Mr. Cooper Home Loans
Mr. Cooper Home Loans
in Home Mortgage Loans from Mr. Cooper · NMLS ID #2119

Mr. Cooper Home Loans

in Home Mortgage Loans from Mr. Cooper · NMLS ID #2119
Net Recommendation Score -100  


This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.


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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Loan Amount $0 - $2,000,000
Loan Term (Years) 10 - 30 years
Credit Score Range 620 - 850
No Origination Fee N/A

Mr. Cooper Home Loans Review

Mr. Cooper Home Loans is offered by Mr. Cooper (NMLS #2119), a direct lender founded in 2017 and based in Dallas, TX. Mr Cooper mortgage are available in 50 states (and Washington, DC).

Key Takeaways

  • 8 different mortgage programs offered. Mr. Cooper Home Loans offers FHA, FHA 203k, HomePath, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Non-standard interest rates available. Mr. Cooper Home Loans only offers hybrid mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Fast process. In some cases you can close on your home loan within 2 business days.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Origination fees starting at $995.Origination fees are deducted from the loan amount, so take it into account when deciding how much you need to borrow.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Mr. Cooper Home Loans.

Mr. Cooper Home Loans Pros & Cons

Pros Cons
  • Considers applicants with fair credit.
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.

Mr Cooper mortgage FAQ

How much can you borrow via Mr. Cooper?

Mr Cooper mortgage 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 mortgage?

Mr Cooper mortgage 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 mortgage rates does Mr. Cooper offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

What is the estimated funding time?

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

Do they charge mortgage origination fees?

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

What mortgage programs are available?

Besides conventional mortgages, Mr Cooper mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. 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.
  • HomePath: Financing for the purchase and improvement of properties owned by Fannie Mae.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
  • USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
  • VA loans: 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. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Mr Cooper mortgage allow?

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

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

What is the customer service phone number?

The customer service number for Mr. Cooper Home Loans is (855) 375-4001.

What is the support contact email?

The support contact email for is

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Message From Our Editor

What we love about Mr. Cooper

Mr. Cooper offers home loans with low down payments, often much less than the traditional 20% down payment, which may make it easier for people to afford a down payment on a home. It also offers flexible terms, letting you choose a fixed-rate or adjustable-rate mortgage.

You can also get FHA loans from Mr. Cooper with low down payments. Other available loans include refinancing, VA loans, HARP loans, and jumbo mortgages.

Mr. Cooper’s loans also involve less paperwork than many other mortgages, which can make the application process easier.

The company also looks to help people who are having trouble paying their mortgage bills. If you run into trouble, you can fill out a mortgage assistance form and Mr. Cooper will work with you to find a solution.

What could Mr. Cooper do better?

Mr. Cooper’s loans share many of the drawbacks of mortgages that have low down payments. If you make a down payment smaller than 20%, you’ll have to pay for private mortgage insurance each month, which increases your monthly mortgage bill.

Mr. Cooper’s conventional loans may also have stricter credit requirements than its FHA and other types of loans.

Mr. Cooper’s backstory

Mr. Cooper started as Nationstar Mortgage, which was founded in 1994 and is headquartered in Coppell, Texas. The company has a portfolio of roughly $500 billion in loans and has served more than 3 million customers.

The Verdict

If you want a mortgage and don’t like the idea of dealing with a lot of paperwork or saving a lot for a down payment, Mr. Cooper might be a good choice. Even if you do have a large down payment, it’s worth checking Mr. Cooper’s rates as you might be able to get a good deal.


Hours of Operation

  • Sunday Closed
  • Monday 7:00am - 8:00pm
  • Tuesday 7:00am - 8:00pm
  • Wednesday 7:00am - 8:00pm
  • Thursday 7:00am - 8:00pm
  • Friday 7:00am - 7:00pm
  • Saturday 8:00am - 12:00pm

Other Services by Mr. Cooper


  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • 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
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee ($) $995
Credit Score Range 620 - 850
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Minimum Age 18
Primary Residence
Loan Amount $0 - $2,000,000
Loan Term 10 - 30 years
Interest Rate Types Offered Hybrid Mortgage
Mortgage Programs
  • FHA
  • FHA 203k
  • HomePath
  • USDA
  • VA
  • Jumbo

Mr. Cooper Home Loans Community Reviews


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This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.


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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