CMG Mortgage

CMG Mortgage Review

CMG Mortgage are offered by CMG Financial (NMLS #1820), a nonbank financial services provider founded in 1993 and based in SAN RAMON, CA. CMG Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 5 different mortgage programs offered. CMG Mortgage offers FHA, FHA 203k, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. CMG Mortgage only offers fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for CMG Mortgage.

CMG Mortgage Pros & Cons

CMG Mortgage FAQ

What mortgage rates does CMG Financial 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.

Do they charge mortgage origination fees?

Yes, CMG Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, CMG 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.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does CMG Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. CMG Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for CMG Mortgage is (800) 501-2001.

What is the support contact email?

The support contact email for this business credit card is servicing@cmgfi.com.