Interstate Home Loan Center Reviews

Interstate Home Loan Center, Inc. is a licensed direct lender offering a range of loan products, including FHA, VA, conventional, jumbo, variable-rate and non-QM loans. It also offers refinancing options.

Founded in 1996 and based in Melville, New York, Interstate focuses on a streamlined loan process. It reviews every borrower’s file upfront, which it claims helps close loans faster.

You can start a loan application with Interstate Home Loan Center online by clicking the “Get Started” button on its website. The application form asks for key information, including loan type and purpose, personal details, income, assets and liabilities. It also includes a summary and declarations section.

Interstate specifies that it reviews every file at the beginning of the process to help identify potential issues early. This upfront review may reduce delays and help close loans faster. It encourages borrowers to get preapproved before house hunting, which can clarify their budget and show sellers they’re serious.

The rest of the process details remain unclear. ConsumerAffairs reached out to Interstate for clarification via email but did not receive a response.

While it does not publish its rates publicly, Interstate Home Loan Center offers a range of loan options, including FHA, VA, conventional, jumbo and non-QM loans. Rates vary depending on factors such as credit score, loan type, down payment and market conditions. Mortgage rates fluctuate regularly, and checking the current national mortgage rate average can help you decide which type to choose.

Interstate offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed-rate loans are ideal when rates are low, allowing you to lock in a consistent rate for the life of the loan. ARMs can offer lower initial rates but will adjust after a set period, which could result in higher monthly payments down the line. To get an accurate quote based on your unique situation, reach out to Interstate for more details.

» LEARN MORE: ARM vs. fixed-rate mortgage

Interstate Home Loan Center offers multiple loan types for various mortgage needs. Here’s a quick breakdown of what’s available:

• Government FHA and VA mortgages: FHA loans are backed by the Federal Housing Administration and available for amounts up to $1,149,825. These loans typically have more flexible credit requirements and lower down payment options, which often serve first-time home buyers well. VA loans are reserved for eligible veterans, active-duty service members and certain military spouses and offer low or no down payment.
• Conventional mortgages: Conventional loans are available for borrowers who have good credit and can afford a standard down payment. These loans are not backed by the government and typically offer competitive interest rates, especially for those with a strong financial profile. Borrowers eligible for VA loans may want to compare VA loans with conventional loans to determine which is the better fit.
• Variable rate mortgages: Adjustable-rate mortgages (ARMs) offer an initial fixed interest rate period followed by periodic rate adjustments. These loans may come with lower introductory rates than fixed-rate mortgages, but monthly payments can increase over time depending on market conditions.
• Jumbo loans: Designed for high-value properties that exceed conforming loan limits, jumbo loans are available for borrowers who meet specific credit and income criteria. These loans provide access to larger amounts and may come with different rate structures and underwriting requirements.
• Non-QM loans: Non-qualified mortgage (non-QM) loans are an option for borrowers who fall outside standard lending guidelines. These loans may suit self-employed individuals or those with unconventional income sources, offering flexible documentation and underwriting criteria.

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Interstate also offers two renovation loan options for buyers looking to purchase or refinance homes in need of updates.

• Fannie Mae HomeStyle renovation loan: This loan can be used to buy or renovate an eligible home, including one- to four-unit primary residences, one-unit second homes and investment properties. With a minimum credit score of 620, borrowers can finance luxury upgrades not permitted under FHA renovation guidelines. Contractors must be licensed, but don’t need additional insurance.
• FHA 203(k) renovation loan: Ideal for homes needing repairs, this program combines the cost of the property and renovations into one mortgage. It’s available for primary residences, including single-family homes, condos and multi-unit properties. Qualified expenses include structural repairs, interior upgrades and new appliances. A licensed and insured contractor must complete the work.

Other Interstate products include refinance loans and reverse mortgages.

As with most mortgage companies, loan requirements with Interstate Home Loan Center vary depending on the mortgage type. The table below outlines some basic eligibility criteria based on available program information. Exact requirements may vary depending on your financial situation and the loan amount.

*Per Interstate, these numbers are based on the 2024 conforming loan limit for most counties. Higher limits may apply in high-cost areas.

The costs and fees associated with loans from Interstate Home Loan Center, Inc. can vary depending on the loan type. The only fees directly stated on its website are for FHA loans, which include:

• 3.5% minimum required investment (MRI)
• Upfront mortgage insurance
• Monthly mortgage premiums
• Up to 6% seller concession

For details on other fees, it's best to contact Interstate directly, as they may vary based on individual circumstances.