Evergreen Home Loans Reviews

Evergreen Home Loans’ strength is its CashUp program, which helps homebuyers and investors compete with cash offers and outperform bids with financing contingencies. It’s a great option if you’re buying in a competitive market or want to snap up an underpriced property.

But with Evergreen’s limited availability — even more so for its programs like CashUp — not many homebuyers can take advantage of its services. You’ll also have to look elsewhere for home equity loans; the lender doesn’t offer those.

Evergreen sells all the usual mortgage products, including:

• Conventional loans: Choose between fixed-rate and adjustable-rate mortgages. Conventional loans aren’t backed by the government, so they can be harder to qualify for.
• FHA loan: A low-down-payment loan for first-time home buyers with flexible income and credit criteria.
• VA loan: A loan program from the VA to help eligible veterans and their spouses purchase a home with no down payment, mortgage insurance or loan limits.
• USDA loan: Created for low-income and very-low-income families. You can buy a house in an eligible rural area with no money down, lower interest rates and closing costs rolled into the loan.
• Jumbo loan: Used for loan amounts greater than your area's conventional loan limits.
• Bridge loan: A loan that you use to finance a future home while your equity is still tied up in your current one.
• Reverse mortgage: Allows seniors 62 and older to use their home equity without additional mortgage payments.

You also have options to refinance your home. In addition to HELOC and fixed- and adjustable-rate loans, you can choose an FHA streamline loan. This loan allows you to refinance an existing FHA loan or a VA loan if you meet eligibility criteria.

Evergreen says you’ll need a minimum credit score of 620 and a low debt-to-income ratio if you're looking to take out a construction loan. Credit scores can be as low as 580 for those taking out an FHA loan with 3.5% down. The company doesn’t disclose minimum credit scores for conventional loans.

Once you’re ready to apply, Evergreen Home Loans asks for key documents to check your employment status, income and assets. These include:

• Pay stubs for the last two months
• W-2 forms for the last two years
• Bank statements for the last two to three months
• Federal tax returns for the last two years
• Information about current debts (auto loans, student loans, credit cards)

Evergreen Home Loans has five programs to help you buy your dream house:

• CashUp: Evergreen purchases the house you want in cash, then you purchase it from the company with one of its mortgages. The program can be used for primary, secondary or investment homes and is available in Arizona, California, Colorado, Idaho, Montana, Nevada, Oregon and Washington.
• StepUp: Get a bridge loan for a down payment if needed, and then buy a home and close quickly with the StepUp portfolio loan program. Once you have your home, you can refinance to a permanent home loan.
• Fast as Cash: Close in as little as 10 days with no financing or appraisal contingencies. This program is only available in Nevada and Washington and requires two origination loans with loan fees for each.
• Security Plus Seller Guarantee: This program pays the seller $5,000 if your Evergreen financing falls through during closing.
• Lock-n-List: Evergreen locks the interest rate on the house you’re selling so you don’t have to worry about rate increases. Buyers must use an Evergreen loan to take advantage.

Evergreen Home Loans doesn’t reveal any fees or interest rates online, making it hard to know if it’s the best lender for your budget. However, every lender has to provide a loan estimate detailing all closing costs once you’re preapproved for a mortgage. Closing costs shouldn’t exceed 2% to 5% of the home’s purchase price.

Some fees, such as your prorated property taxes and homeowners insurance, don't vary by lender. Others, like the loan origination fee, range from 0.5% to 1% of the loan amount — ultimately affecting your monthly payment.

That’s why comparing lenders’ annual percentage rates (APRs) instead of just their mortgage interest rates is a better way to comparison shop. APR takes into account the interest rate and additional loan fees you pay. Like the interest rate, it’s expressed as a percentage, but it more accurately shows the true cost of your loan.