Best Mortgage Lenders For FHA Loans In July 2021 – Forbes Advisor

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Guild Mortgage offers in-person and online mortgage services. With offices in 31 states, borrowers who prefer to do business face-to-face can visit a branch. Conversely, borrowers in 48 states (except New York and New Jersey) can apply online through its MyMortgage digital mortgage program.

Guild Mortgage is a great option for borrowers with a lower credit rating, as it has a minimum requirement of 600, which is about 20 points lower than the average lender requires. Applying for a home loan through Guild Mortgage is also relatively easy and quick, making it a great choice for people who can’t afford the wait.

Forward thinking, Guild Mortgage provides services such as automatic client matching with down payment assistance from national and local programs, which is ideal for people who may not have the time to do the research. themselves.

For buyers in a hurry, the lender offers a Homebuyer Express 17-day close-out guarantee program. That’s considerably faster than the industry average of 43 days to shut down, according to Freddie Mac. The guarantee states that the lender pays $ 500 for closing costs if the loan does not end on time due solely to a delay in the Guild mortgage.

Available in most states

Guild Mortgage is available online anywhere in the United States except New York and New Jersey. There are branches in 31 states including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa , Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico and North Carolina. , North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

How to register

Guild Mortgage offers both branch offices and online access to borrowers who wish to apply for a mortgage. Their paperless application process allows borrowers to send documents electronically as well as apply and go through the application process online.

Telephone support is very limited, operating only Monday through Friday 6:00 am to 5:00 pm PT; the lender is closed on weekends.

Speed

Pre-approval times are not as fast as those of other lenders, with a lead time of 1 to 3 days for pre-approval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be of interest to borrowers who need to close quickly.

Credit requirements

Guild Mortgage’s minimum credit score requirements differ by mortgage. The lender offers loan options to buyers with a credit score as low as 600. The minimum requirements for each program are as follows:

  • Down payment assistance: 620 (depending on each state’s program)
  • FHA: 600
  • Conventional: 620
  • FW: 600
  • USDA: 600
  • Jumbo: 680

Types of loans offered

Guild Mortgage Loans offers both mortgage loans for buyers and refinancers. Its product line includes fixed and adjustable rate (ARM) conventional and jumbo mortgages, FHA, USDA and VA loans. The Lender’s MH Advantage program is designed for borrowers who purchase a manufactured home. According to Fannie Mae’s guidelines, MH Advantage borrowers must have a minimum credit score of 620. Guild Mortgage also offers FHA home improvement loans and reverse mortgages.

For new constructions, the lender offers its StrongStart program. StrongStart allows you to use a builder’s closing credit for interest on the first three months of a borrower’s monthly mortgage payments. This program is offered with FHA and VA funding (standard and high balance limits).

Guild Mortgage does not offer home equity loans or home equity lines of credit.


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