Down payment grants and diverse loan options: CrossCountry Mortgage review 2024

CrossCountry Mortgage offers a range of loan options for first-time homebuyers, including FHA, USDA, and VA loans, as well as financing for manufactured homes and grants for down payment assistance.

CrossCountry Mortgage approves buyers with poor credit for non-qualifying mortgages and considers nontraditional credit sources such as on-time rent and utility payments for some loans.

You may close on your home in as little as 10 days with a lender that is highly rated for customer satisfaction and has a fast-track approval process.

Cross Country Mortgage: Pros and cons

CrossCountry Mortgage types of mortgages

In all 50 states, Washington, D.C and Puerto Rico, CrossCountry Mortgage provides conventional, jumbo, FHA, USDA, VA and Fannie Mae and Freddie Mac loans.

• CrossCountry provides fixed-rate loan terms ranging from 10 to 40 years.
• Cross Country provides ARMs that have a fixed rate for the initial period of three, five, seven, or ten years before adjusting at regular intervals.
• FHA loans are supported by the Federal Housing Administration (FHA) and require a minimal down payment of 3.5% for borrowers with a 580 FICO score or 10% for borrowers with a 500.
• Veterans and service members are eligible for a lower-rate mortgage through VA loans, which do not require a down payment or private mortgage insurance.
• Jumbo loans: A loan exceeding $5 million is considered a jumbo loan. CrossCountry offers jumbo loans up to $5 million.
• This mortgage, backed by Fannie Mae and Freddie Mac, requires only a 3% down payment and has lower financing and PMI costs. To qualify, you must earn at least 80% of the area median income, have a credit score of 620, and a debt-to-income ratio of 50%.
• This fixed-rate mortgage for first-time homebuyers, backed by Freddie Mac, requires only a 3% down payment and does not have any income or geographic requirements.
• Using your home as collateral, you can access cash with a reverse mortgage, and borrowers are not required to make payments while residing in the house.
• The approval of renovation loans is determined by the estimated value of the home following any improvements.
• Unlike many competitors, CrossCountry Mortgage offers financing for both manufactured homes and mobile homes.
• Homebuyers who don't meet typical credit and income standards can still obtain Non-QM loans, which come with higher interest rates and larger down payment requirements.

How to qualify for a loan with CrossCountry Mortgage

• The minimum credit score required for conventional loans is 620, while FHA, USDA, and VA loans require a minimum credit score of 500. Jumbo loans require a minimum credit score of 660. Additionally, CrossCountry accepts alternative forms of credit for certain mortgages.
• The minimum down payment for conventional loans is 3%, while for jumbo loans it is 10%. For FHA loans, the minimum down payment is 3.5%, and for USDA and VA loans, there is no down payment required.
• The debt-to-income ratio (DTI) requirement for CrossCountry is typically 50% or less. However, it can be exceeded with certain products.

CrossCountry Mortgage loan fees

• Origination fee: CrossCountry Mortgage does not reveal its origination fee, but it usually amounts to approximately 1% of the total loan amount.
• CrossCountry does not impose a penalty for early repayment of all or part of your home loan before the term expires.
• Rate lock fees: CrossCountry does not charge a rate lock fee.

CrossCountry Mortgage benefits and discounts

CrossCountry Mortgage offers a variety of unique programs for homebuyers.

CCM Community Promise

Homebuyers in 15 major cities, including Miami, New York, and Chicago, may be eligible for up to $6,500 in financial assistance towards a down payment or closing costs. To qualify, borrowers must enroll in a homeownership education course. There is no income requirement for this program.

CCM Smart Start

Eligible first-time homebuyers can receive a grant of up to 2% of their home's cost, which is capped at $5,250.

CCM Equity Express

In just five days, homeowners can obtain a home equity line of credit (HELOC) worth up to 85% of their home's value.

FastTrack Credit Approval

CrossCountry Mortgage's underwriter will approve your credit before you shop for your home, enabling you to close in as little as 10 days of signing your purchase contract with an accelerated approval process.

Freddie Mac's BorrowSmart

Homebuyers with an income of up to 140% of the area median income (AMI) can receive a $4,000 grant to cover closing costs or a down payment.

Temporary buydown options

A temporary rate buydown is a mortgage option where the lender or seller pays for a lower interest rate for a specified time period. After the set period, the rate gradually increases until it reaches its original level.

CrossCountry provides several buydown options, including a 3-2-1 buydown that reduces the rate by 3% in the first year, 2% in the second year, and 1% in the third year, before returning to the original mortgage rate in the fourth year. Additionally, there are 2-1, 1-1, and 1-0 buydowns available.

CrossCountry Mortgage refinancing

CrossCountry Mortgage offers cash-out and rate-and-term refinancing in all 50 U.S. states, Washington, D.C., and Puerto Rico. Additionally, it provides home equity lines of credit (HELOCs), but does not offer home equity loans.

• Credit score: Not disclosed
• CrossCountry Mortgage's preferred debt-to-income ratio is no more than 50%.
• Home equity: Not disclosed
• Home appraisal: Not disclosed

CrossCountry Mortgage customer service

CrossCountry Mortgage received an A+ rating from the Better Business Bureau for mortgage origination and servicing, indicating high levels of customer satisfaction.

CrossCountry Mortgage does not provide sample or customized rates online, nor does it have an online chat feature, which many competitors offer. However, you can submit a mortgage application through their website.

Comparing CrossCountry Mortgage to other lenders

Here's how CrossCountry Mortgage stacks up to two leading mortgage providers.

CrossCountry Mortgage vs. Guild Mortgage

Both Guild and CrossCountry Mortgage operate in all 50 states and have numerous branches across the country. These lenders accept alternative credit for certain loans and provide government-backed VA, FHA, and USDA mortgages.

However, while both issue HELOCs, only Guild has home equity loans.

Guild's rates are not publicly advertised, so it's unclear how they compare to other lenders. However, Guild does not typically charge homebuyers an origination fee, which can range from 0.5% to 1% of the total loan amount.

J.D. Power rated CrossCountry Mortgage above average for mortgage origination and servicing, while Guild landed below average for mortgage origination.

Guild stands out for its user-friendly online platform, allowing borrowers to quickly obtain preapproval and apply for loans with ease. The website provides detailed information on various loan options. On the other hand, CrossCountry Mortgage's website can be challenging to navigate when searching for loan options, and applicants must either speak with a loan agent over the phone or visit a local branch in person to apply.

CrossCountry Mortgage vs. Rocket Mortgage

If you prefer the convenience of borrowing from home, Rocket Mortgage is the best option: You can easily access current rates, apply, and close remotely (where available). Additionally, it offers an online chat feature and a customer service phone line that is available seven days a week.

If you want to work with a loan agent in person, CrossCountry is the best option as it has over 700 branches nationwide. Rocket, on the other hand, is an online-only institution.

J.D. Power ranked Rocket No. 1 for mortgage servicing and No. 2 for mortgage origination, while CrossCountry Mortgage earned respectable rankings for customer satisfaction.

Rocket offers down payment assistance, but CrossCountry Mortgage has more grant options and wider availability.

How do I apply for a loan with CrossCountry Mortgage?

You can apply for a home loan with CrossCountry Mortgage through their online platform, by phone at 877-351-3400 or at any of their 700 branches across the country.

To access the lender's website, you must first create an account and provide basic information such as your ZIP code, phone number, and email address.

The loan agent will assist you in completing the application process and uploading the necessary financial documents, such as pay stubs, bank statements, and tax returns.

Is CrossCountry Mortgage right for me?

First-time homebuyers can benefit from CrossCountry Mortgage's range of grants and programs that help with down payment and closing costs. Additionally, this lender offers non-qualifying mortgages, making it a viable option for those who require more flexibility with credit, income, or debt-to-income requirements.

If you prefer an online lending experience or want to compare fees and rates without submitting an application, you may want to continue shopping for another mortgage provider.

Why trust CNBC Select?

At CNBC Select, our goal is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each mortgage review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of financial products. While CNBC Select receives a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.

Methodology

CNBC Select evaluates mortgage products based on various factors, such as loan types, average rates, terms, accessibility, fees, down payment options, and online services, in addition to customer satisfaction.

We also take into account data from external sources, such as J.D. Power's lender scores and Better Business Bureau ratings, in addition to our own research.

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