CrossCountry Mortgage offers borrowers purchase programs, home equity products and refinancing products. The minimum down payment required by CrossCountry for conventional loans is 3% and the minimum credit score requirement is 620. However, credit score requirements may vary depending on your chosen loan product.
MoneyGeek’s Take
CrossCountry Mortgage Review
Updated: November 6, 2024
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At a Glance: CrossCountry Mortgages
- Cross Country
- Conventional loans: 620 FHA loans: 580 USDA rural home loans: 640 VA loans: 580 Minimum Credit Score
- Conventional loans: 3% FHA loans: 3.5% USDA rural home loans: 0% VA loans: 0% Minimum Down Payment
- Conventional Loans Fixed rate mortgages FHA 203(k) home loans VA home loans Adjustable-rate mortgages FHA home loans USDA home loans Jumbo mortgages Home Equity Line of Credit (HELOC) Loan Products Offered
- All statesStates of Operation
- Not availableOnline Application
CrossCountry was founded in 2003 and is licensed in all 50 states. This lender has an overall BBB rating of A+. The company has headquarters in Brecksville, Ohio and has branches countrywide. This company is one of the fastest-growing mortgage lenders and ranked fourth in the 2021 J.D. Power mortgage origination customer satisfaction survey.
To qualify for CrossCountry Mortgage loans, borrowers need extensive credit history and a minimum credit score of at least 620 for conventional loan products. You will also need to make a down payment of at least 3% for a conventional loan, but this rate may vary depending on your chosen loan product.
One of the standout features of CrossCountry Mortgages is its fast review process, with most loans closing in as little as 21 days. However, these options are not available for borrowers who prefer online application processes and online rate quotes. You will need to contact a loan officer to get a rate quote and information on eligibility requirements.
For borrowers looking for a wide variety of mortgage products, CrossCountry Mortgages is a good option. This lender has a wide range of loan products, including fixed-rate mortgages, adjustable-rate loans, VA loans, FHA loans, USDA loans and Jumbo loans. CrossCountry also offers Home Equity Line of Credit (HELOC) loans.
Pros
- Quick loan processing with approval in 21 days for most loans
- Borrowers get a dedicated loan officer throughout the application process
- Wide range of loan products, including Home Equity Line of Credit (HELOC)
- Available in 50 states
Cons
- Can’t get rate quotes or approvals online
CrossCountry was founded in 2003 and is licensed in all 50 states. This lender has an overall BBB rating of A+. The company has headquarters in Brecksville, Ohio and has branches countrywide. This company is one of the fastest-growing mortgage lenders and ranked fourth in the 2021 J.D. Power mortgage origination customer satisfaction survey.
To qualify for CrossCountry Mortgage loans, borrowers need extensive credit history and a minimum credit score of at least 620 for conventional loan products. You will also need to make a down payment of at least 3% for a conventional loan, but this rate may vary depending on your chosen loan product.
One of the standout features of CrossCountry Mortgages is its fast review process, with most loans closing in as little as 21 days. However, these options are not available for borrowers who prefer online application processes and online rate quotes. You will need to contact a loan officer to get a rate quote and information on eligibility requirements.
For borrowers looking for a wide variety of mortgage products, CrossCountry Mortgages is a good option. This lender has a wide range of loan products, including fixed-rate mortgages, adjustable-rate loans, VA loans, FHA loans, USDA loans and Jumbo loans. CrossCountry also offers Home Equity Line of Credit (HELOC) loans.
CrossCountry Mortgage Loan Types, Details and Requirements
MoneyGeek’s CrossCountry Mortgage loan review highlights all the rates, requirements and product options you should be aware of when applying for a CrossCountry mortgage product.
Mortgage Types Offered
CrossCountry Mortgages offers various loan products including:
- Conventional
- Jumbo
- FHA
- Fixed-rate
- Adjustable-rate
- VA
- USDA
- Home equity line of credit (HELOC)
CrossCountry Mortgage also offers reverse mortgage products for borrowers over the age of 62 who meet the eligibility criteria.
Mortgage Rates
CrossCountry does not disclose mortgage rates for its products online, so you need to contact a personal loan officer for a quote. On average, this lender calculates their interest rates based on your credit score, down payment amount and loan term.
Additional Fees
Apart from the down payment, a CrossCountry Mortgage loan will also attract closing fees including:
- Loan origination fees
- Appraisal fees
- Credit report costs
- Taxes and insurance
- Title fees
- Recording fees
- Funding fees for specific programs
These costs can be included in the loan or the seller may cover them for you if you negotiate.
Minimum Borrowing Requirements
To qualify for a CrossCountry Mortgage loan, you need to meet the minimum credit score requirements of the particular loan product you are applying for. For a conventional loan, you require a credit score of at least 620, but you may qualify for FHA and VA loans with a credit score of 580.
Other minimum eligibility requirements include a down payment of at least 3% for conventional and 3.5% for FHA loans. Your total monthly mortgage payment must also be less than 30% of your gross monthly income. Borrowers are also required to have at least two years of verifiable income history.
CrossCountry Mortgage Application Requirements
CrossCountry Mortgage does not have an online application process, but you can submit your details online and a loan officer will contact you. You will need to provide the following details to the loan officer for your loan application to be reviewed.
- 1
Proof of income
The lender will require income details, including your two most recent pay stubs and bank statements.
- 2
Tax information
You will need to provide your tax information, including your two most recent W-2s, 1099s, and tax returns. Self-employed borrowers are required to provide 1099-MISC information.
- 3
Credit details
Your credit score will be checked to verify that you meet the requirements for the particular loan product for which you are applying.
- 4
Debt documentation
Your debt-to-income ratio is considered during the loan approval process, so you need to provide details of your current debt, like car loans or student loans.
- 5
Identification
You will need to provide a copy of your photo ID.
Is CrossCountry Right for You?
Choosing the best lender will depend on your needs and profile. Different lenders have varying eligibility requirements, rates and terms, so it is best to compare multiple lenders before settling on the best option.
Who CrossCountry Is Perfect For
For borrowers looking for a wide range of loan options, CrossCountry Mortgage has an impressive portfolio of products. This lender offers borrowers different types of loans to suit different profiles, ranging from conventional loan products to home equity products and refinancing programs.
CrossCountry Mortgage is also ideal for buyers looking to close quickly since it has a fast-tracked 21-day approval process. For seniors over 62 years who want to access part of their home’s equity for use in retirement, CrossCountry is a good option since it offers Home Equity Conversion Mortgage, subject to eligibility.
Who Should Not Choose CrossCountry
CrossCountry requires extensive credit history to qualify borrowers, so if you have relatively new credit, you are unlikely to be approved for a loan. This lender also requires a minimum credit score of 620 for most of its loan products, so borrowers with credit scores below this range are unlikely to get approved.
Moneygeek’s CrossCountry Mortgage loan review found that, unlike other lenders, this lender has limited online tools. If you want a lender with an online application and rate quote process, you would be better served by a different lender.
How to Apply for a CrossCountry Mortgage Loan
MoneyGeek broke down the CrossCountry Mortgage application process to help you understand where to start when applying for a loan from this lender.
- 1
Prequalify
There is no online prequalification option. Once you submit your details in the online form, a loan officer will contact you and interview you to determine the prequalification amount. However, prequalification does not obligate the lender to approve your loan application.
- 2
Fill Out Application Form
CrossCountry Mortgages has an online application you need to submit with your personal details. A loan officer will then contact you to fill in your loan application in person and provide all the required documentation on identification, income, tax and debt information.
- 3
Wait for Approval
Your loan will be assigned to an underwriter for review. The review process may take as little as 21 days, but this will depend on the availability of all documentation.
- 4
Review Loan Agreement
Once your loan is approved, a clear-to-close will be issued to all parties and you will need to meet your loan officer to review and sign all the documentation in person.
- 5
Receive or Direct Funds
Once all the documents are duly signed, your loan will be funded as per the agreement and rates indicated.
- 6
Make Payments
CrossCountry Mortgage has an online loan servicing portal that allows you to conveniently make payments and manage your accounts online.
What to Do if You Are Rejected by CrossCountry
CrossCountry Mortgage may reject your loan, but there are options available to you if your loan application is rejected. There are various reasons why your loan application may get denied, including a high income-to-debt ratio, low credit score or failure to provide proper documentation.
Always try to find out why you were denied. This will help you prepare for your next application. Depending on the reason why you were denied, you can always check to see if you qualify for a loan with a different lender.
However, it is always better to wait before applying again to avoid impacting your credit score negatively. Waiting will also give you time to work on the factors that got you denied, like your credit score or your debt to income ratio.
Frequently Asked Questions About Mortgages From CrossCountry
MoneyGeek’s CrossCountry Mortgage review answers the following question to help you learn more about borrowing from this lender.
What types of properties are eligible for CrossCountry mortgage loans?
CrossCountry mortgage loans can be used to buy different types of property, including a single-family home, a two- to four-unit home, an FHA-approved condominium or a manufactured housing unit, provided it is built on a permanent foundation.
Who can apply for a CrossCountry mortgage?
Borrowers with a minimum credit score of 620 may apply for a CrossCountry Mortgage. Loan products like VA and FHA may have lower credit score requirements. Non-US citizens may also qualify for a CrossCountry Mortgage loan if they have a Green Card or H-1 or L-1 visa.
What types of mortgage loans does CrossCountry offer?
CrossCountry Mortgages offers Conventional, Jumbo, FHA, Fixed-rate, Adjustable-rate, VA, and USDA loans. Borrowers who qualify can also get refinancing loans or home equity programs like Home Equity Line of Credit (HELOC).
Is there a borrowing limit for CrossCountry mortgages?
CrossCountry loan limits range from $484,350 for conventional loans to $314,827 for FHA loans. However, these limits may vary depending on the market and the prevailing Fannie Mae and Freddie Mac guidelines.
What is the minimum down payment CrossCountry will accept?
The minimum down payment CrossCountry will accept is 0% for USDA and VA loans. However, for conventional loans and FHA loans, you need to make a minimum down payment of 3% and 3.5%, respectively.
Does CrossCountry require private mortgage insurance (PMI)?
CrossCountry requires PMI to protect them from a loss in case the borrower cannot make their mortgage payments. PMI is typically included in your monthly mortgage payments as a separate item. You can request to cancel your PMI once you have at least 80% equity in your home.
Does CrossCountry require a property appraisal?
Yes, once your loan application is submitted, CrossCountry Mortgages will order an appraisal. The company will also undertake a title search and verify the property insurance of the property to be bought.
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
- CrossCountry Mortgages. "Understanding Down Payments." Accessed November 6, 2024.
- CrossCountry Mortgages. "Down Payment Assistance Programs." Accessed November 6, 2024.
- CrossCountry Mortgages. "Home Equity Loans." Accessed November 6, 2024.
- CrossCountry Mortgages. "Financing Your Closing Costs." Accessed November 6, 2024.
- CrossCountry Mortgages. "Home Purchase FAQs." Accessed November 6, 2024.
- CrossCountry Mortgages. "About Us." Accessed November 6, 2024.
- CrossCountry Mortgages. "Conventional Financing Options." Accessed November 6, 2024.