Luxury Mortgage Review

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.
securely through Luxury Mortgage's website

1 Minute Review

Luxury Mortgage offers standard products like conventional loans and FHA loans. It also has more specialized products like bank statement qualifier and asset qualifier mortgages. If you’ve had a hard time finding a mortgage due to erratic income, being retired or buying an investment property, Luxury Mortgage is worth a look.

Best For

  • Self-employed professionals
  • Retirees
  • Investors
  • Condo buyers


  • Wide variety of mortgage products
  • Niche products like bank statement loans
  • Works with many state home buyer assistance programs


  • Available in only 28 states
securely through Luxury Mortgage's website

Every home buyer has different needs. Luxury Mortgage offers specialized mortgage products to help a wide range of borrowers buy your next home. Its staff takes pride in finding the right loan for you, even if you have unique circumstances. Learn more in this Luxury Mortgage review. 

Who’s Luxury Mortgage for?

If you live in Luxury Mortgage’s service area, it could be a good fit for you. Luxury Mortgage serves Alabama, Arkansas, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia and Washington. 

Luxury Mortgage is an especially good fit if you’re a borrower who:

  • Is self-employed
  • Has significant assets but less income
  • Plans to buy an investment property
  • Is working with a down payment assistance program
  • Is looking for a super jumbo mortgage
  • Wants to buy a condo
  • Has less-than-perfect credit scores

Luxury Mortgage doesn’t offer USDA home loans and may appeal to you if you’re interested in working with a direct lender. 

Luxury Mortgage Products

Luxury Mortgage offers traditional and non-traditional mortgage products. Let’s take a closer look at its options. 

Traditional Mortgage Products

Traditional mortgage products are mortgages that are widely available. Luxury Mortgage’s traditional home loan offerings include:

  • FHA loans: These loans are backed by the Federal Housing Administration. Borrowers can make down payments as low as 3.5% if they have a credit score of 580 or higher. 
  • Conventional conforming loans: These loans are backed by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac were started by Congress to stabilize the mortgage market. Conforming loans have to follow certain rules, including loan limits. The conforming loan limit is $510,400 for all states except Alaska and Hawaii. 
  • Jumbo conforming loans: These loans are also backed by Fannie Mae and Freddie Mac. In some higher-cost areas, you can buy a home that exceeds the conforming loan limit. The amount is based on the median home values in the area up to a maximum of $765,600. You can find the jumbo conforming loan limits for your area
  • Jumbo loans: Lenders can also offer home loans that don’t follow the rules set by Fannie Mae and Freddie Mac. Luxury Mortgage’s jumbo loans typically range from $750,000 to $1.5 million. 
  • VA loans: VA loans are government-backed loans issued to qualified veterans and active members of the military. VA loans provide several benefits over conventional loans — lower interest rates, more lenient borrowing requirements and no down payment due at closing.

Non-Traditional Mortgage Products

Luxury Mortgage is one of the best mortgage companies around when it comes to nontraditional mortgages. Its options include:

  • Super jumbo loans: Luxury Mortgage offers home loans of $1.5 million or more. It doesn’t have a formal lending limit on these loans. It all depends on your situation and the property you’re considering. Its super jumbo specialists are on staff to walk you through the process.  
  • Investment property loans: Buying a property that you’re planning to rent out can be tricky. Luxury Mortgage is experienced with investment property mortgages and offers financing for 1- to 4-unit properties. 
  • Investor cash flow home loans: This loan is another option for those who are planning to buy and rent out a property. It uses the expected cash flow from renting the property to determine whether you qualify. You do have to make a 20% down payment to qualify. 
  • Condo loans: Since condos are typically overseen by a board of directors and share walls and a roof with other properties, they can be complicated to finance. Luxury Mortgage offers loans to purchase or refinance condos. 
  • Bank statement qualifier loans: Qualifying for a mortgage can be difficult if you’re self-employed or do seasonal work. Luxury Mortgage offers bank statement loans that allow you to use your bank deposits to verify your income. Lenders typically use your tax returns to confirm your income, but that’s often lower than your actual income due to tax deductions. These loans may allow you to qualify for more. 
  • Asset qualifier loans: Some borrowers don’t have verifiable income. If you have enough assets to repay your loan in full, an asset qualifier loan might be a good fit. Luxury Mortgage confirms you have enough assets to pay the loan, plus reserves and other expenses. Your income and employment aren’t used to determine your eligibility. You can use funds from bank accounts, investment accounts and retirement accounts. 

Average Days to Close Loan

Closing is the time from when you submit your loan application to when you sign your documents and get your keys. The best way to speed up the closing process is to provide all the requested documents upfront and respond to any questions as quickly as you can. 

How long will it take to close a loan with Luxury Mortgage? Luxury Mortgage’s average days to close are not publicly available, so the next best thing is to look at averages for all mortgages. The average time to close home loans was 45 days as of May 2020, according to Ellie Mae. FHA loans took 47 days on average. 

Luxury Mortgage Credit Score Minimum

Your credit score is a 3-digit number that shows how well you pay off debt and is used to indicate your creditworthiness. Your score is a number that ranges from 300 – 850 and it incorporates information from your credit history. 

Making payments on time and not utilizing too much of your credit boosts your score. Accounts in collections or past bankruptcies drive it down. 

Lenders use your credit score to decide whether you’re eligible for a mortgage and what interest rate to offer you. 

Luxury Mortgage works with borrowers who have credit scores as low as 580. Many lenders only work with borrowers with credit scores of 620 or higher, so Luxury Mortgage is worth considering if your credit score is lower.  

Preapproval Documents

Before you apply for a mortgage, it’s best to gather all the information you’ll need to submit. For Luxury Mortgage, you will need:

  • 2 months of paystubs
  • 2 years of federal tax returns
  • 2 years of W-2s
  • 2 months of statements from your bank accounts
  • A copy of each borrower’s state identification
  • A copy of each borrower’s Social Security card (for FHA loans)
  • Social Security or retirement income verification letters (if applicable)
  • A signed contract for the property you plan to buy

If you’re applying for a bank statement or asset qualifier mortgage, be prepared to provide more documentation, like investment account statements or business bank returns. Your loan officer will advise you on exactly what you need to provide.

Customer Service

You can reach Luxury Mortgage by phone at 1-888-379-0303 or by using the contact form on its website. Its customer service hours aren’t publicly available, but if you call and its representatives aren’t available, you can leave a message and they’ll return your call. 

Luxury Mortgage doesn’t have a mobile app, but you can access the app by phone using your web browser. You can also start the mortgage process from the Luxury Mortgage website. 

Is Luxury Mortgage Right for You?

Luxury Mortgage offers an impressive range of home loans. Its FHA and down payment assistance loans rank it among the top lenders for first-time home buyers. Its nontraditional mortgages make it a good fit for borrowers with nontraditional situations. It has excellent options for self-employed professionals and those looking to dip their toes into real estate investing. 

If you live in 1 of the states serviced by Luxury Mortgage, it’s definitely worth a look. Its branches in 7 states let you meet with a loan officer in person. If there’s no branch near you, you can reach out by phone or request a quote online. Its customers have left thousands of positive reviews about the smooth, professional mortgage experience they’ve had with Luxury Mortgage.