Is LoanDepot good for first time home buyers?

LoanDepot may be a strong option for first-time homebuyers, since it offers both FHA and VA loans. Both of these government-backed loan programs have low minimum down payments and more-lenient borrower requirements for people who apply through approved lenders.

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Keeping this in consideration, can LoanDepot be trusted?

Reputation. LoanDepot is accredited by the Better Business Bureau with an A+ rating. Based on more than 3,400 customer reviews on Trustpilot, the lender scores a 3.6 out of five stars.

Moreover, does LoanDepot charge a fee? LoanDepot has no application fees or prepayment penalties for any of its loans, but the lender does charge a late fee if a borrower is more than 15 days late on a mortgage payment. You can call the lender to get a full breakdown of the fees you might pay on a refinance or purchase mortgage.

Similarly one may ask, does LoanDepot work with down payment assistance?

Summary of Best CalHFA Mortgage Lenders of 2021

Guaranteed Rate offers conventional loans with as little as 3% down. New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. LoanDepot offers conventional loans with as little as 5% down.

How long does LoanDepot take to close?

3 to 5 days

Is LoanDepot federally backed?

LoanDepot mortgage loan types

LoanDepot has a variety of mortgage products: fixed- and adjustable-rate loans for purchases and refinances, jumbo loans and loans backed by the Federal Housing Administration and the Department of Veterans Affairs.

What score does LoanDepot use?

Borrowers need a minimum FICO score of 580 to qualify for a 3.5 percent down payment. If your FICO score is between 500 and 579, a 10 percent down payment is required.

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