One of the main drawbacks to using Homie Loans is that there is very little information online about the terms and requirements associated with its mortgage products. The only way to see the mortgage rates available to you is to go through the application process. Despite this lack of information, we know the following requirements are applicable:
- 18 years of age or older
- US citizen or permanent resident
- Have a US bank account
- Have a regular, verifiable income stream
- Have a credit score greater than 680 for conventional mortgages and 580 for FHA mortgages
There is no indication of minimum or maximum mortgage amounts, but we know that mortgages are available for between 15 and 30-year terms. Homie Loans claims that interest rates offered are very competitive, but publishing these rates online would help to verify these allegations.