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Caliber Home Loans Mortgage Review 2021

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Caliber Home Loans, Inc. was founded in 2008 as part of a merger between Caliber Funding and Vericrest Financial. The company is headquartered in Coppell, Texas, and provides a wide variety of traditional and renovation loan options.

Pros and cons of a Caliber Home Loans mortgage


  • Offers a wide array of traditional and government-backed loan programs
  • Provides renovation loan options


Working with Caliber Home Loans

Caliber Home Loans operates in all 50 states with branches across the country staffed with local experts to help customers with questions about mortgage financing. The company funded $60.1 billion in loan volume in 2019, according to its website.

Caliber Home Loans borrowing requirements

The lowest acceptable credit score is 620 for most programs. VA loans may be available with lower credit scores, but the guidelines are more stringent.

Caliber Home Loans finances the following property types:

  • Single-family homes
  • Multifamily (two- to four-unit) homes
  • Modular homes
  • Condominiums
  • Planned unit developments (PUDs)

Caliber Home Loans mortgage products


Conventional loans. Borrowers can choose fixed-rate terms from 10 to 30 years if they meet Fannie Mae and Freddie Mac borrowing guidelines.

Adjustable-rate mortgages (ARMs). Homeowners can benefit from short-term savings with low rates offered with 3/1, 5/1, 7/1, 10/1 and 5/5 ARM options. The initial rate is typically lower than current 30-year fixed rates, and adjusts annually after the initial lower rate expires (except for the 5/5 ARM, which adjusts every five years).

Fannie Mae HomeReady and Freddie Mac Home Possible loans. Low- to moderate-income borrowers may be able to buy a home with a down payment as low as 3% and a FICO Score of 620 under HomeReady® or Home Possible® guidelines.

Freddie Mac HomeOne loan. Higher-income earners may qualify for the 3% down HomeOne™ mortgage from Freddie Mac. Unlike the Home Possible loan, there are no income restrictions.

FHA loans. Caliber offers fixed- and adjustable-rate options for loans backed by the Federal Housing Administration (FHA). A minimum credit score of 620 is required for fixed-rate loans.

VA loans. Eligible military borrowers may be approved for a loan guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans require no money down, and fixed- and adjustable-rate options are available. VA borrowers who are looking in high-cost areas may qualify for a loan up to $2.5 million through Caliber.

USDA loans. If you’re buying a home in a designated rural area, you may qualify for a U.S. Department of Agriculture (USDA) loan. These loans have income limits, but you typically don’t need a down payment.


Conventional refinance. A variety of fixed-rate and ARM options are available, depending on the homeowner’s refinance goals. Borrowers can tap equity with a cash-out refinance or switch from an ARM to the stability of a fixed-rate mortgage.

VA interest rate reduction refinance loans (IRRRLs). No income documentation or appraisal is required. Borrowers with a current VA loan can lower their rate, shorten their loan term or even roll in the costs of energy-efficient home improvements.

FHA streamline refinance. If you’ve paid your current FHA loan on time, you can avoid the hassle of providing income documents or needing a home appraisal. Caliber requires a 620 score for its FHA streamline refi program.

USDA refinance. Rural homeowners with current USDA loans may be able to save money by refinancing to a new, lower-rate USDA loan.

Renovation loans

HomeStyle Renovation loans. Borrowers seeking to finance home improvement projects can finance the costs into a fixed-rate or adjustable-rate HomeStyle Renovation® loan. The program can be used for new or existing homes.

FHA 203(k) loans. If your credit scores are too low or you don’t have enough home equity to meet the qualifications for a HomeStyle Renovation loan, the FHA 203(k) rehabilitation loan may be a better option.

Caliber Home Loans special mortgage programs

National homebuilding program. This specialized program offers multiple financing options for people building a home, including programs for borrowers with credit problems or even non-warrantable condominiums. Buyers can lock in a rate for 12 months, giving the security of knowing what their rate will be when the home is complete.

The mortgage application process

  • How to apply. Borrowers can apply online through the Caliber Home Loans app and communicate with their loan officer through their smartphone
  • Disclosure process. Lenders are required to provide a loan estimate detailing the rate and costs of their offer within three business days of receiving your application.
  • Submitting loan for approval. Loan documents can be uploaded electronically. You can track the status of the preapproval through the app.
  • Final approval. A loan consultant is available throughout the entire process. Depending on how much information can be verified digitally, the loan may close in as little as 10 days.
  • Closing. Lenders are required by federal law to provide you with a closing disclosure three business days before your closing date.
  • Servicing. Caliber services its loans and provides a detailed webpage with helpful FAQs about making monthly payments.

Communication during the process

To contact Caliber Home Loans customer service, reach out to a local loan consultant in your area, or call (800) 401-6587, Monday through Friday from 8 a.m. to 7 p.m. CST, for assistance. Registered Caliber online users can ask questions about their loan through the online portal as well.

Visit the lender’s contact page to find additional information for specific departments.


Today's Mortgage Rates

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