HomeStreet Bank Reviews

HomeStreet Bank mortgages are best for people with alternate income streams or without the years of work history conventional loans typically require. Its jumbo loans have more flexible underwriting terms that can help nontraditional applicants who might otherwise not qualify for a loan.

However, HomeStreet is only available in five states, so not many are eligible to apply. The bank is also merging with FirstSun Capital Bancorp, making it possible for its offerings or services to change in the near future. HomeStreet will continue operating under the same name.

HomeStreet offers a suite of refinancing loans, including FHA streamline refinance, VA streamline refinance and jumbo refinancing loans.

Those wanting a mortgage also have several options to choose from, including:

• Conventional loans: Adjustable- and fixed-rate options are available for various home types, including condos and manufactured homes. Buyers can give as little as 3% down.
• FHA loans: Allows for as little as 3.5% down and less stringent borrower requirements. FHA loans are government-backed loans available to buyers with low to moderate incomes.
• VA loans: Loans available to current and past service members and their spouses. Features no-down-payment option with no mortgage insurance.
• USDA loans: Made for low-income families wanting to buy a home in designated rural areas. No down payment is needed.
• Jumbo loans: These loans have a higher loan limit than conventional loans. HomeStreet’s jumbo loans have fixed- and adjustable-rate options. Newly employed buyers and those with nontraditional income streams can also apply.
• DHHL loans: HomeStreet works with the Department of Hawaiian Home Lands (DHHL) to help Native Hawaiians awarded land leases purchase a home. Available loan programs include FHA, USDA, home renovation and construction loans.

HomeStreet can also help you purchase your first home or make your down payment through its down payment assistance programs. These vary by location, so you’d have to talk to a loan officer to find what’s nearby.

HomeStreet considers applicants with credit scores of 580 or more for FHA loans. For conventional loans, it states many lenders require at least a 620 credit score for eligibility.

If you’re interested in applying for a mortgage loan, there are several key documents you’ll need to supply HomeStreet Bank with if they apply to you:

Income

• Previous two years’ W‐2s
• Most recent pay stubs covering 30 days
• Last two years' personal tax returns (all schedules)
• Last two years' business tax returns
• Social Security award letter
• Pension award letter
• Previous two years’ 1099s
• Rental agreements for all properties owned

Assets

• Most recent bank statements covering 60 days (all accounts and all pages)
• Most recent investment statements covering 60 days

Other documents

• Proof of identification, which may include photo ID or Social Security card
• Purchase and sale agreement
• Homeowners insurance agent/company name and phone number
• Copy of most recent mortgage statement
• Supplemental documents as requested
• Copy of permanent resident alien card(s)
• Divorce decree
• Child support order
• Bankruptcy papers and discharge notice
• Copy of DD Form 214 (for service members separated from active duty)
• Certificate of eligibility
• Copy of land lease (DHHL loans only)
• HOA contact information

HomeStreet offers all the banking services you’d expect from a full-service bank, including checking, savings, money market and CD accounts. It also has IRAs and credit card choices.

You can also keep everything under one roof by getting insurance coverage through the company. HomeStreet helps people with home, rental home, condo, auto and other types of vehicle insurance.

If you’re a business, HomeStreet offers banking and lending services, including business bank accounts, small business loans, commercial lending, builder financing and cash flow management solutions.

HomeStreet doesn’t disclose its closing costs or the fees you can expect to pay when taking out a mortgage. Generally, borrowers pay 2% to 5% of their home’s purchase price in closing costs. These usually consist of mortgage, property and insurance fees.

You can lower your closing costs through forgivable down payment assistance programs sponsored by the government. Another option is to ask sellers to pay some of the closing costs through a seller credit when you make your offer.