Minimum Credit Score
What Vylla Offers
Vylla mortgages are expansive in nature and generally include any type of mortgage one could want in the US. Mortgages with bad credit are supported as well, making Vylla’s streamlined interface a friendly sight for borrowers with weaker credit scores and humble ambitions, plus a great way to browse top-tier properties and the jumbo loans they require.
As a loan aggregator that connects users with providers in its own large network, Vylla institutes a minimum credit score of 620 and a down payment of 3% to be matched with any of its lenders, though this will vary depending on the loan you get. For low credit or cash-strapped potential homeowners, this is a blessing. A jumbo loan will require at least 5% down and a credit score of 680 while government-guaranteed loans like USDA and VA loans won’t require more than a credit score of 500.
Low Credit Home Loans
Though not a categorical loan type like a Jumbo or VA loan, a Vylla mortgage with bad credit score are a specialty, and available to borrowers who apply for most loans through this provider.
Conventional Home Loan
Both fixed and adjustable rate conventional home loans are available, for homes with a value under $484,350.
Vylla takes special care to consider veterans in its pre-loan questionnaire, and it’s because the company offers VA loans with $0 down to qualifying servicemembers.
For homes and home buyers that qualify for a USDA home, meaning those who buy in a rural area and fall under a household income level, Vylla is a great option.
Home loans that are larger than those able to be guaranteed by Freddie Mac or Fannie Mae, namely over $484,350 in 2019, are available to Vylla users who fit this profile.
Vylla loops in most of the government-backed housing loans including those from the Federal Housing Administration. Available for qualified borrowers with at least 3.5% down and below the maximum income threshold.
Existing homeowners with the need to refinance their mortgage can do so through Vylla, and for multiple purposes (lowering a payment, cashing out, and more).
How Vylla Works
Vylla is ultimately split into two services, Home Loan and Home Search. The simplest is Home Search, so that’s where we’ll begin.
Searching for a Home: With a similar interface to popular real estate search platforms, Vylla users click on Start Your Search on the homepage to be brought to the separate search site vyllahome.com. Here, you’ll enter the name or zip code of where you want to live, and then click Search. You can navigate by dragging your mouse on the map, zoom in with the + and - buttons, and click on homes to see details. A key feature is the ability to search according to your budget, and even still the number of homes available was impressive. Once you’ve found your home, you’ll click a link to get in touch with a Vylla Marketing agent, who gets the buying and lending processes started.
Searching for a Home Loan: To search for the type of home loan you want, click on the Start the Process button on the homepage. Then you’ll choose whether to Refinance or Purchase a new home and loan.
Click on Purchase to see three more options. The first, Start Loan Inquiry, lets you send an inquiry to a loan agent with your personal details and needs. The second, Monthly Payment, allows you to look for loans that meet your monthly budget. The third, Purchase Price, is for those who need a loan and already have a home in mind. For the latter two options, Vylla sends you through a series of questions about your income, credit score, down payment, and more before providing a list of eligible loans.
Click on Refinance to see three options, Get Cash-Out, Reduce Loan Term, and Lower Monthly Payment. Regardless of the reason for refinancing that you choose, Vylla then asks relevant questions before presenting its eligible refinancing loans. These include the use and type of residence, location, estimated value, credit score, loan balance, and more.
A tip for new Vylla users is that while the number of home loan offers produced may seem overwhelming, it’s because non-members aren’t preapproved for the terms they see. This is why it’s crucial to sign up first, so that the home and loan search processes are more fitting, and the mortgage terms listed more concrete.