Cityworth is a lender that operates with non-conventional borrowers. It was developed in 2011. The headquarters are located in Fairfax, VA. The direct lender, Cityworth, is officially licensed with the Nationwide Mortgage Licensing System and Registry or NMLs. It makes use of on-premise underwriting. The business is affiliated with a real estate company called Cityworth Properties.
Cityworth offers financial aid to those with poor credit or non-traditional borrowers by giving them a chance to approve their loans. They consider various factors such as your mortgage, credit card payments, and rent instead of seeing your credit score. The bank loan statements of Cityworth provide an excellent way of getting homeownership, especially for self-employed borrowers. However, you will require to consult a loan officer and find out the rates before taking a firm decision.
Types of Loans Cityworth Offers:
Like any other lender, Cityworth provides both government-backed and conventional loan options to non-traditional borrowers.
- Conventional Credits – Cityworth offers a 30-year loan with at least a 5 percent down payment and a fixed rate.
- Federal Housing Administration (FHA) – If you buy a home for the first time, Cityworth offers a loan with additional flexible credit facilities and a minimum of 3.5 percent down payment.
- Veterans Affairs or VA – These loans are guaranteed and secured by the government. Cityworth provides VA loans that offer home loans to veterans, military families, and active members, and it does not require any down payments to avail of this loan.
Other than the conventional credits that Cityworth offers, the following are additional types of loans Cityworth offers to non-conventional borrowers-
- Refinance- With Cityworth, you can refinance your current home loan with cash-out options and new loan terms.
- Streamline Home Improvement- Cityworth helps homebuyers finance up to an extra $35,000 for repairing into the mortgage purchase.
- Bank Statement – Cityworth designs this type of loan for self-employed borrowers. The statement loans evaluate the cash flow depending on the bank statements. This is an alternative way to tax loan returns that amount to $2.5 million or less.
Even though Cityworth mortgage does not list all of their fees online, the following a handful of standard fees-
- Application fees cost between $250 and $350
- Origination fees cost about 1 percent of the amount of loan
- Attorney fee
- Document preparation costs
- Rate lock costs
- Land survey
- Title insurance and search
- Appraisal fee
In this cityworth mortgage review, we have mentioned the documents you will need to deliver at Cityworth to get the mortgage process started. The loan officer may ask you for additional documentation based on the situation.
- Paystubs cover the most recent pay period of 30 days and include year-to-date incomes.
- Past two years W-2 forms
- Last two years’ Employment history
- If you receive any VA or disability benefits or Social Security incomes, you may need to submit the award letter.
- A court order or divorce decree stating the alimony amount or receipt proofs of last year’s funds and child support, if applicable.
- If you are self-employed, profit and loss and tax return statements of the past two years.
- Last three months’ bank statements
Cityworth Process of Getting a Home Loan
To start with the application for a home loan with Cityworth, you need to get it preapproved on their website.
Step 1 – Go to the official homepage of Cityworth and click on Apply Now, on the top header.
Step 2 – Select Get Started to initiate the process of Cityworth Home Loan Application.
Step 3 – Fill the blanks with your name, phone number, and email id and click NEXT.
Step 4 – Input every loan information on the current page, such as the credit history and the form of loan you want to apply for.
Step 5 – Insert your present address. Answer all the questions about your annual or monthly incomes.
Step 6 – Select Accept and Submit once you are done filling out the form. After submission, an officer from the Cityworth loan department will contact you in 2 to 3 business days.
Advantages and Disadvantages of Cityworth
Coming to the advantages of Cityworth, alternative credit works here. If you do not have a credit history or your credit history is limited, there is still a chance of getting approved if you provide three kinds of alternative credit lines. You will require to submit regular payments on such bills for the past 1 to 2 years.
Another advantage includes streamlined preapproval. An underwriter will review your loan application before the official application process. This is an advantage since it speeds up the entire process of the loan application.
Cityworth provides loans to those who have poor credit. The FHA and VA loans approve borrowers with poor credit, which may go down to 580.
Talking about the cons of Cityworth, they do not provide any published rates. Check their official website; you will not find any rates on their site. This isn’t very pleasant since it requires you first to submit the entire application to figure out the costs involved in the application process. Another disadvantage is that Cityworth does not offer any home equity loans.
To sum up, buying your own home can be an exciting experience. But you may not get approved for a home loan with the kind of credit score you have. Cityworth is an online loan provider headquartered in Virginia and works mainly through online portals.
Cityworth offers different types of loans, starting from Conventional, VA, and FHA loans. They also provide streamlined house improvements, bank statements, and refinance the existing house.
With Cityworth, you can have your dream house in just a few steps. You get preapproved home loans, and the loan application process does not take forever. All you need to submit are the documents mentioned in this Cityworth mortgage review, and you are all set to get the home loan for your dream house. Cityworth works efficiently and closely with you at every step of your way.