Stearns Home Loans Purchase Mortgage

Stearns Home Loans Purchase Mortgage Review

Stearns Home Loans Purchase Mortgage is offered by Stearns Home Loans (NMLS #1854), a direct lender founded in 1989 and based in Santa Ana, CA. Stearns Home Loans Purchase Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 4 different mortgage programs offered. Stearns Home Loans Purchase Mortgage offers FHA, FHA 203k, USDA, VA, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Stearns Home Loans Purchase Mortgage does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Maximum LTV. Stearns Home Loans Purchase Mortgage has a maximum loan to value ratio of 80%.

Stearns Home Loans Purchase Mortgage Pros & Cons

Stearns Home Loans Purchase Mortgage FAQ

How much can you borrow via Stearns Home Loans?

Stearns Home Loans Purchase Mortgage allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Stearns Home Loans Purchase Mortgage?

Stearns Home Loans Purchase Mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Stearns Home Loans offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

What is the estimated funding time?

Stearns Home Loans Purchase Mortgage will typically fund mortgages within 14 and 28 days of approval.

Do they charge mortgage origination fees?

Yes, Stearns Home Loans Purchase Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Stearns Home Loans Purchase Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• FHA 203k: An FHA mortgage you can also use to finance home improvements.

What property usage types does Stearns Home Loans Purchase Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Stearns Home Loans Purchase Mortgage allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Stearns Home Loans Purchase Mortgage is (855) 839-6487.

What is the support contact email?

The support contact email for is myhome@stearns.com.