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Mr. Cooper

in Home Purchase Mortgages

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Mr. Cooper

Unaffiliated

in Home Purchase Mortgages

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Overview

Where does Mr. Cooper do business?

Mr. Cooper is a direct lender based in Dallas, TX. The company was founded in 2017 and offers mortgages to borrowers in 50 states (and Washington, DC).

How much can you borrow via Mr. Cooper?

Mr. Cooper 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 Mr. Cooper?

Mr. Cooper offers mortgages with terms ranging from 10 to 30 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 Mr. Cooper?

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

Does Mr. Cooper charge a mortgage origination fee?

Yes, Mr. Cooper may charge a loan origination fee of $995

What mortgage programs does Mr. Cooper offer?

Mr. Cooper 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.
  • 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.
  • HomePath: Financing for the purchase and improvement of properties owned by Fannie Mae.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
  • 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 Mr. Cooper allow?

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

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Contact

  • Headquarters
  •   8950 Cypress Waters Blvd.
    Dallas, TX 75019 USA
  •   Visit Site

Availability

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

Origination Fee ($) $995
Minimum Age 18
Credit Score Range 620 - 850
850 300 620
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Primary Residence  
Investment  
House Flipping  
Estate/Trust/Retirement  
Loan Amount $0 - $2M
Loan Term (Years) 10 - 30

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