Lender review
loanDepot review: what Michigan borrowers should know
Best for: a fast digital application with a broad product menu
- Headquarters
- Irvine, CA
- Founded
- 2010
- NMLS
- #174457
- Min. credit score
- 620
- Min. down payment
- 3%
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.
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. That makes it a natural landing spot for Michigan buyers who'd rather handle the whole application from a laptop than schedule appointments and shuffle paper.
Its signature perk is the Lifetime Guarantee, which waives lender fees if you refinance a loanDepot loan down the road, a real hedge in a market where rates rise and fall and refinancing becomes tempting. The product menu is broad too, reaching into USDA and jumbo territory that some online-first lenders skip entirely.
The tradeoffs are the familiar non-bank ones. Physical branches are scarce across most of Michigan, so in-person help is limited; servicing is frequently transferred after closing, meaning a new company may soon collect your payments; and, as usual online, you won't see your rate until a credit pull is on file.
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
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. Plotted below: where a 620 minimum lands on the credit spectrum, versus the 620 median for Michigan lenders in our data.
| 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.
How loanDepot's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with Rate (Guaranteed Rate), Fairway Independent Mortgage or CrossCountry Mortgage, then compare Loan Estimates line by line. See where rates sit this week in our Michigan rate table.
loanDepot: frequently asked questions
What are loanDepot's mortgage rates in Michigan?
loanDepot doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. Ask for a personalized quote to see the number you'd actually get. The reliable move: pull a written Loan Estimate from loanDepot and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is loanDepot a legitimate mortgage lender?
Yes. loanDepot is a licensed mortgage lender registered under NMLS #174457 and lending since 2010. Its license — and any past enforcement actions — take seconds to check at NMLS Consumer Access. Our editors give it 3.9/5 for Michigan buyers; placement here cannot be bought.
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. Because overlays vary lender to lender, treat 620 as a starting point rather than a guarantee.
Does loanDepot offer FHA, VA and USDA loans?
loanDepot offers FHA, VA and USDA loans to Michigan borrowers. It covers the full government-loan menu. Its complete Michigan lineup is Conventional, FHA, VA, USDA, Jumbo, Refinance.
Does loanDepot lend in Michigan?
Yes. Although loanDepot is headquartered in Irvine, CA, it is licensed to lend in Michigan and actively originates purchase and refinance loans across the state, from metro Detroit to the Upper Peninsula.
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 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#174457).