Caliber Home Loans Review [2024]: Is It the Right Lender for You?

Caliber Home Loans is a national mortgage lender that offers conventional, jumbo, VA, FHA, USDA, and new construction loans.
Updated Dec. 13, 2023
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Buying a home is part of the American Dream, but handling the mortgage application process can turn into a nightmare if you choose the wrong lender.

Before borrowing, you want to make sure the mortgage company has loan programs that fit your needs and that the company is reputable. In this guide, we give you insight into Caliber Home Loans to help you decide whether it’s the right place to get your next home loan.

In this article

An overview of Caliber Home Loans

Caliber Home Loans, Inc. is headquartered in Coppell, Texas, and is a nationwide lender and loan servicer operating in all 50 states. The company started in 2008 after a merger between Caliber Funding and Vericrest Financial, and is currently owned by Lone Star Funds. Caliber’s CEO, Sanjiv Das, is a veteran of the financial services industry, and has been with the company since 2016.

Caliber currently services over $150 billion in consumer loans, and it aims to provide user-friendly technology that helps to shorten the financing process. Rather than waiting for months to close on a home, application processing with Caliber Home Loans could take a few weeks, with some loans closing as quickly as 10 business days.

In April 2021, New Residential Investment Corp. announced it would be acquiring Caliber Home Loans, and the acquisition is slated to be complete in the third quarter of the year.

Which loan products does Caliber Home Loans offer?

Caliber Home Loans offers conventional, jumbo, and government-backed loans, including Federal Housing Administration, Department of Agriculture, and Department of Veterans Affairs loans. If you want to refinance your home loan, loan refinancing is available as well. Below is a breakdown of each of its products.

Conventional loans at Caliber Home Loans

Caliber Home Loans has multiple conventional loan options, with some allowing for down payments as low as 3%. The company also offers the Freddie Mac Home Possible and Fannie Mae HomeReady mortgage programs with flexible credit criteria. These could be an option for borrowers with limited income.

Conventional loans generally come with closing costs and other lender fees, which may total 2-7% of the purchase price. You might also need to pay private mortgage insurance if you put less than 20% down on a conventional loan.

For homes that need some work, Caliber offers the Fannie Mae HomeStyle Renovation Loan, a type of conventional loan that could help you finance remodels, renovations, or repairs. With this loan, you might be able to borrow up to 75% of your home’s value after renovations.

Down payment 3%+
Loan term 10 to 30 years
APR Fixed or adjustable rate, varies based on credit score
Credit needed 620+

FHA loans at Caliber Home Loans

FHA loans are government-backed loans that let you buy a home with a down payment as low as 3.5%, depending on your credit. These loans could be a good option for first-time homebuyers due to their less stringent credit score requirements, though other borrowers might benefit from them too.

Borrowers can use an FHA loan to buy a single-family home, two- to four-unit property, condo, or modular home. And if you want to finance a fixer-upper, the FHA 203(k) Rehab Loan lets qualifying borrowers finance the home purchase and repairs with one loan.

Down payment 3.5%+
APR Fixed or adjustable rate, varies based on credit score
Credit needed 580+ to qualify for 3.5% down

VA loans at Caliber Home Loans

VA loans are mortgages backed by the Department of Veterans Affairs and help veterans, active duty service members, and certain military spouses buy homes.

With a VA loan, you might not need a down payment, and you can use your loan to buy a single-family home, multi-unit property, condo, or manufactured home. In an area with high home prices, you may be able to borrow up to $2.5 million to make your home purchase.

Down payment 0%+
APR Fixed or adjustable rate, varies based on credit score
Credit needed 580+ (Scores below 620 subject to stricter requirements)

USDA loans at Caliber Home Loans

USDA loans offer up to 100% financing to homebuyers who live in some rural areas. Closing costs and a guarantee fee will apply to the loan, but sellers are allowed to help you pay closing costs, and you may be able to finance the guarantee fee into the loan.

Down payment 0%+
APR Fixed rate, varies based on credit score
Credit needed Not available

Jumbo loans at Caliber Home Loans

If you want to buy a home and need a loan that exceeds conforming loan limits set by the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac, you may be able to qualify for a jumbo loan.

Jumbo loans typically have stricter eligibility requirements because you’re borrowing a large sum. For example, you may need to have a higher credit score, higher income, and higher down payment to qualify. Jumbo loans may also have higher closing fees and higher interest rates.

Down payment 20%+
APR Varies based on credit score
Credit needed 700+

New construction loans at Caliber Home Loans

Builders may recommend Caliber if you are interested in financing new construction. Conventional, jumbo, FHA, VA, and USDA loan options may be available for eligible borrowers. You might even be able to lock in your interest rate for up to 12 months while the home is being built.

Refinancing a mortgage with Caliber Home Loans

Whether you want to reduce your current mortgage rate or monthly payment, or make the switch from an adjustable-rate mortgage to a fixed-rate mortgage, Caliber Home Loans offers multiple options to refinance your mortgage.

For homeowners with an FHA loan, there’s the FHA Streamline Refinance. The VA Streamline Refinance is also available to VA loan borrowers. Eligibility requirements and closing costs for a mortgage refinance can vary. Caliber will consider your credit and how much equity you have in the home to determine whether you qualify and at what interest rate.

What makes Caliber Home Loans different

One area where Caliber Home Loans stands out is that it offers a mobile app you can use to apply for a loan and manage the loan if you’re approved. Borrowers can use the app to view payments, set up automatic payments, and request the removal of private mortgage insurance.

Loan processing speed is another area that may set Caliber Home Loans apart from other mortgage options. How long it can take to close on a loan can vary depending on the circumstances of your loan and finances. But, in certain situations, Caliber Home Loan application technology could help you close on a loan within 10 business days.

What Caliber Home Loans customers are saying

Caliber Home Loans gets an A+ rating from the Better Business Bureau and 3.88 out of 5 stars from customers on the site.

Although some customers are satisfied with the speed of the application process, others have made complaints about having difficulty reaching customer service and getting asked repeatedly for the same documents. Caliber Home Loans does make a point to address complaints on the Better Business Bureau website.


Is Caliber Home Loans a good company?

Caliber Home Loans gets an A+ rating from the Better Business Bureau and relatively positive reviews from customers. You can apply for a loan through the Caliber website or its mobile app, which can make working with the company convenient.

That said, Caliber Home Loans does get some negative reviews from customers about customer service responsiveness, payment challenges, and confusion with documents, so that’s something to consider before using the company.

What do you need to apply for a loan with Caliber Home Loans?

The steps for how to get a loan with Caliber Home Loans are similar to other mortgage application processes. You’ll need to gather documents including pay stubs, 60 days of bank and investment statements, and self-employment financials because you may be asked for them.

To start the loan process, create an account on the Caliber Home Loans website or the mobile app and answer questions about your finances and the home you want to purchase.

How much are closing costs with Caliber Home Loans?

Generally, closing costs are around 2-7% of your purchase. According to the Caliber site, one way to potentially reduce your closing costs is by price shopping for title services because the title search and title insurance tend to take up a large portion of the closing-related fees.

In some cases, you might be able to get the seller to pay a portion of your closing costs so you can pay less out of pocket. Generally, you’d negotiate this during the home purchase process. Caliber might also be willing to reduce the origination fee part of the closing costs, but the trade-off is this could increase your interest rate.

What is the minimum credit score for Caliber Home Loans?

The minimum credit score Caliber requires varies depending on the type of loan you’re applying for. You might be able to get approved for a VA or FHA loan with a credit score below 620, but conventional loans generally require a 620 or higher.

How do you contact Caliber Home Loans?

To get in contact with a Caliber Home Loan consultant, start by searching for representatives in your city and state on the company’s website. Search results include the phone number and email of loan officers you can get in touch with to discuss options.

Bottom line

Caliber Home Loans is a national mortgage company that offers many different types of loans. If you’re looking for a loan with a low down payment, some conventional loans might let you put down as little as 3%, while FHA loans might allow 3.5%. VA and USDA loans could require no down payment at all.

If your credit score has increased and interest rates have decreased since purchasing your home, refinancing your mortgage with Caliber Home Loans could help you lock in a lower rate. Shopping around with multiple lenders can help you find the best terms you can qualify for on a new purchase or refinance.

Check out our picks for the best mortgage lenders to compare some top lenders.

Disclaimer: All rates and fees are accurate as of Feb. 17, 2023.

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Author Details

Taylor Medine Taylor Medine is a freelance writer who's covered all things personal finance for the last seven years. She enjoys writing financial product reviews and guides on budgeting, saving, repaying debt, and building credit.