Mission Loans Reviews

Mission Loans offers solid home loan options for buyers wanting a conventional, jumbo, FHA or VA loan. One thing that makes Mission Loans stand out is its Family Plus loan option — once you buy a home with Mission Loans, you will be able to refinance with Mission Loans in the future and the company will waive your origination fee.

If you are in the market for a USDA loan, Mission Loans is not a good choice for you since it does not offer it. We also wish the company was more tech-forward and had online rates and applications available.

Mission Loans offers mortgage products with fixed or adjustable rates, but it does not currently post its starting rates online. If you call the company, you can receive the current rates and even get pre-qualified.

When you are ready to shop for rates or apply for a loan, you can contact Mission Loans via email, through the online contact form or over the phone. To start the loan process, you will need to have the following documents on hand: bank statements for the last 30 days, tax returns for the last year, your Social Security number, a government-issued ID and paystubs.

Mission Loans application features

Mission Loans offers the following loan products in both fixed and adjustable-rate terms. Jumbo loans, or loans that are higher than the conventional loan limits, are also available.

• Conventional loans: Borrowers will need a credit score of 620 to qualify for a conventional loan with Mission Loans. While you can put as little as 3% down on your conventional loan, you will need to pay private mortgage insurance (PMI) if you put less than 20% down.
• FHA loans: For borrowers who don’t meet the requirements of a conventional loan, an FHA loan allows you to qualify for a home purchase with a 580 credit score or higher and a 3.5% down payment.
• VA loans: For eligible military members or their spouses, a VA loan allows you to purchase a home with 0% down. While there is no set credit score for VA loans, Mission Loans recommends having a low- to mid-600 credit score.

Mission Loans also offers unique buying options, such as the Native American Direct Loan Program, which gives Native American veterans access to federal land.

Refinancing

Mission Loans can also help you refinance your existing loan. If you bought your home with Mission Loans, your origination fees will be waived with a future refinance through its Family Plus option. Family Plus is available for conventional, VA and FHA refinances, but not home equity lines of credit (HELOCs).

Additionally, you will still have to pay for any underwriting or third-party fees associated with refinancing.

Each loan type comes with its own set of requirements. Mission Loans requirements are in line with the national mortgage requirements.

It does mention that those applying for a VA loan should expect a credit score in the 600s or higher. VA loans also require a certificate of eligibility (COE).

National mortgage requirements by type

Mission Loans does not list its fees on its website. However, it does say potential buyers should be prepared to pay between 2% and 6% of the purchase price, as well as any mortgage insurance premiums that might apply.

You can also expect to pay a higher interest rate on a conventional loan if you pay a lower down payment.

Compared with some of its competitors, Mission Loans does not offer the convenience perks of online applications and an app. Many lenders like Rocket Mortgage allow buyers to do the whole mortgage process online and even offer an app to help you manage your monthly mortgage payments.

It is hard to say if Mission Loans has lower or higher interest rates than its competitors since there are no rates published online.

Mission Loans is a legitimate mortgage company whose founders have over two decades of experience. It does business under the following names: Residential Bancorp, RESBAN and N2 Funding. It is also an FHA-approved lender.