Reliant Home Funding Mortgage Review 2024

Reliant Home Funding overview

Reliant Home Funding is a Long Island, New York-based mortgage lender available in more than 20 states, including Colorado, Florida, Illinois, New York, Pennsylvania and Texas. The lender focuses heavily on customer service, emphasizing relationships over transactions. You can complete the entire lending process remotely, preapprovals typically take less than 24 hours and closings currently average 14 days.

Pros and cons of Reliant Home Funding

How Bankrate scored Reliant Home Funding

• Affordability: Reliant Home Funding gives borrowers browsing online a transparent look at its rates. Like many lenders, it charges an origination fee.
• Availability: Reliant Home Funding is available to borrowers in more than 20 states, primarily on the East Coast. It has a plethora of loan options to suit an variety of needs.
• Borrower experience: Reliant prides itself on convenience and customer service, offering fast preapprovals and closings.

Affordability: 9.8/10

Reliant Home Funding displays mortgage rates on its website and updates them regularly. Each quote includes the rate, APR and cost of points, so you’ll have a clear understanding of how much you’ll pay for a particular loan offer. The lender charges a $1,295 underwriting fee.

Availability: 7.6/10

Reliant Home Funding has a large suite of loan products, including conventional and government-backed loans with both fixed and adjustable rates, along with construction and home renovation financing. It also offers reverse mortgages.

To be eligible for a conventional loan through Reliant, the lender requires at least 3 percent down and a minimum credit score of 620. FHA loan borrowers need a down payment of at least 3.5 percent, but can have a credit score as low as 580. To get an adjustable-rate mortgage (ARM), you must put down at least 5 percent and have a higher credit score (700-plus). VA loans have no standard credit or down payment requirement.

Borrower experience: 7.8/10

Reliant Home Funding is a family-run operation, established in 2010 and with $1.1 billion dollars funded since. It has an A+ rating from the Better Business Bureau (although it isn’t BBB-accredited).

With Reliant, you can get preapproved or prequalified online via the lender’s website, usually within 24 hours. If you want to move forward with the loan, you can complete the entire process online, as well, including signing required documents. Closings average about two weeks.

You can also use Reliant’s app, RHF Go, to compare loan options, calculate savings if you’re looking to refinance, submit documents, check your loan’s status and more. In addition, the lender’s website features a handy mortgage calculator, which you can use to learn more about how much yours might cost.

Images courtesy of Reliant Home Funding as of 2/26/2024. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

How to apply for a mortgage with Reliant Home Funding

You can apply for a mortgage with Reliant Home Funding online or by phone at 877-937-6787. Reliant’s team is available Monday through Friday from 9 a.m. to 6 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Reliant Home Funding

Reliant Home Funding offers both rate-and-term and cash-out refinancing options. You can refinance completely online just like applying for a mortgage to purchase a home, but you won’t be able to view fees upfront through the lender’s website.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.