Review
Updated
Borrowers who struggle to get approved for a loan with most mortgage lenders should check out Vylla. While Vylla doesn't offer mortgages directly, it partnered with Carrington Mortgage Services to offer home loans. Carrington offers multiple mortgage options, including both conventional and government-guaranteed loans for borrowers with lower credit scores. Check out our full Vylla mortgage review to learn more.
Best for: Poor credit
Vylla Mortgage
Rating image, 4.5 out of 5 stars.
4.5/5
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.
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Vylla accepts borrowers will lower credit scores, and it also considers nontraditional credit data in it's borrowing decisions making this a great option for people with less than great credit.
Min. Credit Score 620 Conventional 580 FHA 500 VA and USDA
- 500 - 620
Min. Down Payment 0% VA and USDA 3% conventional 3.5% FHA
- 0% - 3.5%
Key Features
- Loans for people with low credit scores
- Low down payment options
- Accepts nontraditional proof of income
Loan Types
- Conventional
- FHA
- VA
- USDA
Fixed Rate Terms
- 30y, 15y
Adjustable Rate Terms
- 10/1, 7/1, 5/1
Top Mortgage Lenders
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
| Lender | Min. Down Payment | Credit Score | Next Steps |
|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
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 |
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Rating image, 5.0 out of 5 stars.
5.0/5
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 |
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Full Vylla mortgage review
This mortgage lender is a good fit for: Borrowers interested in any of the multiple loan types offered through Carrington Mortgage Services.
Pros
- Loans for those with a low credit score or recent bankruptcy
- Considers nontraditional credit data
- High loan limits
Cons
- Vylla isn't the direct loan provider
- Underwriting fee
- Few physical locations
Top perks
Multiple loan programs for different types of borrowers
Well-qualified borrowers can get conventional loans at competitive rates. Other programs, such as Flexible Advantage, make up to $1.5 million in financing available to borrowers with credit scores as low as 550 or with recent bankruptcies or foreclosures.
Huge number of payment options
Monthly mortgage payments can be made via Western Union, by check, over the web or phone, via autopay, from a direct transfer from your bank, or via money gram.
Homeownership Concierge team guides you through the process
You'll have help at each step of the application process and will receive a guaranteed closing date.
What could be improved?
Redirection can be confusing
When trying to find mortgage loan information on Vylla's webpage, you'll automatically be redirected to Carrington's page instead. This is because Vylla isn't actually the lender -- Carrington Mortgage Services is.
Broader access to in-person help
Borrowers in most parts of the country can't visit a local office to meet with a mortgage professional.
Fees could be lower
Vylla charges a $599 mortgage underwriting fee. This is in addition to other loan fees that vary by loan type. It's higher than what some competitors charge.
How to qualify
Vylla makes qualifying for a mortgage loan easy as there are loan options targeted to buyers with many kinds of financial situations. Its conventional loan with the most competitive mortgage rates requires:
- A down payment of 20% or more
- A low debt-to-income ratio (ratio of monthly debt payments relative to income)
- A credit score greater than 620
However, there are many other loans that are far easier to get approved for. This includes government-backed loans such as FHA, USDA, and VA loans, which many lenders offer to borrowers with low credit and minimal down payments. But it also includes Carrington Flexible Advantage, which lets you borrow up to $1.5 million. You can qualify for this loan with:
- A credit score as low as 550
- Recent adverse credit events, such as bankruptcies, short sales, and foreclosure
- Income from self-employment that you can verify only through bank statements, not tax returns. (For more information, check out our guide to mortgages for self-employed professionals.)
How are Vylla's refinance rates?
When you attempt to research Vylla's refinance rates online it immediately redirects you to Carrington Mortgage Services' website. Carrington makes estimated rates available only after you complete an online form about your income, credit score, and desired home purchase price. Without overall average rates, it's more difficult to compare Vylla's refinance rates with those of other lenders. However, rates appeared competitive for several borrower profiles.
How are Vylla's rates compared to the national average?
Vylla does not provide mortgages directly, but instead connects you to Carrington Mortgage Services if you are interested in a home loan. Carrington doesn't publish an overall average rate online but allows you to get a general rate quote after providing details about your finances and desired loan amount. The wide variety of loan options offered by Carrington also means that rates and terms can vary substantially depending which type of mortgage loan you choose. But rates appeared competitive for most borrower profiles.
Vylla mortgage is right for you if:
If you've had a recent adverse credit event and you want to borrow up to $1.5 million for a home, Vylla mortgage could be a good lender for you. Or, if you want to choose between a large assortment of loan types, including conventional and government-backed, or loans for borrowers with low credit, you might find Vylla to be a good choice.
FAQs
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Vylla doesn't directly issue mortgage loans. When you are interested in a mortgage through Vylla, you'll be directed to a mortgage lender called Carrington Mortgage Services. When last viewed, Vylla's rates were competitive for both low-credit borrowers and those with strong credit scores and higher incomes.
Because the lender offers a variety of loan options, including government-backed loans, borrowers without perfect financial credentials should still be able to find affordable loans.
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Vylla can be a good option if you are interested in borrowing with Carrington Mortgage Services. That's because Vylla connects you to this partner lender when you visit their website and search for a home loan. Carrington offers multiple loan options, but you will need to speak with a loan expert to apply for them, so you should work with this lender only if you aren't interested in an all-digital application experience.
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Vylla offers loan refinancing options through Carrington Mortgage. Carrington provides many kinds of refinance loans, including government-backed loans and streamlined FHA and VA loans. It can be a good choice for refinancing if you complete the company's online form and find that the rates and terms you're offered are competitive with other lenders.
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To qualify for Vylla's mortgage, visit the company's website and select "Start the Process." in the section that reads "Get a Great Loan."
You'll be redirected to the Carrington website, which is the partner lender for Vylla. Carrington requires you to apply for a mortgage through a loan originator. You can either call directly to get your application process started or submit your information online and wait for a call back.
Because Carrington offers many loans, including a Flexible Advantage option as well as government-guaranteed loans for low-credit borrowers, many would-be homeowners will find that Carrington is willing to provide them with an affordable mortgage.
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Vylla offers conventional mortgage loans through Carrington and provides a choice of fixed-rate and variable-rate loan options. Carrington, Vylla's partner lender, also provides a Flexible Advantage loan for borrowers with imperfect financial credentials. Specialized loans for first-time buyers are available as well, along with FHA, USDA, and VA loans. You can also refinance with Carrington.
Our Mortgages Expert
Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.
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