Loans – Mission Mortgage Company

loans

FHA LOANS

The Federal Housing Administration (FHA)
FHA loans have been helping people become homeowners since 1934.

Some benefits of FHA loans are:

Low down payments
Low closing costs
Easy credit qualifying

What does FHA have for you?

FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Financial help for seniors

Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?

You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts, and seller contributions.

VA Loans

VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.

The VA mortgage loans extend to not only the Army, Navy, Air Force, and Marines but also to Reservists and National Guardsmen.
The Veterans Benefit Act signed recently increased the VA loan limit to $417,000 for a loan with no money down. It also increased the eligibility for Veterans and active-duty personnel and increased the benefits to Disabled Veterans.

Some of the benefits of the VA Mortgage Loan Program are:

The VA Mortgage Loans is guaranteed for no money down up to $417,000
No monthly Home Owner’s Insurance is required
Many VA Mortgage Loans are assumable
It is easier to qualify for a VA Loan than a conventional loan
VA Mortgage Loans can be refinanced

No Money down up to $417,000

You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket costs. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.

Paperwork Needed

To apply for a loan, you will have to provide the lender with detailed documentation of your financial history. The lender will request a credit report from a credit agency and will verify the information provided in your loan application. Be prepared to provide:

Social Security numbers for both you and any co-borrowers
Copies of checking and savings accounts statements for the past two months
Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)
Recent paycheck stubs
W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment
The name and address of someone who can verify your employment

Conventional loans

Conventional Loans can help you save money!
A conventional loan is a perfect mortgage for home buyers that have very good to excellent credit and can afford a down payment of 3% or more.

Conventional Loans follow Simple Guidelines:

Borrower credit scores.
Minimum down payments.
Debt-to-income ratios.

Requirements

Income – Your income needs to be considered stable, full, regular, and timely payments.*

Credit Score – Credit score is a factor in determining whether you qualify for a conventional loan. If you have some credit issues or not sure if you have adequate credit to qualify, then you should strongly consider getting pre-approved for a mortgage.*

If you have had a Prior Bankruptcy, Multiple Bankruptcies, or Foreclosure, then take a minute to review your circumstances with a Loan Officer.

Consult a Loan Officer today to see if you qualify for a Conventional Loan.

USDA loans

The following are some of the USDA Rural Development Loan benefits:

No down payment option (100% financing)**
No cash reserves required
Flexible credit and qualifying guidelines
Seller can pay closing costs
Low fixed interest rate
No pre-payment penalty
Ability to finance repairs and closing costs into loan
Good for purchase or refinance
You can build a home with the loan