Reliance First Capital Reviews

Reliance First Capital is a mortgage lending company that works directly with you to customize and find the best mortgage option for your financial needs. The company is available in 39 states, with origination centers in Florida, New York, North Carolina, Ohio, Pennsylvania and Tennessee.

Reliance First Capital’s application process starts with a free, no obligation mortgage review. To start the review, the company provides a Quick Start form to fill out. The form requires basic information such as name, contact information, address, loan amount and property value.

After you’ve submitted the Quick Start form, the company will assign a mortgage analyst to review your application and reach out for further questioning. These questions will help determine which loan programs you may qualify for.

While the company doesn’t offer much information about the questions it will ask, you should be prepared to provide proof of income, a valid form of identification, investment records and mortgage statements. Having all these items on hand will ensure a smooth loan application process.

The processing team at Reliance First Capital will then evaluate all of your documents and credentials and order a title report for your property. If an appraisal is required, the company will contact a licensed appraiser who’s familiar with your area to do it.

Once the value of your home has been determined, a Reliance First Capital underwriter will begin reviewing all documents of your loan application.

If the underwriter approves your loan, the company will schedule a time with you for closing. There is a lot of paperwork during the closing, so the company suggests blocking out a larger period of time to establish the remainder of your loan application.

Reliance First Capital application features

Reliance First Capital does not disclose its loan rates on its website. Contact a company rep to find out the most accurate and up-to-date rates.

Reliance First Capital offers several types of loan programs to fit your mortgage needs.

• Refinance Loans: Reduce interest rates to help align finances with long-term financial plans
• FHA Loans: Government-backed loan from the Federal Housing Administration (FHA)
• ADVANTAGE program: Ideal if self-employed; utilizes bank statements for qualification
• VA loans: Loan option that makes homeownership more affordable for U.S. veterans
• Jumbo loans: Fixed rates on large loan amounts that are higher than conforming limits
• Manufactured homes: Utilizes FHA and conventional loans for manufactured home owners
• Second mortgage: Fixed rates for home improvements, bills and any other financial necessities

Two other services offered by Reliance First Capital can help you become financially secure enough to purchase a home:

• Credit Coach: Helps homeowners improve their credit scores to qualify for loans
• Debt consolidation: Simplifies outstanding debt into one monthly payment

FHA and VA loans through Reliance First Capital have a minimum credit score acceptance of 520, and jumbo loan programs have a minimum score of 680 (dependent on borrowing amount).

Below is a generalized list of requirements when applying for loans. It should be noted that these requirements will vary depending on the loan type.

• A good credit score: This is set by the lender or loan type, but the higher your score, the better interest rates you will typically receive.
• Proof of income and employment: You will need to provide proof of steady income and employment, such as pay stubs, tax returns and W-2 forms.
• Low debt-to-income (DTI) ratio: This is the ratio of your total monthly debt payments to your gross monthly income. The best mortgage lenders typically prefer a maximum DTI ratio of 43%.
• Down payment: The minimum down payment amount can vary significantly based on the type of loan and your credit score.

To find out if you meet the requirements for a Reliance First Capital loan, you’ll have to contact a company rep or fill out the company’s Quick Start form.

Additionally, Reliance First Capital provides specific loan requirements for manufactured home loans, which include the following:

• Home is a double-wide manufactured home
• Minimum of 600 square feet of living area
• At least 12 feet wide
• Home has been on a permanent foundation for at least 12 months
• Permanent skirting around the home

Reliance First Capital does not disclose any of its fees online, as the cost and fees associated with loan services may vary based on the borrower.