Carolina Online Home Loans is an online lending platform that provides a convenient and streamlined way to apply for a mortgage or refinance your existing home loan. The platform offers a range of loan products, including conventional, FHA, VA, and USDA loans, to help homebuyers and homeowners achieve their financial goals.
In this article, we will provide a comprehensive guide to Carolina Online Home Loans, including its history, loan products, eligibility requirements, application process, and customer reviews.
History of Carolina Online Home Loans
Carolina Online Home Loans was founded in 2008 by a team of experienced mortgage professionals who wanted to create a better way for people to obtain home loans. The company started as a local mortgage lender in North Carolina but quickly expanded to other states, thanks to its commitment to providing personalized service and competitive rates.
Today, Carolina Online Home Loans is a leading online lender that serves customers across the United States. The company has helped thousands of people finance their dream homes or save money by refinancing their existing mortgages.
Loan Products Offered by Carolina Online Home Loans
Carolina Online Home Loans offers a wide range of loan products to meet the needs of different borrowers. Here are some of the loan options available on the platform:
Conventional Loans: These are traditional mortgages that are not guaranteed by the government. Conventional loans typically require a higher credit score and a larger down payment than government-backed loans. Carolina Online Home Loans offers fixed-rate and adjustable-rate conventional loans with competitive rates and flexible terms.
FHA Loans: These are loans that are insured by the Federal Housing Administration (FHA). FHA loans are popular among first-time homebuyers and people with low credit scores or limited down payment funds. Carolina Online Home Loans offers FHA loans with low down payment requirements and flexible credit score standards.
VA Loans: These are loans that are guaranteed by the Department of Veterans Affairs (VA) and are available to active-duty service members, veterans, and eligible surviving spouses. VA loans have many benefits, including no down payment requirement, no mortgage insurance, and flexible credit score requirements. Carolina Online Home Loans is an approved VA lender and can help eligible borrowers secure VA loans with competitive rates and terms.
USDA Loans: These are loans that are guaranteed by the United States Department of Agriculture (USDA) and are available to borrowers in rural areas. USDA loans have low down payment requirements and flexible credit score standards. Carolina Online Home Loans offers USDA loans to eligible borrowers who meet the income and location requirements.
Refinance Loans: Carolina Online Home Loans also offers refinance loans to help homeowners lower their monthly mortgage payments, shorten their loan terms, or access equity in their homes. The company offers a range of refinance options, including rate-and-term refinance, cash-out refinance, and streamline refinance.
Eligibility Requirements for Carolina Online Home Loans
To apply for a loan with Carolina Online Home Loans, you must meet certain eligibility requirements. Here are some of the criteria that the company considers:
Credit Score: Carolina Online Home Loans requires a minimum credit score of 620 for most loan products. However, some loan programs may have different credit score requirements, so it’s best to check with the company to determine your eligibility.
Income and Employment: You must have a steady source of income and be employed or self-employed for at least two years. The company will verify your income and employment through pay stubs, tax returns, and other documentation.
Debt-to-Income Ratio: Carolina Online Home Loans typically requires a debt-to-income (DTI) ratio of 43% or less. This means that your total monthly debt payments, including your mortgage, should not exceed 43% of your gross monthly income.
Down Payment: The down payment requirements vary depending on the loan program.