We offer conventional, jumbo, Veterans Affairs (VA) mortgages. We have the ability to do Federal Housing Administration (FHA) loans, but you cannot use them in combination with the Homeward Cash Offer.
The documentation we request will vary depending on your situation. For instance, whether you’re self-employed or already own a home. But, generally speaking, we require credit, asset, and income verification.
We do a soft credit pull as part of the Homeward approval process. (You may notice that the application says it is a hard credit pull. Unfortunately, we cannot modify this language, which comes from a third-party partner.) We do a hard credit pull if you decide to use Homeward Mortgage to buy back your home from Homeward.
We consider your credit score, debt-to-income ratio, and available assets when we review your financial profile. If you have questions about our decision-making process, speak to your Loan Officer. We want to do everything possible to help you buy your dream home.
Yes, you can have a co-borrower on your loan with Homeward Mortgage.
No, you are not required to use Homeward Title. That said, there are many advantages to closing on your home with our affiliate company. Bundling these services can save you time, money, and effort.
You can explore our rates and estimate your monthly mortgage payment using our rate calculator. Once you are under contract to buy a home, we’ll provide you with a custom quote.
Yes. When you use Homeward Mortgage to finance your Homeward Cash Offer, Homeward gives you a credit at closing. For details about the convenience fee and the credit you’ll receive, see the Buy before you sell or the Buy with cash product pages on Homeward’s website.
If you are a first-time homebuyer, the minimum amount of cash down is 3% for a loan equal to or less than $548,250. If you are not a first-time homebuyer, you can put as little as 5% down as long as your loan amount stays within the conforming limits for the county you are buying in. Loans above this limit are considered jumbo and minimum down payments for those vary.
No. We do not charge any prepayment penalties.
This varies. This varies. Once you are approved to use The Homeward Cash Offer and have a property under contract, we can provide more details. In the meantime, you can learn more about Homeward Title’s closing fees by visiting their website.
For more information about our Best Price Guarantee, visit the Best Price Guarantee Terms & Conditions page.
We offer each borrower a custom private mortgage insurance (PMI) quote in accordance with Federal National Mortgage Association (FNMA) guidelines. Veterans Affairs (VA) loans and mortgages with a loan-to-value (LTV) ratio of less than 80% do not require PMI.
No, we do not currently offer any down payment assistance.
When you use Homeward Mortgage to buy with cash, Homeward will provide you with a credit at closing. Homeward will also pass through any credits they received from the original seller during the Homeward Purchase. These credits are called Interested Party Contributions or IPCs.
Mortgage guidelines regulate how big IPCs can be and how they are applied. Your IPC limit is based on two things: your loan-to-value (LTV) ratio and your type of occupancy (is this your primary residence, a second home or an investment property. Your Loan Advisor will notify you if your IPCs might go over the allowable limit, Then we’ll work with you and Homeward to modify your loan and/or lower the sales price of your home to make sure you can take full advantage of all of these credits.
The interest rate is the cost you will pay each year to borrow money to finance your home purchase. Your interest rate is expressed as a percentage rate. It does not reflect any transactional fees or any other charges you may have to pay for the loan.
The annual percentage rate (APR) is a broader measure of the cost of borrowing money. The APR reflects your interest rate, discount points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
In many circumstances, you may waive the appraisal contingency when you make a Homeward Cash Offer. (This depends on your personal finances and which cash offer service and type of loan you're using.)
You will get an appraised value for the home during the option period/due diligence regardless of whether or not you waive the appraisal contingency. This value is based on a desktop appraisal, not a site visit.
Your lender will require an appraisal for underwriting purposes. If you're interested in waiving the appraisal contingency when you make an offer, speak with your Customer Experience (CX) Manager.
If your Final Appraisal comes in lower than your Preliminary Appraisal, you have several options. You can:
Of course, if the Final Appraisal is equal to or greater than the Preliminary Appraisal, we’ll expect you to move forward.
To learn more about Homeward’s Dual Appraisal Advantage, read this article.
Congratulations! Sign into your customer dashboard on Homeward to learn more about next steps. If you have any questions, feel free to reach out to your Loan Officer.
Yes, please monitor your inbox. We often have follow-up questions, and the faster you respond, the sooner we can approve you. You may receive communications from us and/or from some of our partners, including Rocket Mortgage (formerly Quicken Loans) and Credco Corelogic.
If you are using Homeward’s Buy with cash service, you can lock in your rate as soon as Homeward Mortgage approves your appraisal.
If you are using Homeward’s Buy before you sell service, you can lock in your rate as soon as the sale of your old home is pending.
Your Loan Advisor will provide you with your rate quote and lock it in via email or phone call.
If you purchase your new home with an owner-occupied loan, you must live in it for at least a year before renting it to someone else. However, under some circumstances, (e.g., a job move), you may be able to rent it out sooner.
Your Loan Officer or Loan Processor can update you on your closing date.
These Homeward specialists may reach out to you directly to ensure everything remains on track.
We’ve got answers! We'd love to learn more about you and see if we can help you secure your next home.
Homeward Mortgage LLC916 S Capital of Texas Hwy Suite 2.200Austin, TX 78746NMLS # 1911059