Lender review
loanDepot review: what Michigan borrowers should know
A large non-bank lender licensed in all 50 states, loanDepot runs a fully-digital mello process and offers a Lifetime Guarantee that waives lender fees on a future refinance. Strong option for Michigan buyers who want to apply entirely online.
Best for: a fast digital application with a broad product menu
Best fit: buyers who want to apply entirely online
- Headquarters
- Irvine, CA
- Founded
- 2010
- NMLS
- #174457
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Approved lender
What works
- Fully-digital application, available statewide
- Lifetime Guarantee waives lender fees on a later refinance
- Broad menu including USDA and jumbo
What to watch
- Few physical branches in most of Michigan
- Servicing is frequently transferred after closing
- Rates shown after a credit pull
The full picture on loanDepot
loanDepot came up in 2010 as a non-bank lender and now holds licenses in all fifty states, running everything through its digital mello platform. It's a natural landing spot for Michigan buyers who'd rather handle the whole application from a laptop.
The refinance hedge
Its signature perk is the Lifetime Guarantee, which waives lender fees if you refinance a loanDepot loan down the road. That's a real hedge in a market where rates rise and fall.
Familiar non-bank tradeoffs
Physical branches are scarce across most of Michigan, so in-person help is limited, and servicing is frequently transferred after closing.
As usual online, you won't see your rate until a credit pull is on file.
Loan programs at loanDepot
Which core Michigan loan types loanDepot offers, with the typical minimum down payment for each program. Program floors are industry standards — loanDepot's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | ✓ Yes | 0% |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Also offers: Refinance.
Where loanDepot's credit bar sits
loanDepot's roughly 620 minimum sits in the good credit range. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| loanDepot | Michigan median* | |
|---|---|---|
| Editorial score | 3.9 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 6 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
Compare: Rate (Guaranteed Rate) Fairway Independent Mortgage CrossCountry Mortgage This week's Michigan rates
loanDepot: frequently asked questions
What credit score do you need for a loanDepot mortgage?
loanDepot generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. That 620 is a floor, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.
Will loanDepot sell my mortgage after closing?
Possibly. Borrowers report that loanDepot frequently transfers servicing after closing, so the company you pay may change even though your loan terms don't. That's common industry-wide, but if keeping one servicer matters to you, ask before you lock.
Independent and unpaid — loanDepot did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#174457). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.