Best California Mortgage Lenders Of July 2024 – Forbes Advisor – Technologist

Guild Mortgage offers multiple home loan options with flexible credit score and down payment requirements, including its Zero Down mortgage program. This program pairs an FHA mortgage with a forgivable or repayable second mortgage to fund the required down payment for the FHA mortgage.

Why We Like It

In addition to its proprietary zero-down mortgage programs, Guild Mortgage offers USDA loans with a 540 minimum credit score and 0% down that can benefit rural Californians.

What We Don’t Like

The company’s Arrive Home program works similarly to the Zero Down program but has a higher minimum credit score requirement and only provides a repayable second mortgage.

Who It’s Best For

Californians struggling to afford the high down payment requirements for property in the state may benefit from Guild Mortgage’s zero-down mortgage programs.

Overview

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

How To Apply

Guild offers both in-person and online mortgage applications (except for borrowers in New York and New Jersey). Their paperless application process allows borrowers to send paperwork electronically as well as apply for and keep track of the application process online. Preapproval can take one to three days.

Customer phone support is somewhat limited, available Monday through Friday from 6 a.m. to 5 p.m. PT.

Speed

Guild Mortgage offers a 17-day closing guarantee.

Eligibility

• Minimum credit score of 540 for FHA and USDA loans; 620 for conventional loans and down payment assistance (depending on the program in each state); and 680 for jumbo loans. Guild Mortgage does not publicly disclose minimum credit score information for its VA loans.
• Minimum down payment of 0% for VA and USDA loans, 3% for some conventional loan programs, 3.5% for FHA loans and 10% for jumbo loans

Loan Types

Guild Mortgage offers both mortgages for buyers and refinancers. Its product line includes fixed- and adjustable-rate mortgages, conventional and jumbo mortgages, and FHA, USDA and VA loans.