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Minimum Down Payment
Types of Loans Offered
Conforming, bank statement, 1099 income, DSCR, Platinum Jumbo, Portfolio Select, ITIN, Asset Qualifier, foreign national
- Wide variety of non-QM loans
- Options for self-employed borrowers, real estate investors, foreign nationals, and more
- Has mortgages for recent negative credit events
- Requires relatively high credit scores
- Not a direct lender; you’ll need to work with a mortgage broker
- Not available in Alaska, Massachusetts, New York, or Vermont
The Insider’s Take
Angel Oak specializes in non-QM loans, making it a good option for self-employed borrowers, real estate investors, and those with unique financial situations. But it’s a wholesale lender, so you’ll work with a broker to get a mortgage from this lender.
- Minimum credit score and down payment displayed are for conforming mortgages
- Available in 46 states and Washington, DC
About Angel Oak Mortgage Solutions
If you’re interested in Angel Oak Mortgage Solutions, you’ll need to work with a mortgage broker that originates loans from this lender. A mortgage broker will help you apply for mortgages with multiple lenders to find the best offer.
Angel Oak mortgages aren’t available in Alaska, Massachusetts, New York, or Vermont.
Angel Oak Mortgage Solutions offers a wide variety of non-QM loans. Non-QM loans are mortgages that don’t meet the requirements to be considered a qualified mortgage. Qualified mortgages have certain features that make borrowers less likely to default, including loan terms that are limited to 30 years, and no interest-only periods or balloon payments.
Non-QM loans help those who don’t qualify for traditional financing get a mortgage, but they’re typically more expensive.
Angel Oak’s non-QM options include:
- Bank statement mortgages, including its Business Bank Statement Elite mortgage, that allow self-employed borrowers to use bank statements to show their income.
- 1099 income loans that accept 1099 forms as proof of income rather than tax returns.
- Its Investor Cash Flow mortgage, which is a DSCR (debt service coverage ratio) loan — meaning borrowers can use the property’s expected rental income to qualify for the mortgage.
- A Platinum Jumbo mortgage for borrowers who don’t meet the requirements to qualify for a traditional jumbo loan.
- Portfolio Select mortgages for those who have a foreclosure, short sale, or deed-in-lieu of foreclosure that’s at least one year old, or a bankruptcy that’s at least two years old
- Individual Tax Identification Number (ITIN) loans for borrowers who don’t have a Social Security number.
- Asset Qualifier loans that allow borrowers to qualify using their liquid assets rather than showing income and employment.
- Mortgages for foreign nationals looking to purchase or refinance investment properties in the US.
Angel Oak Mortgage Solutions also offers conforming mortgages, which are what you may think of as typical mortgages.
Is Angel Oak Mortage Solutions Trustworthy?
Angel Oak Mortgage Solutions has an A+ rating from the Better Business Bureau. BBB ratings are based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Because of the lender’s recent switch to only wholesale lending, sufficient data on customer satisfaction with Angel Oak wasn’t available. We chose not to include this factor in its ranking.
Angel Oak Mortgage Solutions Interest Rates and Fees
As a consumer, you won’t be able to view Angel Oak’s rates on your own; if an Angel Oak mortgage is available to you through your mortgage broker, your broker will walk you through the rates the lender can offer you.
The benefit of working with a broker is that you’ll be able to easily compare offers from multiple mortgage lenders to find the one that’s best for you. So even if you apply with this lender through a broker, you’ll have other options if you don’t like the rate you get with Angel Oak.
In 2022, the average borrower getting a conventional mortgage from this lender paid $9,727 in origination charges, according to the latest Home Mortgage Disclosure Act data. This is high compared to other lenders, and reflects the extra cost that comes with getting a non-QM loan.
Angel Oak Mortgage Solutions: Overall Rating
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Angel Oak Mortgage Solutions: Pros and Cons
Angel Oak Mortgage Solutions FAQs
Is Angel Oak Mortgage Solutions legit?
Angel Oak Mortgage Solutions is a legitimate wholesale mortgage lender. It has an A+ rating from the BBB.
What credit score do you need for Angel Oak mortgage?
It depends on the type of mortgage you get. Conforming loan borrowers will need a score of at least 660 to get a mortgage with Angel Oak Mortgage Solutions. Other mortgages may require scores up to 700 or more.
Who owns Angel Oak Mortgage?
Michael Fierman and Sreeni Prabhu are the founders and co-CEOs of Angel Oak.
Is Angel Oak still in business?
Angel Oak’s wholesale division is still in business, but it no longer lends directly to consumers since it shut down its retail division in November 2022.
How Angel Oak Mortgage Solutions Compares
Angel Oak Mortgage Solutions vs. United Wholesale Mortgage
As the name suggests, United Wholesale Mortgage is also a wholesale lender. UWM is the second-largest mortgage lender in the country, according to Home Mortgage Disclosure Act data. It also ranks above average in customer satisfaction, according to J.D. Power’s 2022 US Mortgage Servicer Satisfaction Study.
Unlike Angel Oak, UWM offers more common mortgage types, including government-backed mortgages. If you’re an average borrower who doesn’t need a non-QM loan, United Wholesale Mortgage may be a better fit for you.
UWM does offer a few non-QM products, but its offerings aren’t nearly as robust as Angel Oak’s. For borrowers who are looking for a unique mortgage product that meets their specific needs, Angel Oak Mortgage Solutions is a good option to explore.
United Wholesale Mortgage review
Angel Oak Mortgage Solutions vs. Newrez
Newrez has both retail and wholesale channels, meaning you can borrow from this lender directly or through a mortgage broker. It also offers a line of non-QM loans called its “Smart Series” mortgages, which includes loans for self-employed borrowers, investors, and those with recent negative credit events.
Newrez offers a better balance of traditional and non-QM products, while Angel Oak leans heavily into specialty loans for non-QM borrowers. Which one is right for you depends on what type of mortgage you’re looking for, and which one can offer you the better deal.
Newrez mortgage review
Why You Should Trust Us: How We Reviewed Angel Oak Mortgage Solutions
To review Angel Oak Mortgage Solutions, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.