Home Point Financial 203(k) loan review

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Last updated May 25, 2020
  • Online application available
  • Partnerships with companies to speed up processes
  • Available in 50 states
We are not affiliated with or endorsed by Home Point Financial. We are an independent review site.

Licensing

State Availability
AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC
NMLS#
7706

Requirements

Minimum credit score
620
Minimum down payment
3.5%

Customer ratings

BBB rating
A-
Zillow rating
4.91
J.D. Power ranking
Not rated

About Home Point Financial

Home Point Financial is a 5-year-old mortgage provider, making it a fairly young lender. Home Point Financial offers various mortgages, including conventional loans, non-agency loans, FHA loans (including 203(k) loans), VA loans, USDA loans, HomeReady loans, Home Possible loans, Jumbo loans, High Balance loans, HARP loans, and HELOC loans. In 2017, Home Point Financial acquired Stonegate Mortgage, another mortgage provider.

Home Point Financial 203(k) loans endorsed by the FHA

As part of the final approval for a 203(k) loan, the FHA has to “endorse” each loan application. In 2020 so far (between January to April) the FHA has endorsed 275 203(k) loans applied through Home Point Financial. This is the 2nd highest number of 203(k) loan endorsements for a lender in 2020. In 2019, the FHA endorsed 87 203(k) loans applied through Home Point Financial and 72 203(k) loans in 2018.

What makes Home Point Financial different from other lenders?

Online application process

Home Point Financial allows you to apply for its mortgages online through its website. The application asks for personal, financial, and some additional standard information.

Continuously partnering with companies to speed up loan processes

Home Point Financial has continued to partner with companies that help improve different parts of the lending process. In 2019, Home Point partnered with Capsilon Digital Underwriter on an underwriting solution that fully automates the underwriting process to help speed up the process. In 2018, Home Point partnered with SafeboxIQ, an automated mortgage document submission platform. SafeboxIQ allows Home Point Financial to easily and securely manage a loan submission process that is normally manual. SafeboxIQ digitizes loan files, identifies missing documents and notifies appropriate parties when documents are due or missing. According to Home Point Financial, the program also tracks progress and can close up to 15 days faster than manual processing.

Available in all 50 states

Mortgage lenders are required to be licensed in the state that they intend to provide mortgages. Home Point Financial is licensed to lend in every state. Not every lender is qualified to do so.

We are not affiliated with or endorsed by Home Point Financial. We are an independent review site.