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Guild Mortgage Review: Great for Lower Incomes or Credit Scores

Review Updated
Kimberly Rotter, AFC®
Author: Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Accredited Financial Counselor®

Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.

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Ashley Maready
Fact Checked: Ashley Maready
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Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Guild Mortgage is a mortgage lender offering a very wide selection of home loans. With a number of options that many other lenders don't offer, Guild Mortgage is an especially good choice for first-time home buyers, low-income borrowers, and people who need down payment assistance. Also, Guild Mortgage offers home loans that can be harder to find, like mortgages for manufactured homes.

Guild Mortgage also happens to have a fantastic reputation for customer satisfaction. Use our full Guild Mortgage review to learn whether it's the right lender for you.

Ratings Methodology
Guild Mortgage

Best for: First-time buyers

Guild Mortgage

Rating image, 3.5 out of 5 stars.
3.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

With programs for first-time home buyers and down payment assistance, Guild is worth checking out for most people, especially first-time buyers. Guild is one of the top independent mortgage lenders in the nation.

Min. Credit Score

  • 540 (FHA)
  • 620 (Conventional)

Min. Down Payment 3% Conventional 0%-3.5% FHA, USDA loans, & VA loans

  • 0% - 3.5%

Key Features

  • Great for first-time buyers
  • Fast closing
  • Offers a wide range of loans, including its own unique customized loans
  • Offers loans for no or low credit
  • Zero and low down payment mortgages

Loan Types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Reverse

Fixed Rate Terms

  • 15 and 30 years

Adjustable Rate Terms

  • 5/6, 7/6, 10/6

Top Mortgage Lender

It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:

Lender Min. Down Payment Credit Score Next Steps
  • 0% - 3.5%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional and VA 700 Jumbo
Apply Now for Better

Full Guild Mortgage review

This mortgage lender is a good fit for: Low- to moderate-income borrowers or first-time home buyers looking to take advantage of non-repayable down payment assistance grants and loans.

Pros

  • Great variety
  • Down payment assistance
  • Fast closing
  • Low fees

Cons

  • No online rates
  • Not available in New York
  • Limited physical presence

Top perks

Lots of loan options

Guild Mortgage offers more types of home loans than many other lenders. It has a wide selection of fixed-rate and adjustable-rate loans. Guild Mortgage also offers:

Plus, if you're a senior and want to access your home equity through a reverse mortgage, Guild Mortgage can help.

Bridge loan

If you are shopping for a new home and your current home is under contract but won't close soon enough for you to cover the down payment and closing costs on the home you want to buy, Guild Mortgage can help you with a bridge loan. This is a short-term loan to cover the down payment on the home you're buying. If you qualify for this loan, you can make an offer on your next home without a contingency related to completing the sale of your current home.

Rate lock

Guild Mortgage offers a 120-day rate lock with a float down feature. You can lock in your interest rate while you shop for a home. If rates go down, Guild Mortgage will lower your locked rate one time. If rates go up, you won't have to worry because your rate remains locked. You do need to have a home under contract within 90 days of locking the rate, and then you get the additional 30 days to close.

Great for first-time home buyers

With low down payment options and flexible credit requirements, many of Guild Mortgage's home loan options are designed to help first-time home buyers get into homeownership.

Down payment assistance

Guild Mortgage specializes in helping eligible borrowers get down payment assistance. Assistance comes in the form of grants or loans on a county-by-county basis.

At Guild Mortgage, qualified buyers can get an FHA zero-down mortgage. The FHA home loan program requires a 3.5% down payment, but Guild Mortgage will work with you to identify down payment assistance programs to cover the entire down payment.

In some cases, the down payment assistance is a forgivable loan or non-repayable grant. In others, the down payment assistance must be repaid when you sell the home or pay off the primary mortgage. Down payment assistance programs are for the home that will be your primary residence, not investment homes or second homes.

Fast closing

Guild Mortgage's Homebuyer Express 17-day Closing Guarantee ensures you can close on your loan quickly. If Guild Mortgage does not close your loan within 17 days after the home is under contract, it will reimburse you $500 in closing costs. This guarantee applies to purchase loans only and has several terms and conditions -- for example, it's not available in Oregon.

Loans for manufactured homes

It's rare to find a mortgage lender with loans for manufactured homes. Guild Mortgage's Fannie Mae MH Advantage® mortgage product bundles the land and manufactured home price into one loan. You'll need a FICO® Score of 620 and a 3% down payment. Not all manufactured homes qualify.

Renovation loans

You'll find both FHA 203(k) standard renovation loans and 203(k) limited renovation loans with Guild Mortgage. Guild Mortgage also provides the Fannie Mae HomeStyle program for luxury improvements like financing swimming pools, energy updates, and outdoor kitchens.

Customer satisfaction

Guild Mortgage enjoys a very good reputation. In the most recent J.D. Power customer satisfaction surveys, Guild Mortgage placed second for mortgage servicing. Also, Guild Mortgage has nearly a perfect 5 out of 5 stars on Zillow.

No application or pre-approval fees

Guild Mortgage does not charge any fees unless the loan closes. There is no application fee or pre-approval fee. In most cases, Guild Mortgage does not charge an origination fee unless the mortgage is for a housing finance program. There are other fees associated with the loan, though.

What could be improved

Rate and fee transparency

Guild Mortgage does not publish details on its rates and fees online. You'll have to talk to a loan officer or start your loan application to access Guild Mortgage's rates.

No HELOC

For some borrowers, a home equity line of credit (HELOC) is a smart alternative to a cash-out refinance. Guild Mortgage offers a home equity loan, but not a HELOC. With a home equity loan, you'll need to take the full loan in one lump sum. With a HELOC, you could borrow as needed, plus you can borrow more after paying your balance down. Guild Mortgage refers HELOC borrowers to a lending partner.

Not nationwide

Guild Mortgage does not make loans in New York at this time.

How to qualify

You can apply for a Guild Mortgage anywhere in the U.S. except New York.

Because Guild Mortgage offers such a wide range of mortgage loan options, there are no hard-and-fast rules on how to qualify. One of Guild Mortgage's loan officers will explain which loan product might be right for your situation.

Here are some general guidelines you can follow for a Guild Mortgage loan:

Credit score. For a Guild Mortgage conventional loan, you'll need a FICO® Score of at least 620. For an FHA loan, you need a credit score of at least 580, unless you can make at least a 10% down payment. If so, Guild Mortgage may approve your application with a score as low as 540. VA loan lenders have no minimum credit score requirements.

Debt-to-income ratio limit. The debt-to-income (DTI) ratio limit at Guild Mortgage ranges from 43% to 50%, depending on the loan. The underwriting department may allow a higher DTI for some loans if you have strong compensating factors, such as a high credit score or large down payment.

Down payment and closing cost requirements. VA and USDA mortgages don't have down payment requirements. For all other home loans at Guild Mortgage, you need at least 3%, though you might be able to qualify for down payment assistance (including grants you don't have to pay back). You may also need cash for closing, as closing costs cannot be rolled into all loans.

Mortgage process. Guild Mortgage has a paperless digital mortgage application process. You can import the required asset account statements from most bank accounts. Other documents can be uploaded. The application interface is easy to use and walks you through step by step.

How are Guild Mortgage's refinance rates?

Guild Mortgage doesn't publish its mortgage refinance rates. You'll have to apply online or contact the company by phone if you want to find out what its current refinance rates are. When we checked, we found that Guild Mortgage's rates were right on par with the national average.

How are Guild Mortgage's rates compared to the national average?

Guild Mortgage's mortgage rates trend about the same as the national average. Rates are not published online, so you won't be able to play around with options while you do your preliminary research.

Guild Mortgage is right for you if:

If you'd like to take advantage of non-repayable down payment assistance grants and loans, talk to Guild Mortgage. It isn't the only mortgage lender that can help, but it has chosen to specialize in supporting low- and moderate-income borrowers. The Guild Mortgage team are experts in navigating the down payment assistance process.

FAQs

  • Guild Mortgage's rates are right on par with the national average.

  • Yes. Guild Mortgage has a reputation for being a great resource for first-time buyers and people who need down payment assistance. Beyond that, it's hard to compare Guild Mortgage's costs to its competitors. But Guild Mortgage says it doesn't charge an application fee and that most of its loans don't have an origination fee, either. That would make Guild Mortgage a fantastic choice based on cost alone.

  • Yes. Rates and fees are competitive.

  • For a conventional loan from Guild Mortgage, you'll need a credit score of 620. If your score is lower, you might qualify for an FHA loan. The VA and USDA loan programs have no set minimum credit score. It's best to have a debt-to-income ratio under 43%, but Guild Mortgage may have a loan for you if it's higher. Finally, you'll need a down payment of at least 3%. If you don't have it, you may be able to get down payment assistance from Guild Mortgage. (VA and USDA loans do not require a down payment).

  • Most borrowers can find a loan at Guild Mortgage. Here are your options:

    • Conventional loan
    • FHA loan
    • FHA zero-down loan
    • VA loan
    • USDA loan
    • Renovation loan
    • Down payment assistance program
    • Construction loan
    • Fixed-rate mortgage
    • Adjustable-rate mortgage
    • Reverse mortgage
    • Manufactured housing mortgage
    • Bridge loan