CMG Financial mortgage review: Lender with grants and home loans that help you save money

Editor’s rating	4.31 / 5
Minimum credit score	620
Minimum down payment	3%
Types of home loans	Conforming, jumbo, FHA, VA, USDA, renovation, All In One Loan
CMG Financial

Minimum credit score and down payment are for conforming mortgages.

Overall lender rating

Feature	Insider rating (out of 5)
Loan types	4.5
Affordability	4
Customer satisfaction	3.75
Trustworthiness	5
Total	4.31

Pros and cons

Pros	Cons
Available in all 50 US states Has conforming, jumbo, FHA, VA, and USDA mortgages, as well as CMG All In One Loans Alternative credit data (such as proof of paying bills on time) can be shown to prove you are actively improving your finances Grant for closing costs that will cover up to 1% of purchase price or $2,000 (whichever is less) for qualifying buyers	No reverse mortgages, construction loans, HELOCs, or home equity loans No way to see interest rates on its website Alternative credit alone cannot help you get a mortgage

CMG Financial mortgage rates

CMG Financial does not list its mortgage rates online. Some lenders list sample rates, and others let you customize your rate by entering your credit score, zip code, and other personal information. CMG Financial doesn’t show any rates, though, which can make it difficult to compare your rate to what other lenders offer.

Customer reviews on Zillow state that their interest rates with CMG Financial were “as expected” or “lower than expected,” so you could get a competitive rate from this lender.

How CMG Financial mortgages compare

We’ve compared CMG Financial to two other lenders that are available in all 50 US states: Rocket Mortgage and Fairway Independent Mortgage Corporation.

Types of home loans Conforming, jumbo, FHA, VA, USDA, renovation, All In One Loan	Types of home loans Conforming, FHA, VA, ARM, jumbo	Types of home loans Conforming, FHA, VA, USDA, ARM, jumbo, reverse, renovation
Alternative credit data? Yes*	Alternative credit data? No	Alternative credit data? Yes
CMG Financial	Rocket Mortgage by Quicken Loans	Fairway Independent Mortgage

*You cannot get a mortgage with alternative credit data alone, but you can show it to prove that you are improving your finances.

Your choice between these lenders could come down to which type of mortgage you need. Fairway Independent Mortgage Corporation offers reverse mortgages, while CMG Financial has its unique All In One Loan. Rocket Mortgage has fewer types of home loans, but it’s known for providing a user-friendly experience, and it has ranked as the top lender for customer satisfaction from JD Power for 11 consecutive years.

Fairway might be your best option if you either have a low credit score or none at all. It accepts alternative credit data, like proof that you pay bills on time, in lieu of a credit pull. Both CMG Financial and Rocket Mortgage require a credit score, although CMG lets you show alternative data to prove that you’re improving your finances if your score is low.

How CMG Financial mortgages work

CMG Financial offers mortgages in all 50 US states. You can get the following types of home loans from CMG:

• Conforming
• Jumbo
• FHA
• VA
• USDA
• Fixed-rate
• Adjustable-rate
• Renovation
• All In One Loan: Usually, your monthly payments go toward both your principal and interest. But CMG’s All In One Loan puts all of your payments toward principal first, then interest in later years. This helps you build equity faster and ultimately pay less.

CMG’s HomeFundIt program provides you with a link to share on social media so friends and family can donate money for your down payment. Then CMG will give you $2 for every $1 donated, totaling a grant of up to either $2,000 or 1% of the purchase price, whichever is less. You also must complete a homebuyer education or counseling program to receive this grant. The grant money will go toward your closing costs.

CMG Financial does not offer reverse mortgages, construction loans, home equity lines of credit, or HELOCs.

Choose from either a regular rate-and-term refinance or a cash-out refinance. You can also refinance your FHA, VA, or USDA mortgage.

Is CMG Financial trustworthy?

CMG Financial does not have any recent public controversies.

The Better Business Bureau gives CMG Financial an A- rating. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A good BBB score does not guarantee that you will have a smooth relationship with a lender, though. You may still want to read online customer reviews or ask friends and family about their experiences with CMG Financial.

Mortgage and refinance rates by state

Check the latest rates in your state at the links below. 

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming