.C.
  • 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 After 15 days
Late Fee Amount $15
Origination Fee (%) 1% - 5%
Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted Individual Applications
Maximum LTV 80%
Minimum Age 18
Minimum Down Payment 3.5% - 10%
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
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)
Investment  
Primary Residence  
Loan Amount $85,000 - $3,000,000
Loan Term 10 - 40 years
Mortgage Programs
  • FHA
  • HARP
  • VA
  • Conventional Mortgages
Terms 3, 5, 7, 10, 15, 20, 30 & 40 year

loanDepot Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

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-100% 0% +100%
No one recommends Everyone recommends

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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