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Types of Loans

MMC Lending offers a variety of residential home loan programs for Single Family Homes, Condominiums, Manufactured Homes and residential income properties up to 4 units. Loans are available to purchase, refinance or rehabilitate owner occupied, second homes and investment or rental properties.

MMC Lending 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 retain and service many of the loans we make.

Fixed Rate Mortgages are the most 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… Purchase, Refinance and Rehab loans.


The Federal Housing Administration (FHA) insures loans for single family homes as high as $765,600 (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 use a Line of Credit to take funds when necessary. If borrower has a Line of Credit, the unused portion of the line of credit GROWS, even if the property value goes down. 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.\

Jumbo Reverse Mortgage     

Conventional Reverse Mortgages, not insured by FHA are available up to $4,000,000 for qualified borrowers age 62 and older.


Is ideal for first time buyers in California who meet the programs very generous 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. 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 to provide Down Payment Assistance.


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.


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 $510,400 with as little as 3% down payment for owner occupant borrowers. 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 High Balance Conforming        

In High Cost Areas home loans are available with 3% down payment up to $765,600. Fixed and Adjustable rate loan programs with competitive terms and common sense underwriting. Loan amounts for 2-4 unit properties are higher.

HomeStyle Renovation    

Conventional Conforming and High Balance Conforming loans that provides 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. Luxury improvements, like swimming pools and tennis courts are possible with HomeStyle Renovation loans.

Super Jumbo         

A variety of home loans in amounts up to $2,500,000 (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.


Performance Mortgage NMLS #260871
1008 W. Avenue M-4, Ste. C, Palmdale, CA  93551
Direct:  (661) 729-5959
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