CrossCountry Mortgage Review: A Leading Lender of Government-Backed Mortgages

CrossCountry Mortgage checks all the right boxes for most home buyers. This lender offers a large enough variety of mortgages that most borrowers will find what they need here. CrossCountry Mortgage's loan technology allows it to automate much of the process, which means a shorter time to close many loans. However, there's not much information available unless you sign yourself up for marketing calls. Read our full CrossCountry Mortgage review to find out if this is the right lender for you.

This mortgage lender is a good fit for: Borrowers looking for low down payment options or down payment assistance, borrowers who need cash for home renovations, and borrowers who are new to the mortgage process.

Top perks

Large variety of loans

CrossCountry Mortgage offers all types of government-backed loans, including:

• FHA loans
• FHA renovation loans
• VA loans
• USDA loans, which can be harder to find
• Construction loans

CrossCountry Mortgage is, in fact, one of the biggest FHA lenders in the country and also one of the biggest VA lenders. Due to the sheer volume of government-backed loans this lender makes, you should expect it to have the infrastructure and experience to handle yours expeditiously.

It's worth noting that CrossCountry Mortgage is one of a small number of lenders that will accept your application with a credit score between 500 and 580. The FHA loan program allows this, with a 10% down payment, but most lenders don't.

If you need a lender with some creativity and off-the-beaten-path options, there's a good chance CrossCountry Mortgage can find a loan for you. For instance, if you're self-employed and you want to show your income with bank statements instead of tax returns, CrossCountry Mortgage allows that. This is called a non-qualified mortgage. Most people don't need one but if you're not sure you'll check all the usual boxes, it's nice to know you have options.

Home equity options

If you are considering a cash-out refinance but you don't want to replace your current mortgage (maybe because you'd lose your lower rate), consider borrowing against your equity instead.

HELOC: CrossCountry Mortgage offers a hybrid HELOC called the CCM Equity Express. You get the money in one lump sum at a fixed interest rate, like a traditional home equity loan. But you also get a draw period. That's a number of years when you can pay down the balance and borrow more, up to your limit. This additional borrowing is also at a fixed rate, based on current interest rates at the time that you make those draws.

CrossCountry Mortgage says that an application can be completed in as little as five minutes, and the loan can be funded in as few as five days. CrossCountry Mortgage speeds things up with technology. The lender uses automated property valuation, which means you don't have to wait for a human property appraiser to evaluate your home's current market value. Likewise, income and asset verification are also automated.

Home equity loan: As an alternative to the HELOC, CrossCountry Mortgage offers a more traditional home equity loan. It's called a Closed End Second Loan. The requirements are similar to those for the HELOC. The loan is also similar to the HELOC, but it's a one-time lump sum. You can't borrow more later on.

Down payment assistance

CrossCountry Mortgage can help qualified borrowers get up to $4,000 in non-repayable down payment assistance from the Freddie Mac BorrowSmart Access℠ program. This is a program for low-income and moderate-income first-time home buyers getting a mortgage for their primary residence. The program is not available everywhere.

If you live in an eligible census tract, you might qualify for a $6,500 non-repayable grant through the CCM Community Promise Program. You can buy a home anywhere in the U.S.

What could be improved

Online rates

CrossCountry Mortgage doesn't publish its current mortgage interest rates. You'll have to submit your personal information and talk to a loan officer to find out where CrossCountry Mortgage stands on costs.

No online prequalification

If you click on the "Get a Free Rate Quote" button, you'll enter some basic information about yourself and the home you want. But instead of giving you any information about loans, you're put into the queue for a phone call from a loan officer. You can't check your rate or get mortgage prequalification online.

No float-down rate lock

You can lock your rate at CrossCountry Mortgage, but if interest rates go down during your lock period, you'll likely be stuck paying the higher rate. Some lenders have a float-down feature that allows you to get the lower interest rate if rates fall after you lock yours in.

Lack of straightforwardness

CrossCountry Mortgage's website has a lot of general educational content about mortgages, but it's difficult to find specific information about CrossCountry Mortgage's mortgages. Also, CrossCountry Mortgage uses unique language that might not immediately make sense to someone browsing the website. For instance, its home equity loan is called a "closed end second loan." You have to read quite a bit to understand what you're looking at.

CrossCountry Mortgage accepts applications from borrowers with a credit score of at least 500. This is somewhat unusual in the mortgage industry, where most lenders' cutoff is 580 to 620. You'll also need to show at least $3,000 per month in income to qualify.

Debt-to-income requirements vary, mostly based on the amount of your down payment. If you can make a larger down payment (at least 20%), you might qualify with a DTI of 50% or lower. If your down payment is smaller, your DTI limit might be lower. It's possible for some FHA borrowers to get a loan with a DTI of up to 57%.

CrossCountry Mortgage requires two years of tax returns and rental agreements (if you have rental income), and three months of bank statements and other asset account statements. You'll need to provide the usual proof of identity, and non-U.S. residents can apply if they have a Green Card or H1 or L1 visa. There are other paperwork requirements that depend on the specifics of your financial situation.

CrossCountry Mortgage says that if you're ready to apply for a mortgage, don't move money around or make large untraceable deposits. Financial stability is a big factor in mortgage approval, so you want your finances to be consistent and straightforward.

CrossCountry Mortgage's refinance rates are not disclosed online but when we checked, they were right in line with national average refinance rates. CrossCountry Mortgage does not charge a higher rate for mortgage refinance loans compared to purchase loans. If you're looking to take out cash, it's a good idea to compare a cash-out refinance loan with a HELOC and a home equity loan to see what benefits and drawbacks each one offers, especially if your current mortgage has a rate that's lower than what you can get today.

CrossCountry Mortgage does not publish its mortgage interest rates online. To find out, you'll need to call and have a conversation with a loan officer. When we did that, we found that CrossCountry Mortgage's mortgage rates trend about the same as the national average.

You're newer to mortgages. If you aren't highly familiar with the mortgage process, it can be intimidating and confusing. CrossCountry Mortgage does not expect you to DIY your mortgage. From the very beginning, you'll get assigned to a loan officer who will walk you through.

You think a government-backed mortgage is right for you. You don't have to be an expert in loan types, but if you're a servicemember or veteran, if you don't have a lot for a down payment, or if your credit score isn't quite in "excellent" territory, you might be a good candidate for a government-backed mortgage. CrossCountry Mortgage does a heck of a lot of these and can nail down the best program for you.