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| FHA |
| VA |
| Conventional Loans |
| Reverse Mortgage |
| CalSTRS |
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FHA
The Federal Housing Administration (FHA) an agency of the federal government, insures private loans that are issues for new and existing housing, and loans that are approved for home repairs. Created by Congress in 1934, the FHA became part of the Department of Housing and Urban Development’s Office of Housing (HUD) in 1965. Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans.
Term: 30 years
Maximum Amount: $625,500
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| | Are You Eligible?
To qualify for an FHA loan, you should be able to demonstrate employability, job stability and reliability. To the FHA, reliability includes holding a steady job for at least two years with the same company or employer and increasing or at least maintaining consistent income. The FHA would like to see that any foreclosures or bankruptcies on your record are at least three years old. The FHA loan bottom line: demonstrate that you have been a good credit risk for two years or more and you will have a much better chance at qualifying for an FHA loan. |
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VA
Eligible Veterans qualify for a VA loan with as little as no money down. We also specialize in these loans. For more information call Ron Milts at 949-887-2420.
Term: 30 years
Maximum Amount: $737,500
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Conventional Loans
Are you looking to purchase a home? Let Ron Milts at Mission Hills Mortgage Bankers help you with your purchasing needs. We have a variety of loan programs available, for first time buyers to experienced investors. Let Mission Hills Mortgage Bankers help you find the right program for your individual needs. We have been helping people purchase homes since 1969 and now more than ever we have simplified the home financing process to make your experience an enjoyable one.
Term: 30 years
Maximum Amount: $325,500
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| | Take advantage of today's low interest rates with a refinanced loan through Ron Milts at Mission Hills Mortgage Bankers. Convert your adjustable rate mortgage to a fixed rate loan, shorten the term of your loan, or refinance that balloon mortgage that is coming due. Refinance options also include debt consolidation and home improvement. |
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Reverse Mortgage
Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Reverse Mortgage works much like traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you. Unlike conventional home equity loans, most Reverse Mortgages do not require any repayment of principal, interest, or servicing fees for as long as you live in your home. Funds obtained from an Reverse Mortgage may be used for any purpose, including meeting housing expenses such as taxes, insurance, fuel, and maintenance costs.
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CalSTRS
California State Teacher's Retirement System Home Loan Program. Eligible borrowers are employees of a California public school district and/or a member of the California State Teachers' Retirement System, and Employees of a California Community College, and employees of CalSTRS.
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| | As little as 3.0% down payment and no mortgage insurance. For more information call Ron Milts at 949-887-2420. |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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