Peoples Home Equity Home Loans

Peoples Home Equity Home Loans Review

Peoples Home Equity Home Loans are offered by Peoples Home Equity (NMLS #66247), a nonbank financial services provider founded in 2001 and based in Charlotte, NC. Peoples Home Equity Home Loans are available in 50 states (and Washington, DC).

Key Takeaways

• 4 different mortgage programs offered. Peoples Home Equity Home Loans offers FHA, 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.
• Standard interest rates types. Peoples Home Equity Home Loans offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Origination fees of up to 1%. This is on the low end for lenders that charge an origination fee. However, plenty of lenders don't charge an origination fee. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Peoples Home Equity Home Loans.
• Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for Peoples Home Equity Home Loans.

Peoples Home Equity Home Loans Pros & Cons

Peoples Home Equity Home Loans FAQ

How much can you borrow via Peoples Home Equity Inc?

Peoples Home Equity Home Loans 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 Peoples Home Equity Home Loans?

Peoples Home Equity Home Loans offers mortgages with terms ranging from 5 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 Peoples Home Equity Inc 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.

Do they charge mortgage origination fees?

Yes, Peoples Home Equity Home Loans may charge a loan origination fee of 0.5% to 1% of the loan amount of $0.5 to $1

What mortgage programs are available?

Besides conventional mortgages, Peoples Home Equity Home Loans 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%.
• 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 Peoples Home Equity Home Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Peoples Home Equity Home Loans 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 Peoples Home Equity Home Loans is (855) 561-4944.

What is the support contact email?

The support contact email for is customercare@peopleshomeequity.com.