Conventional loans require a minimum credit score of 620 and a minimum down payment of at least 3%. More flexible loan terms are offered in its other loan programs. This review of loanDepot mortgage outlines what you need to know about this lender, including its products, rates and terms.

At a Glance: LoanDepot Mortgages

  • Loan Depot

    • Conventional Loan: 620 or higher Jumbo Loans: 700 FHA Loans: 580 VA Loans: Not disclosed FHA 203(k): 620Minimum Credit Score
    • Conventional Loan: 3%-20% Jumbo Loans: not disclosed FHA Loans: 3.5% VA Loans: 0% FHA 203(k): 3.5%Minimum Down Payment
    • Conventional, Jumbo, VA, FHA, FHA 203(k), Cash-out Refinance, New ConstructionLoan Products Offered
    • Licensed in all 50 statesStates of Operation
    • Yes Online Application

    Loan Depot

LoanDepot Mortgage Loan Types, Details and Requirements

Getting a mortgage for your home is a big financial commitment. That is why you need to learn as much as you can about mortgage loans. This loanDepot mortgage lender review outlines the different mortgage types offered by loanDepot and the different rates, including mortgage rates and additional fees.

Mortgage Types Offered

LoanDepot offers the following loans:

  • Conventional Loans
  • Jumbo Loans
  • FHA Loan
  • VA Loans
  • FHA 203(k) Loan

It’s worth mentioning that loanDepot does not offer USDA loans.

Mortgage Rates

LoanDepot offers fixed and adjustable interest rates. Adjustable loan rates are a smart choice for homebuyers who plan to only keep their homes briefly.

A fixed loan rate, on the other hand, benefits borrowers who prefer having fixed monthly payments over the life of their loan.

Additional Fees

On top of the principal amount and interest charges, there are other additional fees that come with your mortgage loan. The APR rate is calculated based on the loan amount and may include origination, discount and lender fees. Closing fees, prepaid interest, property taxes and home insurance are just some of those charges you want to consider.

Minimum Borrowing Requirements

The minimum borrowing requirements for LoanDepot mortgage loans vary for each loan type. Find out if you meet the minimum requirements.

Conventional Loans

For those who plan to apply for traditional conventional loans, LoanDepot requires a down payment of 3% to 20% of your home value. You also must have a minimum credit score of 620.

Jumbo Loans

Jumbo home loans are specifically designed for home buyers considering taking out a loan for an expensive new home or planning to refinance an existing residence. LoanDepot’s Jumbo Loans are available at fixed or adjustable mortgage rates.

FHA Loans

LoanDepot’s FHA Loans are designed for first-time homebuyers with bad credit (a 580 credit score or higher is required). They have lower down payment requirements of as little as 3.5%. LoanDepot accepts applications from home buyers with higher debt-to-income ratios, offering competitive pricing at an adjustable or fixed loan rate.

VA Loans

VA loans are designed for active-duty military members and veterans. It has no down payment requirements and finances up to 100% of your home’s purchase price.

FHA 203(K) Loan

A 203(K) is a type of FHA loan that finances the cost of renovations and upgrades, which then increases the value of your home. This will combine your first mortgage with the cost of renovations with either a fixed or adjustable rate. A 3.5% down payment and a minimum credit score of 620 are required to qualify.

Cash Out Refinance

If you have enough equity on your home, loanDepot also offers low-cost cash out refinancing allowing you to tap on your home equity to pay for other expenses like a credit card debt, home renovation and other personal expenses.

LoanDepot Mortgage Application Requirements

If you’re planning to apply for a LoanDepot mortgage loan, make sure to have the following ready to go:


Proof of identity, such as your driver’s license.


A Social Security number.


Proof of income (at least two years of employment history) such as W-2 statements and pay stubs. Self-employed applicants must show additional income documents.


Asset information such as bank or mutual fund stock statements.


Debt information. If you have an existing car loan, you must show documentation.


Account statements of your assets (investment income, retirement savings, etc.).


For refinancing a mortgage with LoanDepot, you may also need to provide a recent mortgage statement and homeowners insurance declarations page.

Make sure to go through each item on the LoanDepot’s homeowner checklist before you start the application.

Is LoanDepot Right for You?

Deciding on a mortgage lender is easier when you know the different loan options available to you. The following is a comparison of who this loan lender is for.

Who LoanDepot Is Perfect for

LoanDepot has a list of loan options suitable for specific homebuyer needs. If you plan to purchase or refinance a home and have an excellent credit score, you may want to consider getting a conventional and jumbo loan from this lender.

LoanDepot’s FHA loans can be a great option for first-time homebuyers because of the affordable down payment rates and flexible credit requirements.

You can qualify for most of this lender’s loan products as long as you have a debt-to-income ratio of 35% or lower and have a property with a loan-to-value of 80% or less.

Who Should Not Choose LoanDepot

LoanDepot does not have a home equity loan or home equity line of credit for those who need to take out a second mortgage for their house. However, it does offer cash-out refinance for those who plan to tap into their home equity for other personal expenses. It also does not have USDA loan programs, unlike most lenders who also offer other government-backed loans like FHA and VA.

In addition, take note that a minimum credit score requirement applies to each loan program, specifically, a score of 580 for FHA loans and higher for other loan programs. There could be other lenders that accept a lower credit score for those who can’t qualify.

How to Apply for a LoanDepot Mortgage Loan

Regardless of the company you choose, homebuyers will need to go through a lot of prep work when applying for a mortgage loan. Here is a step-by-step process for getting a mortgage loan from loanDepot.


Talking to a Lending Office

Talking to one of LoanDepot’s lending officers can help you identify which loan product is best for your goals. LoanDepot has over 1,700 licensed lending officers that follow a no-steering policy, which means they offer you what’s best for your wallet and home buyer situation. You can contact them at (888) 983-3240 to ask for a customized rate and quote.



Begin the qualification process by choosing a loan product right for you. Lenders will then look at your income, debt, assets and your credit score to determine if you qualify or whether you can afford to pay your mortgage. The prequalification process involves asking you to provide documentation that proves your financial situation.


Fill Out Application Form

You can fill out an application form online or by contacting your lending officer to help you go through the process.


Wait for Approval

A typical home purchase process could take around 30, 45 or 60 days before you can get an answer on whether you are approved or not. Expect your loan officer to ask for additional documentation that will supplement your application.


Review Loan Agreement

Reviewing the fine print is an important step during the loan process. You should check whether the original quote is the same as the one you are signing. See if there are added fees and make sure this is clarified with your loan officer.


Sign Loan Agreement

Only when you feel that you are satisfied with the terms and conditions laid out in your loan agreement should you sign the loan agreement.



After getting approved, loanDepot will schedule a loan closing appointment with your licensed officer and underwriter. This is usually held in an escrow or attorney’s office in the presence of signing authorities. Once all documents are signed and delivered back to loanDepot, the home loan closes in two to three days.


Make Payments

Based on an agreed date, the last step is making monthly payments to your mortgage loan. LoanDepot’s payment assistance provides extra support through a repayment plan, forbearance plan and many other issues if you are having trouble making your payments.

What to Do if You Are Rejected by LoanDepot

Mortgage lenders may deny your application for several reasons. They could find that your credit score or your income and credit history do not meet their minimum requirement. In other cases, they may also refuse your application if loan amounts exceed their borrowing limit.

Whether you plan to reapply to the same lender or apply for a mortgage loan elsewhere, you may want to contact loanDepot and ask for specific reasons for your rejection. Knowing which requirements you can improve on increases your chance of getting approved.

Many home buyers get a better chance of approval after consulting with a mortgage broker. They can better help you choose from various mortgage loan options and even offer you better rates than what you would get from reaching out to lenders directly.

Frequently Asked Questions About Mortgages From LoanDepot

MoneyGeek answered frequently asked questions about getting mortgage loans from LoanDepot.