Guild Mortgage review: 2024

Guild Mortgage is one of the largest home lenders in the U.S. originating more than 48,000 mortgages in 2023, worth $14.5 billion.

The San Diego-based lender has an assortment of down payment assistance programs and its flexible credit requirements are why we made it one of our picks for best mortgage lenders.

Guild also provides reverse mortgages, bridge loans and financing for manufactured housing, which many lenders lack.

Guild Mortgage offers conventional and government-backed loans in all states except New York.

• Fixed-rate: Borrowers keep the same rate for the life of their loan. Guild offers fixed-rate terms between 10 and 30 years.
• Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed rate for a set period and then adjust at regular intervals. Guild offers ARMS with a fixed rate for the first five, seven or ten years.
• FHA loans: Backed by the Federal Housing Administration (FHA), FHA loans only require 3.5% down for borrowers with a 580 FICO score or 10% for borrowers with a 500.
• VA loans: Veterans and active-duty service members can apply for this lower-rate loan without a down payment or private mortgage insurance. Lenders typically require a 620 for a VA loan, but Guild approves borrowers with scores as low as 540.
• USDA loans: Backed by the U.S. Department of Agriculture, USDA loans allow eligible homebuyers to get zero-down-payment mortgages in rural areas.
• Jumbo loans: A jumbo loan exceeds the conforming limits set by the Federal Housing Finance Agency. Guild issues jumbo loans of up to $3.5 million.
• Physician loans: Residents, doctors, dentists, veterinarians, pharmacists and other medical professionals can qualify for up to $850,000 with no down payment. Requires a minimum credit score of 700 and a max debt-to-income ratio (DTI) of 43%
• HomeReady and Home Possible: Backed by Fannie Mae and Freddie Mac, these loans require just 3% down and have lower financing and PMI costs. You should earn 80% of the area median income, have a credit score of 620 and a max DTI of 50%.
• HomeOne: Freddie Mac‘s fixed-rate loan for first-time homebuyers requires only 3% down and has no income or geographic requirements.
• Renovation loans: Guild offers Fannie Mae Homestyle Renovation Loans and FHA 203(k) standard and limited loans.
• Energy-efficient mortgages: Allows you to bundle the upfront costs of energy-efficient upgrades to your home into your loan.
  Non-qualifying mortgages: Non-QM loans are available to homebuyers who can’t meet typical credit and income requirements. Guild offers interest-only mortgages, ITIN loans, bank statement loans and non-warrantable condo loans.
• Manufactured home loans: Unlike many competitors, Guild approves financing for manufactured and mobile homes.
• Bridge loans: A short-term loan that lets borrowers pay for their new home before selling their current residence.

• Credit score: 620 for conventional loans; 540 for FHA, USDA and VA loans; 660 for jumbo and non-agency loans. Nontraditional credit sources are accepted for some loans.
• Down payment: 3% for conventional, 3.5% for FHA, 0% for VA and USDA, 3% for jumbo
• Debt-to-income ratio: 50%

Guild Mortgage offers a variety of programs for first-time and repeat homebuyers.

Complete Rate

Uses nontraditional credit sources like rent, utility and car insurance payments to determine mortgage eligibility and rates for FHA, VA and USDA loans.

Payment Advantage

Provides eligible borrowers with a lender-paid temporary buy-down of 1% for the first year.

Zero Down

Down payment assistance of up to 5% of your loan total for eligible FHA loan borrowers. This is a second mortgage that can be forgivable or repayable.

1% Down Payment Advantage

Borrowers who put at least 1% down can qualify for a grant for another 2% of the down payment, up to $5,000.

Guild Gateway to Homeownership

A lender credit of up to $5,000 for eligible homebuyers in specific census tracts to help pay closing costs.

HomeReady First

This $5,000 Fannie Mae credit is available for first-time homebuyers in specific census tracts. Guild will contribute an additional $1,500.

Freddie Mac BorrowSmart Access

A $3,000 Freddie Mac credit available for first-time homebuyers in specific census tracts. Borrowers must make a 3% down payment and earn less than 140% of the area median income.

3-2-1 Home Plus

Guild provides up to $2,500 toward closing costs for low-to-moderate-income homebuyers who make a 3% down payment. Comes with a Home Depot gift card worth $2,000.

ITIN mortgages

Homebuyers without a Social Security number can apply for a conventional mortgage with a 620 credit score using their Individual Tax Identification Number.

Guild offers cash-out and rate-and-term refinancing in every state but New York. It also provides home equity loans, reverse mortgages and Freddie Mac’s Refi Possible and Fannie Mae’s RefiNow.

• Credit score: 620 for conventional, 580 for FHA, 540 for VA and USDA, 660 for jumbo, 660 for home equity loans.
• Debt-to-income ratio: 45% to 65%
• Home equity for rate-and-term: 5% for conventional, 2.25% for FHA, 0% for VA and USDA, 10% for jumbo
• Home equity for cash-out: 20% for conventional, FHA and jumbo; 0% to 10% for VA
• Home equity for home equity loans: 10%
• Home equity for reverse mortgage: Not disclosed

Guild Mortgage ranked fourth on J.D. Power’s 2024 Mortgage Servicer Satisfaction Study but scored below average in the company’s survey on satisfaction with mortgage origination. It received an A+ from the Better Business Bureau, the agency’s highest rating.

Borrowers can apply online and e-sign most documents in advance, shortening their closing appointment to just minutes. Guild also has 740 branches in 46 states, making it easy to get in-person help from a mortgage officer.

While the Guild website has details on its home loan products, various mortgage calculators and an informative blog, mortgage rates are not disclosed online.

The customer service phone line is not available on weekends and there is no online chat feature. Guild’s mobile app has limited features and is poorly rated in the Apple Store and on Google Play.

Here’s how Guild stacks up to two leading mortgage providers.

Guild Mortgage vs. Rocket Mortgage

Rocket Mortgage is a leader in online lending, while Guild Mortgage has a solid brick-and-mortar presence in 46 states.

Both lenders have solid digital platforms, but only Rocket publishes its rates online. Rocket also outranked Guild in J.D. Power’s Mortgage Servicer and Mortgage Origination satisfaction surveys in 2024.

However, Rocket can’t compete with Guild’s diverse loan offerings and generous down payment assistance programs. It offers just one assistance program in select locations worth up to $7,500.

Guild Mortgage vs. Chase Bank

Chase has a larger mortgage footprint than Guild, originating a third more home loans in 2023 and lending roughly $24 billion more to homebuyers.

It also has. larger physical presence, with over 4,700 branches nationwide to Guild’s 740. Chase lends in all 50 states and regularly tops J.D. Powers’ surveys on mortgage origination and servicing.

Chase will approve loans for as much as $9.5 million, while Guild’s jumbo mortgages cap out at $3.5 million.

But, once again, Guild is the clear leader with specialized loans and down payment assistance programs to help first-time homebuyers. Chase has two loans for first-timers, both requiring 3% down, and one $7,500 closing-cost grant available in 15 metro areas.

You can apply for a mortgage with Guild Mortgage online or in person at one of 740 branches. You can also call 800-971-3864, weekdays from 8 a.m. to 8 p.m. ET.

You’ll need to provide identification and your Social Security, as well as proof of income, bank statements and other documents.

You’ll also need to provide information on the property and submit to an appraisal. Guild offers hybrid closings, with borrowers able to e-sign most documents in advance.

Guild Mortgage is a good fit if you need down payment assistance: It has a host of grants and forgivable loans, including a closing cost grant of up to $5,000 for homebuyers in specific census tracts.

In addition to popular conventional and government-backed mortgages, Guild offers physician loans, non-qualifying mortgages, renovation loans and financing for manufacturing loans. It’s one of our top picks for FHA loans and reverse mortgages and is one of the only nationwide lenders that offers bridge loans.

If you’re buying a home in New York, however, Guild Mortgage does not lend in that state.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of home loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction. 

In addition, we incorporate findings from independent sources, including lender scores from J.D. Power’s U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau.