Cherry Creek Mortgage offers many conventional, government-backed and low-down-payment options. The company requires a 620 minimum credit score for conventional mortgage loans, with at least a 5% down payment. MoneyGeek’s Cherry Creek Mortgage review will help you see if it’s the right option for you.
MoneyGeek’s Take
Cherry Creek Mortgage Review
Updated: November 1, 2024
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At a Glance: Cherry Creek Mortgages
- Cherry Creek
- 620 for conventional loans, 580 for FHA loansMinimum Credit Score
- FHA Loan: 3.5% Fannie Mae’s HomeReady Mortgage Program: 3% Standard Conventional Loan: 5% Minimum Down Payment
- FHA, Conventional, Jumbo, VA, USDA, Refinancing and Reverse MortgageLoan Products Offered
- 30+ statesStates of Operation
- Yes Online Application
Cherry Creek Mortgage was founded in 1987 and its headquarters are located in Greenwood Village, Colorado. The company has been offering loans for over 30 years, producing more than $78 billion worth of loans and helping 300,000+ families build their dream homes.
It offers several types of loans, including jumbo loans for borrowers looking to finance luxury properties, reverse mortgages for seniors, conventional loans, FHA and refinancing. Cherry Creek also provides some no-down-payment options, like USDA and VA loans. It’s relatively easy to qualify for a loan with this company, as it has a minimum credit score requirement of 580, with just a 3% down payment requirement for some of its loans.
Before applying for a loan with Cherry Creek, you must go through the prequalification process. During the procedure, your financial information will be analyzed to ensure you can afford a mortgage loan. After the prequalification, you can proceed with applying. Once you have submitted your application, you might be able to get initial approval in as little as one day. The whole loan approval process can take up to a few weeks.
If you want to estimate your loan costs or get more information, you can benefit from the mortgage calculators and guides available on Cherry Creek’s website.
Pros
- Offers several mortgage loan products
- Mortgage calculators make it easy to estimate your payments
- Provides free downloadable guides on the website
- Reasonable minimum credit score requirement
- Low down payment requirement
Cons
- Not available in all U.S. states
Cherry Creek Mortgage was founded in 1987 and its headquarters are located in Greenwood Village, Colorado. The company has been offering loans for over 30 years, producing more than $78 billion worth of loans and helping 300,000+ families build their dream homes.
It offers several types of loans, including jumbo loans for borrowers looking to finance luxury properties, reverse mortgages for seniors, conventional loans, FHA and refinancing. Cherry Creek also provides some no-down-payment options, like USDA and VA loans. It’s relatively easy to qualify for a loan with this company, as it has a minimum credit score requirement of 580, with just a 3% down payment requirement for some of its loans.
Before applying for a loan with Cherry Creek, you must go through the prequalification process. During the procedure, your financial information will be analyzed to ensure you can afford a mortgage loan. After the prequalification, you can proceed with applying. Once you have submitted your application, you might be able to get initial approval in as little as one day. The whole loan approval process can take up to a few weeks.
If you want to estimate your loan costs or get more information, you can benefit from the mortgage calculators and guides available on Cherry Creek’s website.
Cherry Creek Mortgage Loan Types, Details and Requirements
Every lender’s loan requirements, mortgage types, rates and additional fees are different. MoneyGeek explains Cherry Creek’s mortgage loan details below to help you figure out if it is the best fit for your needs.
Mortgage Types Offered
- Conventional Loans
- Jumbo Loans
- VA Loans
- USDA Loans
- FHA Loans
- Reverse Mortgage
- Refinancing
Mortgage Rates
Mortgage rates generally vary per person, as Cherry Creek determines interest rates based on factors like credit score, property type, location, loan amount, repayment term and more. You can use mortgage calculators on the company’s website to estimate your monthly payment and interest rates.
Additional Fees
Cherry Creek doesn’t specify its application, origination, underwriting or prepayment fees on its website. However, its mortgage loans come with closing costs, which are the expenses associated with finalizing the mortgage. The lender typically charges 2%–5% of the loan amount as a closing fee.
Minimum Borrowing Requirements
To qualify for most mortgage products, Cherry Creek requires borrowers to have at least a 620 credit score. That said, borrowers can be eligible for an FHA loan with a 580 credit score.
As for the down payment, the company permits a 3% down payment if borrowers opt for the HomeReady program, Home Possible program or Conventional 97. A standard conventional mortgage loan requires a down payment of at least 5%.
Cherry Creek Mortgage Application Requirements
After completing your mortgage application, Cherry Creek may ask you to submit the following documents to ensure you have sufficient employment, income and assets.
- 1
W-2 statements
- 2
Most recent paycheck stubs and tax returns
- 3
Bank statements from the past few months
- 4
Social Security number
- 5
Debt information
The lender may also ask you for additional documentation, depending on your profile and background.
Is Cherry Creek Right for You?
Since every lender is different, MoneyGeek analyzed Cherry Creek’s loan details and explained below who would and wouldn’t benefit from its mortgage loans.
Who Cherry Creek Is Perfect For
Cherry Creek doesn’t have a high credit score requirement for most of its loans and it offers many different mortgage products, making it easy for borrowers who aren’t eligible for one type of loan to apply for other loans. This lender is also an ideal option if you can’t afford a large down payment, as it allows borrowers to make a down payment as low as 3%. When you apply for a Cherry Creek mortgage, it puts you in contact with a loan officer, making it the best option for individuals who aren’t comfortable conducting the entire process online.
Who Should Not Choose Cherry Creek
Cherry Creek isn’t a good option for those with a poor credit score, as the lender generally requires a minimum credit score of 580. Also, before applying, you would have to check if it offers loans in your area, as the lender isn’t available in all U.S. states.
Cherry Creek doesn’t openly advertise their rates on their websites. If you want an upfront estimate of your mortgage costs, you may want to look elsewhere for a loan.
How to Apply for a Cherry Creek Mortgage Loan
It might be confusing to figure out how to apply for a Cherry Creek Mortgage loan. MoneyGeek outlined the following steps you need to take while applying to make the process easier.
- 1
Prequalify
You need to get prequalified for a loan before applying for it. This process involves verifying your financial information to see if you would be able to afford mortgage payments. You can get started by answering a few questions on the website, which will let you get in contact with a loan officer in your area.
- 2
Fill Out Application Form
After getting prequalification for a loan, you can fill out the application form by submitting your personal information, financial information and income details. You can submit this information online. Cherry Creek might ask you to submit the following documents:
- W-2 statements
- Most recent paycheck stubs and tax returns.
- Bank statements from the past few months
- Social Security number
- Debt information
- 3
Wait for Approval
Once you’ve submitted the application, Cherry Creek will perform a credit check and verify your personal and financial information. The lender might also ask you to submit some additional documents.
- 4
Review Loan Agreement
After Cherry Creek approves your loan, they’ll send you a loan agreement. It’s best to go through this agreement and consider all the fees the lender might be charging. Doing so will help you avoid any confusion later.
- 5
Sign Loan Agreement
After you’ve gone through the loan agreement, you can sign it online. You can reach out to Cherry Creek’s representatives in case of any confusion.
- 6
Closing
At this stage, Cherry Creek would send you a closing disclosure which would have all the necessary details of the loan. You might also need to present a check for the down payment, insurance proof and your identity documents to finalize the loan.
- 7
Make Payments
You can start making payments once your loan is finalized. Cherry Creek allows you to make mortgage payments online.
What to Do if You Are Rejected by Cherry Creek
You shouldn’t worry too much if Cherry Creek rejects your mortgage loan application. There can be many reasons behind lenders denying mortgage loans, including low credit score, high debt-to-income ratio, unstable employment or incomplete application.
In this situation, the best way to proceed is to reach out to the lender and ask the reason behind the loan rejection. Once the lender lets you know the reason, you can work with them to improve it. For instance, if they deny your loan due to a low credit score, you can improve your credit score by getting a credit-building loan or a secured credit card. While it might be tempting to apply with a different lender, you likely won’t get a loan approval without improving the factor that caused you to be denied by Cherry Creek in the first place.
You can also get in touch with your bank, financial advisor or loan officer for additional resources and information.
Frequently Asked Questions About Mortgages From Cherry Creek
MoneyGeek researched the most frequently asked questions about Cherry Creek’s mortgage loans to help you understand how the loan works, its eligibility criteria and other essential details.
What types of properties are eligible for Cherry Creek mortgage loans?
MoneyGeek’s research shows that you can take out a mortgage loan with Cherry Creek for single-family homes, townhomes, condos and multi-unit homes.
Who can apply for a Cherry Creek mortgage?
Anyone with at least a 580 credit score can apply for Cherry Creek’s FHA mortgage loans. Its other loans require a minimum credit score of 620.
What types of mortgage loans does Cherry Creek offer?
Cherry Creek offers many different types of loans, including FHA, VA, USDA, conventional, jumbo and refinanced loans. It also offers reverse mortgages.
Is there a borrowing limit for Cherry Creek mortgages?
For a standard conventional mortgage loan, Cherry Creek lets you borrow up to $647,200. For jumbo loans, this limit can be about $1–$2 million.
What is the minimum down payment Cherry Creek will accept?
Cherry Creek permits borrowers to use a down payment of 3% for its HomeReady program, Home Possible program and Conventional 97 mortgages.
Does Cherry Creek require private mortgage insurance (PMI)?
Yes, Cherry Creek requires you to have private mortgage insurance (PMI) if you put down less than 20% of the home’s value.
Does Cherry Creek require a property appraisal?
Yes, Cherry Creek will appraise the property to get an idea of its true value.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- Cherry Creek Mortgage. "Credit Score Requirements for FHA Loans." Accessed September 18, 2024.
- Cherry Creek Mortgage. "Our Story." Accessed September 18, 2024.
- Guild Mortgage. "Homebuyers mortgage loan guide." Accessed September 18, 2024.