DHI Mortgage is a relatively small U.S.-based mortgage lender headquartered in Austin, Texas. One of the main caveats about DHI Mortgage is that it isn't licensed to offer mortgages across the country. In fact, it's only registered in 32 different states, so you'll want to make sure you're an eligible customer before setting your sights set on a mortgage. DHI offers a variety of mortgage products, including conforming, FHA, VA and USDA loans. You can also refinance with DHI.
DHI Mortgage was founded by Donald R. Horton in 1987. D.R. Horton is a family of brands that includes home builders, an insurance company, and DHI Title. DHI prides itself on being able to assist its customers in every step of the homeownership process, though you're under no obligation to work with other D.R. Hoton brands if you work with DHI Mortgage.
Does DHI Mortgage Operate in My Area?
Perhaps the biggest drawback about DHI Mortgage is the fact that it doesn't operate nationwide. It's headquartered in Texas and has a large presence there, but it isn't just limited to the Lone Star state. It also offers mortgages in Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia and Washington.
If you don't live in one of those states, you'll want to reach out to DHI directly to see if you're eligible to work with them. Luckily, DHI has physical branches and loan officers located throughout the country.
What Kind of Mortgage Can I Get With DHI Mortgage?
DHI Mortgage may not be a massive lender, but the company has a wide variety of mortgage loan options available:
Fixed-rate mortgage: With a fixed-rate mortgage, you'll have a set interest rate and consistent monthly payments that won't fluctuate throughout the course of your loan. Fixed-rate mortgages are some of the most popular and well-known types of mortgages on the market. Fixed-rate mortgages at DHI come in 30-, 20-, 15- or 10-year terms.
Adjustable-rate mortgage (ARM): Adjustable-rate mortgages, known more commonly as ARM loans are a good option for those who aren't planning on staying in a home for very long. ARM loans are very popular and common. With an ARM, you'll have a set interest rate and set monthly payments for the first term of your loan. After that, your interest rate will fluctuate on a yearly basis for a total of 30 years. ARM loans at DHI come in 5-, 7- and 10-year terms.
VA loan: As the name suggests, VA loans are backed by the U.S. Department of Veterans Affairs. To get a VA loan, you'll need to be a current or former members of the military or an eligible military spouse. VA loans come in different versions, including ARM and fixed-rate versions. You may be able to get a no-down payment VA loan. You also could get lower interest rates.
FHA loan: FHA loans are backed by the Federal Housing Administration. FHA loans are a popular option for those with less than stellar credit. Plus, you can get one with a minimum down payment of 3.5%. FHA loans are usually offered in 15- and 30-year terms.
USDA loan: USDA loans are backed by the US Department of Agriculture and are available to rural property owners. USDA loans have particular eligibility requirements, and it's not always easy to get one. However, if you're eligible, you may be able to get more favorable terms and interest rates.
Jumbo loan: In 2023, the conventional loan limit in most of the U.S. is $726,200. Some "high-cost" counties have higher limits that can range up to $1,089,300. If you need a loan to exceeds the conforming loan limit in your area, you'll need a jumbo loan. Jumbo loans function much like a normal mortgage loan, though their terms may be more stringent due to their size.
Refinance loan: If you're looking to refinance an existing mortgage, DHI can help. This mortgage lender allows customers to refinance their mortgage, which can help reduce monthly payments and help them access equity in their homes.
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What Can You Do Online With DHI Mortgage?
DHI Mortgage doesn't have the most robust website out there, but it still has a decent online presence that its customers and even potential customers can take advantage of. First off, DHI has a number of free online resources available for anyone to use. These include a mortgage calculator, a homebuyer education guide, a page designed to help people understand credit, a page about avoiding foreclosure, a frequently asked questions page and more.
DHI Mortgage also has a comprehensive contact page, where you can get more information about how to get in touch. You can also use this page to start and complete the mortgage application process. The website makes it clear that you can every step of the process can be completed from your mobile device or the website.
If you want to figure out how much your monthly mortgage payment will be, SmartAsset's free mortgage calculator can help you get a breakdown with taxes, fees and insurance.
Would You Qualify for a Mortgage With DHI Mortgage?
DHI Mortgage doesn't publically release its mortgage approval criteria. However, most lenders like to see good credit, which is typically a credit score of above 620. Another common criteria is a debt-to-income (DTI) ratio below about 40%. As noted, however, it's not exactly clear what DHI's criteria is.
DHI does adhere to the conforming loan standards set by Fannie Mae and Freddie Mac. These standards include the aforementioned conforming loan limits. FHA, VA and USDA loan also all come with their own criteria that may be more favorable to borrowers with less than stellar credit or those that have rough financial backgrounds.
What’s the Process for Getting a Mortgage With DHI Mortgage?
Depsite being a smaller mortgage lender, you can apply for a mortgage with DHI on the phone, in person or online. It's entirely up to you how you'd like to navigate the application and approval process. You can also choose to work with a combination of those three methods if you'd prefer. It's important to note that you can complete the mortgage application process entirely online with DHI Mortgage, something that isn't always the case with other lenders.
When it comes to applying for and getting a mortgage, DHI's process is fairly similar to that of any other mortgage lender. There are a few steps that are a part of the process. You'll start by deciding on a house you want to buy and making an offer that includes down payment information, loan amount, home location and other important terms and conditions. You'll then send this information to the underwriter who will vertify it. Finally, after you open an escrow, your loan will be funded and the money will be disbursed.
How DHI Mortgage Stacks Up
Despite being a smaller and more regional lender, DHI Mortgage is a solid option for anyone who's eligible to be a customer. With a range of online resources and the ability to complete the mortgage application process online, in person or over the phone, there isn't much that this lender falls short on. There are no shortage of loan officers in the states in which DHI operates, which is another positive.
However, it's certainly a drawback that DHI only operates in 33 states around the nation. If you're looking to get a mortgage in one of these states, then you should be in the clear. However, there are many mortgage lenders out there that operate in all 50 states, so it may be worth looking into a lender that has a more widespread presence than DHI.
Tips for Getting a Mortgage
- Buying a house and getting a mortgage is no small task. In fact, it's one of the biggest financial decisions that you'll make in your life. A financial advisor can help you figure out how to best navigate the process. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- While looking for a mortgage lender, it's important to shop around for the lowest possible interest rate. SmartAsset's rate comparison tool can help you find a lender with a rate that's right for you.
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