The third largest wholesale mortgage lender, Caliber Home Loans provides their mortgage options/products nationwide, offering home loan solutions through a network of consultants, independent mortgage brokers and loan officers. Unlike many banking institutions, mortgages are their only business. Caliber also collects loan payments for mortgages originated through them. With high-end innovative mortgage technology, Caliber can get your loan processed in as optimal as 10 days.
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Caliber Home Loans Summary:
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- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan: Standard lock period 10-20 days.
Caliber Home Loans Features:
- Loans insured by the FHA, VA and USDA
- Jumbo loans up to $2.5 million
- Financing for new builds, second homes and investment properties
- Portfolio loan solutions for borrowers who require a non-traditional approach to home financing
Caliber Home Loans Basic Requirements:
Below are examples of supporting documents which may be included in a loan file:
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Conclusion:
Caliber Home Loans offers the widest selection of loan programs that I’ve ever witnessed. Being one of the largest wholesale lenders, that means that they provide loan products and services to local lenders. Nearly 1/3 of it’s total loan volume comes from readily available loan services towards independent mortgage brokers or loan officers. Moreover, what they do best is being able to provide to borrowers with low credit score or past financial troubles. If you’re currently not interested, be sure to check out our Best Mortgage Rates for all things home-buying related!
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