We offer conventional and Veterans Affairs (VA) mortgages. We have the ability to do Federal Housing Administration (FHA) and jumbo loans, but you cannot use them in combination with Homeward’s services.
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 Advisor. 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. For more information about working with Homeward Title, read this article.
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. Otherwise, if you are not a first time home buyer, 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 vary.
No. We do not charge any prepayment penalties.
This varies. Once you are approved to use Homeward’s services 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 price match 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.
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.
When you make a Homeward Cash Offer, there are two transactions: first, Homeward buys the home for you (they call this the Homeward Purchase). Then, you buy the home from Homeward (they call this the Customer Purchase). There is an appraisal done before each of these transactions.
This reduces the risk to Homeward and to you. Here’s how it works:
This dual appraisal approach offers you several advantages:
To learn more about Homeward’s Dual Appraisal Advantage, read this article.
If the Preliminary Appraisal value is below your purchase price, you can still choose to move forward if you’re willing and able to cover the appraisal shortage. (Our approval team will review your ability to cover a shortage.) In some cases, you will need to make an additional deposit to proceed:
If you’re using Buy with cash, and the Preliminary Appraisal is lower than purchase price, you must deposit the difference. This is not a fee, but a deposit toward the purchase of the home.
If you’re using Buy before you sell, and the Preliminary Appraisal is within 10% of the purchase price, there is no additional deposit required. In the uncommon case when the Preliminary Appraisal is below 90% of the purchase price, you must deposit the difference to bring it to 90%. For example, if the purchase price is $1M and the appraised value is $850k, you’ll need to deposit an additional $50k.
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.
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 Advisor.
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 NewFi, United Wholesale Mortgage (UWM), and Quicken Loans.
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 Advisor 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