Are you looking to buy a new house but are afraid of the lengthy procedure? or do you dream of buying a house but do not have enough money for that?
Whatever the case may be, did you know buying a house, financing, investing in real estate, and renovation can all be done easily without any hassle with the help of home loan companies?
In this Nationwide Home Loans Review, we are going to tell you exactly why. So stick till the end so as to not miss anything important.
Summary
| Guide | Nationwide Home Loans Review |
|---|---|
| Features | Customized loan options, Multiple loan options, and more |
| Minimum credit score | 580 or above |
| Payout limit | $2.5 million |
| Downpayment cost | 0% to $3% |
| Rating | 4.8\5 |
| Website | Click here |
Key Takeaways
- Nationwide Home Loans offers options like VA, USDA, FHA, one-time close construction, and much more.
- NHL promises to close everything on time, and if they fail to do so, they pay you $500.
- It offers many features like customizable terms, multiple loan options, works directly with your loan officer, and more.
- NHL is available in only 8 states.
- It has a rating of 5/5 on Google reviews.
What Is Nationwide Home Loans?
Nationwide Home Loans is a home loan financing company that helps you in all home financing-related matters, including renovating, investing, buying, or refinancing.
With options like VA, USDA, FHA, one-time close construction, and much more, the Nationwide Home loan is an ideal match for those seeking the house of their dreams.
The best part about them is that they listen to your goals and give you a solution that suits your needs.
For this, they connect directly with your real estate agent to find a home in your price range.
Another thing that makes Nationwide an ideal choice is that while many similar companies leave you in the lurch just before a day of closing the deal, Nationwide Home Loans promises to close everything on time, and if they fail to do so, they pay you $500.
Well, so far, so good! But what about other important things like the downpayment amount, types of loans they offer, etc.? Keep reading to find out.
Detailed Blog How Do We Review A Mortgage Refinance Company?
Also Read: Guild Mortgage Review
Features And Services
Customizable Terms – We love the fact that you are not pressured to pay your loan amount in a limited period of time. Nationwide Home Loans give you an option to customize your loan term. For example, if you have twenty years on your loan, then you can choose a custom loan period of 20 years and pay accordingly.
Work directly with your loan officer – Another great thing is that when you decide to borrow a loan from Nationwide Home Loans, they assign a loan officer to you, and you deal with them directly, thereby reducing any confusion whatsoever.
Direct Lender – Nationwide Home Loans are in-house lenders, which means they give you the money directly, and there are no third parties involved.
Multiple loan options – The best feature of Nationwide Home Loans is that it has so many options be it loans for commercial buildings, apartments, investment purposes, renovation, subdivisions, industrial warehouses, and much more.
Types of Loans Offered
Let’s have a look at the various types of loans offered by National Home Loans:
- Conventional, Jumbo, VA, USDA, and FHA loans for existing construction
- HomeStyle Purchase and Renovation Loan
- Lease Options for those with difficult credit, self-employed buyers, and other unique situations
- VA and FHA One-Time Close Construction to Permanent Financing
- 24-Month Bank Statement Loan
- Hard money for flipping and fixing.
- Commercial Loans for any size project, be it small multifamily or huge developments.
Pros And Cons
Pros
- Best rate guarantee.
- Many options of finance.
- Pays $500 for not closing the deal on time.
- Option of construction financing.
Cons
- Only available in eight states.
- The minimum credit score of 580 is a must.
Also Read: Better Review
Borrowing Requirement
Let us now have a look at the various requirements that must meet in order to opt for Nationwide Home Loans:
Minimum Down Payment
- Conventional Loans as Low as 1% Down
- 0% Down VA Loans
- Unique Lease Option Program
- 0% Down USDA Loans
- FHA Loans as Low as 3.5% Down
Minimum Credit Score
To qualify for taking a loan from Nationwide Home Loans, you must have a minimum credit score of 580.
But we suggest you call them once and talk to them as they try to find ways in which they can consider your report even with a credit score of less than 580.
Refinancing Options
- Remodel
- Cash Out
- Pay Off Debt
- Invest
Construction Loans
Essentially while applying for a house construction loan, you are required to apply, qualify and then secure the property of your choice and then repeat the entire process twice to finally close the deal.
But Nationwide Home Loans boasts its one-time close construction deal that lets you obtain land, construction, and does permanent financing all at once.
This means that you do not have to qualify for a second loan, and you do not have to pay closing fees twice or thrice.
Note that the minimum loan requirement for construction loans is $250,000.
Term of Repayment
Your house loan repayment term can be anywhere between five to thirty years, tailored to each customer.
For example, if you owe 20 years on your loan, then you can choose a custom loan period of 20 years that suits your needs.
How to Get Started?
To get started, you will have to get in touch with them. For this, follow the below-mentioned steps:
1) To contact them, you can either click on the “contact us” option and fill out the details such as name, email, and phone number and submit it.
2) Now, fill in all the information that you see on your screen. They will give you a call, to discuss loan options.
Customer Support
Nationwide Home Loans is well appreciated among users for their exceptional customer support.
In order to get in touch with them, you can call them at (855) 285-8077 this number, or you can also talk to them via live chat on their website.
NPC Nationwide Home Loans Ratings
| Type | Rating |
| Customer Service | 4.2/5 |
| Responsive | 4.4/5 |
| Affordable | 4.5/5 |
| Quality of service | 4.8/5 |
| Ease of use | 4.6/5 |
Also Read: LoanDepot Review
Customer Ratings And Reviews
Nationwide Home Loans has a collective google rating of 5/5 starts given by 37 people, which is good.
If you want to know how efficient a company really is, then you should consider reading online reviews.
Reddit Users Experience
How are Nationwide for mortgages?
by in HousingUK
Our Experience
We wanted to get financing for renovating our house, so we thought about contacting National Home Loans.
I must say that they were very friendly and polite throughout our conversation.
They listened to us, understood our needs, and gave us options and solutions tailored to our needs.
We were really glad to have called them, and we suggest you do too if you are looking for a reliable home loan financer.
What Differentiates It?
We love how agents at Nationwide Home Loans listen and understand your needs and then offer customized solutions even if there are loopholes in your application or credit score, for that matter.
Another good thing is that they have a myriad of home financing options available with them, be it loans for construction purposes, renovation, buying a new house, condo, warehouses, flats, big houses, and what not.
They cover everything under the sun and offer the best possible plan for you.
Oh, and not to mention, their $500 compensation if in case they fail to close the deal on time is a cherry on top.
Comparison
| Guide | Nationwide Home Loans | PenFed Credit Union |
|---|---|---|
| Founded | 2018 | 1935 |
| Features | Customized loan options, Multiple loan options, and more | Multiple loan options and more |
| Minimum credit score | 580 or above | Not disclosed |
| Downpayment cost | 0% to $3% | 0% to $3% |
| Fees | Not disclosed | $50 |
| Rating | 4.8\5 | 4\5 |
| BBB Rating | Not accredited | Not accredited |
Also Read PenFed Credit Union Review
Final Verdict
Nationwide Home Loan is an excellent choice of home loan financing company that offers a myriad of loan and financing options, including Jumbo loans, FHA, VA, USDA, and conventional home options.
However, their biggest downside is that they offer their services in only eight states.
We personally recommend you LoanDepot, which is an equally good company and is even available in 50 states of the U.S.
Rest pretty much everything about both these companies are the same.
Both require a credit score of 580 or more, the downpayment cost of both is 0-3%, and you can easily get the most common types of loan options available here.
Hope you liked reading the Nationwide Home Loan review and found it helpful.
FAQ’s
What is the minimum credit score required with Nationwide Home Loan?
They require a minimum credit score of 580.
How to get in touch with Nationwide Home Loan's customer support?
You can get in touch with them by calling them at (855) 285-8077 this number.
In how many states does Nationawide Home Loans offer its service?
Nationwide Home Loan offers its service in only eight states.
Is Nationwide Home Loans legit?
Yes, Nationwide Home Loans is legit and is trusted by many.
Does Nationwide Home Loans give any offer?
Yes, they offer to pay you $500 if they are unable to close the deal on time.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.