Home Point Financial

Home Point Financial

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About Home Point Financial

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Home Point Financial (NMLS #7706) is a mortgage lender licensed in all 50 states. It offers conventional, FHA, USDA and VA purchase and refinancing products. Borrowers can secure a conventional loan with as little as 3% down. You can apply online or by phone.

    Pros & Cons


    • Online application
    • Licensed nationwide
    • Variety of loan types
    • Online learning tools


    • High credit score minimums
    • No rates published

    Bottom Line

    Home Point Financial is a nationwide lender that offers traditional purchase mortgage and refinance products through an online application. While Home Point does require fairly high credit scores, it does allow for down payments as low as 3%.


    At the time of publishing, there are no current mortgage rates available on the Home Point Financial website. To find out this information, you’ll have to contact an officer directly or fill out an application to see what you qualify for.

    Home Mortgage Disclosure Act data shows that its home purchase rate average in 2021 was 0.16% lower than the national average. In 2019 and 2020, it was nearly identical to the national average.

    Home Point Financial offers both fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARMs may save you money at the beginning of the loan term, but once your rate adjusts (usually after three, five or seven years), you may be stuck with a higher interest rate. For that reason, ARMs aren't always the best decision — it depends on your financial situation and homeownership plans.

    Home Point Financial average home purchase rate vs. national average

    YearDifference from national average
    2021 -0.16%
    2020 +0.03%
    2019 -0.06%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    Home Point Financial has an easy-to-follow online application system. During the mortgage application process, it gathers your personal information, including income and demographics, and loan property details. You can directly upload your documents or securely link your accounts for automatic syncing.

    After submitting your application, you’ll be able to lock in your loan rate. Once underwriting and approval are complete, you’ll sign the necessary documents. To close on your home, you’ll have to provide documentation of homeowners insurance and other requirements.

    After closing, your loan might stay with Home Point Financial; otherwise, the lender may transfer your loan to another company for loan servicing.

    Home Point Financial application features

    Online application
    Mobile document upload
    Physical branches X
    Publishes minimum rate on website X
    Rate lock
    Pre-qualification (no hard credit pull) X
    Certified approval letter

    Loan types

    Home Point Financial’s products are fairly standard and include fixed- and adjustable-rate conventional mortgages, FHA loans, USDA loans, VA loans and jumbo loans. For conventional mortgages, 10- to 30-year terms are available.

    Home Point Financial received over 72,000 home purchase loan applications in 2021. It closed on about 79% of these loans and denied about 7% of the applications.

    Loan applications for home purchases only by year

    Home purchase applications 72,149 47,835 27,419
    Home purchase loans closed 56,808 39,101 22,292
    Home purchase applications denied 5,082 3,928 2,220
    Home purchase preapprovals denied 326 123 293
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    Current homeowners can also refinance their loans with Home Point Financial. The lender offers conventional, FHA and VA refinance options, as well as Fannie Mae and Freddie Mac products.

    In 2020 and 2021, when mortgage rates were extremely low, refinancing accounted for well over 50% of Home Point Financial’s loans. During these years, refinancing was popular across the board; the low rates meant homeowners could save thousands on their mortgage payments.

    In 2022, rates are higher, so refinancing is losing its appeal. Refinancing also costs money, so unless the interest rates are significantly lower than the ones you currently have, it might not make sense financially.

    Home purchase vs. refinance loans by year

    Home purchase loans 28.88% 33.35% 53.09%
    Refinance loans 43.92% 47.65% 31.42%
    Cash-out refinance 26.54% 17.72% 14.85%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    Aside from VA loans, all Home Point’s programs (including FHA loans, which typically allow scores as low as 500) require a credit score of at least 620. The company allows a score of 580 for VA loans.

    Your credit score isn’t the only factor lenders use to decide how much house you can afford. They also look at how much money you can put down, your income, your employment history and your debt-to-income (DTI) ratio. Your DTI ratio tells lenders how much of your monthly income goes toward paying debts.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA Set by lender (often 640) 0% USDA lenders

    For more information on other loan types, see our guide on jumbo loans.

    Cost and fees

    Home Point Financial doesn't disclose loan costs before you apply. After you apply, you’ll get a Loan Estimate that shows estimated costs and fees, such as closing costs. Closing costs typically include charges such as appraisal fees, credit reporting fees, title fees and other fees. On average, these costs add up to 2% to 5% of the loan amount. Before you close on your loan, Home Point Financial will provide a Closing Disclosure with all the loan’s costs and fees.


    What is Home Point Financial?

    Home Point Financial is a mortgage lender and servicer operating nationwide. According to the company, it closed $96 billion in mortgage volume in 2021. Home Point Financial is based in Ann Arbor, Michigan.

    Is Home Point Financial legit?

    Home Point Financial is a legitimate mortgage lender that’s been in business since 2015. In 2021 it closed on nearly 57,000 home purchase loans, according to federal data. The company states it has over 425,000 customers at the time of publishing.

    Where is Home Point Financial available?

    Home Point Financial is licensed in all 50 states.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 22, 2022.

    Home Point Financial Company Information

    Company Name:
    Home Point Financial