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Types of Loans
Mortgage Management Consultants, Inc (MMC) offers a variety of residential home loan programs for Single Family Homes, Condominiums, Manufactured Homes and residential income properties up to 4 units. These loans are available for owner occupied, second homes and investment or rental properties.  MMC is a “Full Service Mortgage Banking Company” as well as a Fannie Mae and Ginnie Mae seller and servicer. That means we’re a direct lender plus we keep and service many of the loans we make.
 
Fixed Rate Mortgages are popular loans for borrowers who plan to own the property for a long time. A fixed interest rate means the interest rate does not change so the interest rate does not go up or down. Fixed rate loans offer long term payment stability.
 
 
Loan Term is most often 30 years but there can be substantial savings from selecting a shorter term.  We offer loans terms as low as 10 years with 15 year, 20 year and 25 year loans also possible. There are a few things to consider when thinking about loans with a shorter term. First, a shorter term means a slightly higher monthly payment. Second because a loan with a shorter term pays off faster, the total finance charge paid over the life of the loan is often much lower.
 
Adjustable Rate Mortgages (ARM) are available in several types.  The benefit of a home loan with a rate that can change is that the initial interest and monthly payment is usually lower. Some adjustable rate loans have an initial interest rate that is fixed for 3, 5, 7 or 10 years.  Sometimes called Hybrid ARMS, these are also referred to as 5/1 or 7/1 ARMS because the initial rate and monthly payment is fixed for five or seven years. After the initial fixed period the rate changes annually or as specified in the loan documents.  ARM’s can be a good choice for people who expect to move, refinance or sell the property before or shortly after the rate adjustment is scheduled.
 
MMC offers a variety of loan programs to help first time buyers as well as experienced investors, including…
 
FHA                
The Federal Housing Administration (FHA) insures loans for single family homes as high as $625,500 (in high cost areas) for borrower with as little as 3.5% down payment and offers flexible credit requirements. Buyers may qualify with 100% of the down payment and closing costs as gift. Past bankruptcy (2 years + after discharge) and Foreclosure (3 years + after title transfer) are both possible.  Higher loan amounts for 2-4 unit properties are available.
 
FHA 203K     
The FHA 203K loan offers affordable financing to acquire or refinance and repair or rehabilitate a property. A single loan is used to purchase (or refinance) and fund repairs that are needed or to make improvements the buyer (or owner) wants to make.  We offer 203K Streamline for smaller projects and Regular 203K for larger more complex rehabilitation projects.
 
FHA Reverse Mortgage  
Also called Home Equity Conversion Mortgage (or HECM) gives mature borrowers a unique way to purchase or refinance a home.  Home owners age 62 and older who qualify get a loan with No Monthly Mortgage Payments. Qualifying for a Reverse Mortgage is easier than for many other types of loans. In addition to No Monthly Mortgage Payments borrowers can choose to get a lump sum at closing, draw a regular amount out monthly or just take funds when necessary. Like a regular loan, the reverse mortgage borrower retains title and ownership of the property finance and repair or rehabilitate a property. A single loan is used to purchase (or refinance) and fund repairs that are needed or to make improvements the buyer (or owner) wants to make.  We offer 203K Streamline for smaller projects and Regular 203K for larger more complex rehabilitation projects.
 
FHA Reverse Mortgage    
Also called Home Equity Conversion Mortgage (or HECM) gives mature borrowers a unique way to purchase or refinance a home.  Home owners age 62 and older who qualify get a loan with No Monthly Mortgage Payments. Qualifying for a Reverse Mortgage is easier than for many other types of loans. In addition to No Monthly Mortgage Payments borrowers can choose to get a lump sum at closing, draw a regular amount out monthly or just take funds when necessary.  Like a regular loan, the reverse mortgage borrower retains title and ownership of the property and is required to keep up the property and continue to pay hazard insurance and property tax payments. Repayment is made when the last borrower permanently move out of the property or passes away.  When the property is sold, the payoff amount is never more than the property value. FHA insurance protects the homeowner by guaranteeing funds promised by the Reverse Mortgage will be available.
 
CalHFA          
Is ideal for first time buyers who meet income and sales price limits. Maximum CLTV up to 105% means that it’s possible to purchase with little or no cash investment required. CalPlus with ZIP offers a 30 year First Loan, a 30 year Second Loan with no monthly payments, and a 30 year Third Loan with no interest and no monthly payments. Property must be occupied as primary residence. Other programs are available to non-first time buyers. All borrowers and property must meet program guidelines. Your MMC Lending loan representative will show you how easy it can be to use CalHFA programs.
 
VA       
Veterans Administration (VA) loans can be made with NO DOWN PAYMENT (100% LTV) and no monthly mortgage insurance. Qualified US Military veterans, National Guard, Reserves, and active Military are eligible.
 
USDA            
Home loan program offers no down payment for properties in eligible rural areas. This program offers flexible credit and flexible qualifying ratios with competitive 30 year fixed rates. No maximum purchase price or mortgage limit. Household income must meet certain guidelines.
 
Conventional Conforming           
Home loans up to $417,000 for owner occupant borrowers with as little as 3% down payment. Fixed and Adjustable rate loan programs with competitive terms and common sense underwriting.  Investor loans for rental property with as little as 15% down payment.  Loan amounts for 2-4 unit properties are higher.
 
Conventional Jumbo Conforming         
Home loans up to $625,500 in high cost areas. Fixed and Adjustable rate loan programs with competitive terms and common sense underwriting. Loan amounts for 2-4 unit properties are higher.
 
Super Jumbo          
A variety of home loans in amounts up to $2,000,000 (or more) with competitive terms are available for qualified borrowers.
 
Your experienced MMC Lending Loan Representative will help you find a loan program with terms that are just right for your unique situation.
 
Andy Lara, Loan Representative NMLS #346645
Mortgage Management Consultants, Inc.
27965 Smyth Drive, Suite 101, Valencia, CA  91355
Office:  (661) 702-0228 Ext. 406
Fax:  (661) 579-2872
andy.lara@mmclending.com
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