Home Buying » Mortgage Lender Reviews » Caliber Home Loan Review 2021
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Caliber Home Loan Review 2021

Caliber Home Loans focuses on Mortgages alone and therefore, they have more loan choices, flexibility, and fewer restrictions. Here's the things to know.

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

Caliber Home Loan Review

Caliber Home Loans was officially created in 2013. Unlike many banking institutions, Caliber Home Loans focuses on Mortgages alone and because of this, they have more loan choices, flexibility, and fewer restrictions. With their current business rankings, they have grown to become a leading mortgage lender in a short amount of time.

They provide portfolio loans solutions that require a non-traditional approach to home financing. They also provide a convenient application process to make it easier for their target clients. Once the loan closes instead of being sold to a different company for servicing they transition it to their Servicing division (some exclusions apply), through this, it continues their relationship with the homebuyers.


Caliber best fit for those Homebuyers who have poor credit or financial burden. They have vast options to choose from which will give the homebuyers a chance to compare and decide which is the best route for them.

Caliber allows homebuyers who have a non-traditional credit history, even those who have low credit scores, higher debt to income ratios, homebuyers who need a low-down payment, those who have limited household income and finally to those who have financial burdens due to late mortgage payments and recent short sale or bankruptcy.

caliber home loans logo

On Caliber Secure Website

Funding Options

– Fixed / Variable Mortgage
– Mortgage Refinancing
– Government Loans

Minimum Credit Score




Reputation - Customer Ratings & Complaints

  • A on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 3.67/5  on BBB customers reviews (260 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
  •  J.D Power: Caliber Home Loan's got 828 points out of 1000 points available –  lower than industry average. We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey.
  •  J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms,  communication, transparency and more.

J.D. Power U.S. Consumer Satisfaction Study 2020

Mortgage Products and Services

Caliber Home Loan is a mixture of the traditional and non-traditional type of home loans. They have a variety of products that will fit best to the homebuyer’s needs.

Programs such as Purchase and Refinance, a selection of either fixed or adjustable rates as well as government type loans. They also offer Portfolio Loans that have more flexible options for the homebuyers.

  • Conventional – Great option for homebuyers with higher credit scores and stable employment histories. Fixed Rate and ARMs Programs are available and down payments for as low as 3% depending on the loan amount.
  • Relief Refinance – Designed to make an existing mortgage more affordable. Allowed property types include single-family residences, condominiums and properties in Planned Unit Developments (PUDs).
  • Homestyle Renovation – Type of loan that will help you finance a major renovation project. Available for new and existing homes. It has a lower closing cost and its funding is up to 50% of the property’s post-renovation value.
  • Home Possible – This is a Freddie Mac loan program. This type of loan reaches to more borrowers. It has temporary buydowns that can reduce the starting interest rate for 1-2 years. A Homebuyer Education is required for first-time buyers.
  • HomeReady – It’s another Fannie Mae Loan program that is designed to extend privileges of home ownership with limited household incomes. Financial Assistance from family members or current employer can be allowed.
  • DU Refi Plus – a Fannie Mae refinancing program that enables buyers to take advantage of lower interest rates while customizing their loan terms.
  • Jumbo Loans – Large amount of funds for luxury properties and homes in high-cost areas. Available loans for up to $2.5 million and a down payment of at least 5%.
  • Jumbo Interest-Only ARM – This is ideal for homebuyers who prefer a lower monthly payment during their first years of the loan. Also ideal for buyers that plans to sell the property after a short period of ownership. A credit score of at least 700 and up to 9% in seller contributions are allowed.
  • FHA Loans – Partially insured by the Federal Housing Administration, an agency created in 1934 to help borrowers and businesses recover from the Great Depression.
  • Fixed-Rate, ARMs and high-balance terms – For borrowers with limited funds for a down payment or imperfect credit.
  • FHA 203(k) Fixed Rate Rehab – this loan enables a buyer to buy a home that’s in need of repairs or renovations by providing additional funding before move-in. Caliber offers two types of this loan, Standard for remodeling and repairs and the Limited for minor remodeling and non-structural repairs.
  • FHA Streamline Refinance – The capability to refinance to the lower rate and enjoy lower monthly payments. May qualify to convert ARM to a FIXED Rate Loan and “lock in” an affordable interest rate and lastly to shorten your loan’s term to reduce the amount of interest you pay over the life of the loan. At least $5,000 of renovation/repair work is required to finance. To qualify, you’re required to be current on your monthly loan payments. (for FHA Streamline Refinance only)
  • USDA LoansRural Housing Fixed Rate Financing for those that do not qualify for a conventional loan. Properties must be in a rural area designated by the US Department of Agriculture. It has a zero down payment and competitive fixed rates and a no Cash Reserves Required. The Guarantee Fee can be financed, and the closing cost can be paid by the Seller.
  • VA Loans – designed for military veterans and active servicemen and women.
  • VA Streamline Refinance (IRRL) – Lower VA Loan payments and less paperwork. Financing an Energy-efficient improvement is allowed, and VA Entitlement will re-use, so the amount is not affected.
  • Fixed-rate and ARMs, high balance – A 0% Down Payment A minimum credit of 580 is required for fixed-rate financing. Borrowers with credit scores from 580 to 619 are subject to stricter guidelines and may only qualify for purchase transactions of a one-unit single family residence. You can’t use gift Funds or get down payment assistance.

Upgrade allows personal loans to be used for business use. Many other lenders only allow this type of loan to be for personal use. The loan can be used to purchase inventory, payroll, or any other general business needs.

The programs offered here are tailored to those who have unconventional needs and terms to buy a home.

  • Elite Access – A type of jumbo loan that allows loan amounts up to $3 million. Borrowers may qualify with a 90 to 95% Loan to Value (LTV) ratio without Mortgage Insurance.
  • Premier Access – Available for both Fixed and ARM rates, this is for borrowers looking for loan amounts from $100,000 to $3 million with higher ratios. Savings can help to be qualified for an asset-based income option. Low down payment with no Mortgage Insurance. Cash out refinancing up to $750,000 and no Pre-payment penalties.
  • Homeowner’s Access – Qualify with late mortgage payments, a recent short sale or bankruptcy. This type has higher debt-to-income (DTI) ratios up to 50%. A family member can provide 100% of the down payment and closing costs in the form of gift funds. Acceptance of non-traditional credit histories is also allowed with a minimum credit score of 610.
  • Fresh Start Program – for borrowers who have lost a previous home to foreclosure, short sale or deed-in-lieu. They accept a minimum credit score of 580.
  • Investment – designed for Borrowers who plan to purchase several rental/investment properties. Loan for up to 2 million may be available. A Model home leasebacks and Seller Contributions are allowed.

Pros & Cons



Application Process

The company’s website provides a decent amount information about the loans and the process. There’s a dedicated page that shows you the homebuying process.

To be able to start the process you will need to find a loan consultant that will assist you. 


Their website provides list of consultants that are available in your locations.

After finding one, pre-qualification will take place and a pre-qualified loan amount with a loan estimate will be provided to help you search for properties that cater to their loan.

Once you found a property, you may then discuss this with the loan consultant who will evaluate and review your financial situation.

After a full complete review of your financials, the loan consultant will discuss loan products options that will qualify you.

Make sure to prepare these important items, you’ll need them for the process of the loan.

  • Income Verification which will require a most recent paystub
  • Most recent bank statements
  • Employment Verifications

The property will then be professionally appraised. Depending on the appraisal if all goes well the next step will be getting ready to close. The Loan Consultant will provide you with a Closing Disclosure that states the true cost of your loan, the funds owed at closing and any applicable conditions for closing. Make sure to open a home insurance before closing. Right at closing you will then sign your loan document, provide funds to cover any down payment or closing cost (if any).

Keep in mind that there is additional documentation that will be requested by your loan consultants. Every state is different and what isn’t required on some state maybe required on your state. Make sure to continuously check with your Loan Consultant as well as your Realtor to make sure you have everything you need for the closing of the home.

Any establishment has its own weaknesses and strengths and Caliber Home Loans is no exception to that. Below are some pros and cons that you will be help you assess Caliber Home Loans.  

Alternatives Lenders For Consideration

We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Caliber Home Loans mortgage:

 When looking over this bank and all of their products, services, customer awareness, reviews, and above all, their fantastic work ethic, even though this company has not been open for as long as some major big named companies have been, this bank has been open long enough with nothing but great reviews, wonderful products, and even better service.

For a bank to not have any complaints to the big consumer companies after 22 years is and should be a phenomenal accomplishment. 

Chase Mortgage is one of the top-rated lenders in the lending industry. Serving more than 60 million households in the U.S with home lending advisors in about 30 states readily available on phones and email shows how credible chase mortgage is.
The Bank offers a full menu of fixed and adjustable-rate loans, including the federal housing administration loan, veteran administration loan and jumbo loan of up to $3Million. Chase also offers a low-down payment and a low-income option called the DreaMaker Mortgage.
The DreaMaker mortgage program is designed to assist individuals buying a home for the first time, and individuals with low to moderate-income afford a mortgage and buy home. The DreaMaker program also helps individuals buy a home with a down payment of 3% and no minimum borrower contribution. To qualify for the DreaMaker Mortgage, you need a minimum credit score of 620. However, borrowers should have a credit score of 720 in other to be eligible for the lowest interest rate.
Chase bank has an A+ rating with the Better Business Bureau. Also, this Bank had 3 out of 5 stars in the J.D. Power rating in 2019. The Bank received 939 complaints from the consumer financial protection bureau in 2019.

About Caliber Home Loans

Caliber Funding started in 2008, it acquired the CIT Group’s lending assets and rebranded itself as Vericrest Financial. In 2009, they obtained two key approvals for FHA direct endorsement approval and direct lending authority, and VA automatic lending approval. By 2012, they have expanded and received a Freddie Mac seller approval which they began issuing securitization. They also receive Ginnie Mae approval and Fannie Mae and Ginnie Mae servicer Approval.

Due to the merger of Caliber Funding with Vercrest Financial, Caliber Home Loans was born in 2013. They Acquired First Priority Financial, creating a servicing portfolio of approximately $90 billion, and a sales force of more than 1,000 across more than 340 retail locations.

Its Corporate office is in Texas. However, they do cater to all 50 States. Loan Consultants are available to assist homebuyers in their home buying experience. They are available physically in most states and by phone or online to all potential homebuyers.

Mortgage Reviews Methodology

The Smart Investor’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. We also look at types of loans and what specific products are available. Finally, we look at the ability to get information online and to carry out online processes as well as customer service, rate information and complaints that have been filed.