Mission Loans provides purchase and refinance loan options for conventional mortgages, products for veterans (VA loans), mortgages for rural homeowners (USDA), and government-backed financing for borrowers with low credit and income (FHA loans). For non-traditional methods of qualification, Mission Loans offers non-QM options that allow self employed borrowers or real estate investors greater flexibility. Additionally, borrowers can tap into their home equity with a line of credit or second mortgage. Borrowers have fixed and adjustable rate options with flexible credit requirements.
With Mission Loans offering a wide range of loan products across varying credit profiles, they are an optimal lender for clients of all financial histories.
Mission Loans offers both purchase and refinance mortgages, with the following requirements:
When you’re applying for a mortgage online, the first step is to choose whether you’re searching for a purchase or refinance product. Next you’ll need to provide information on the type of property being financed, your credit score, and your name and contact information.
To apply, you’ll need:
If you’d like to apply for a VA loan, you’ll also need to meet the following minimum active duty requirements:
Entering your details takes less than 5 minutes. Once you’ve input your information, you’ll receive a call from one of the company’s advisors to discuss your options.
Mission Loans offers 15- and 30-year terms on its FHA loans. If you’d like more information on terms for other loan types, you’ll need to speak to a loan officer to discuss your needs.
Your interest rate will depend on your credit profile and finance goal.
You can contact Mission Loans by phone, email, or social media. Alternatively, you can enter your question and contact number into an online chat box and the company will respond via text. Its customer service hours are 8:30am-6pm (PST) on Mondays to Fridays and 9am-1pm on Saturdays.
|Mission loans||Quicken Loans||AmeriSave|
|Minimum credit score||Conventional: 620|
|620 for most loans||Conventional: 620|
FHA, VA, USDA: 600
|Minimum down payments||3% (no requirement on VA loans)||3% (no requirement on VA loans)||3.5%|
|DTI||Conventional: up to 49%|
FHA: up to 56%
VA: up to 49.99%
|Less than 50%||Depends on loan type, lower than 45% on conventional loans|
|Closing costs||2-6%||2-6%||Available on application|
|Terms||10, 15, 20, 25, 30, or 40 years||15, 25, 30, or years||10, 15, 20, 25, or 30 years|
If you’re seeking a transparent mortgage provider with a streamlined application process, Mission Loans could be the right fit for your lending needs. Particularly impressive are its flexible credit score requirements, which were lower than a majority of competitors. The majority of borrowers will likely find that their needs are covered.
The lender may collect information such as your name, age, address, and Social Security number, as well as details about your finances and employment history. It will not, however, share this information with 3rd parties other than those required to perform its service.
Details on state licensing are listed here.
You won’t need PMI if you’re taking out a VA loan, but insurance is required on FHA loans and conventional loans with a down payment of less than 20%.
The lender doesn’t offer a mobile app.
19500 Jamboree Rd Suite 300, Irvine, CA 92612
This review was compiled using the information on Mission’s website and by contacting the company over social media.