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  Summit Funding Home Mortgage

Summit Funding Home Mortgage

in Home Purchase Mortgages from Summit Funding · NMLS ID #3199

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Summit Funding Home Mortgage

Unaffiliated

in Home Purchase Mortgages from Summit Funding · NMLS ID #3199

Net Recommendation Score -100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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0 users recommend
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2 users don't recommend
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Highlights
Community Rating

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Mortgage Programs
  • FHA
  • USDA
  • VA
Loan Amount Up to $4,000,000
Loan Term (Years) N/A

Summit Funding Home Mortgage Review

Summit Funding Home Mortgage is offered by Summit Funding (NMLS #3199), a direct lender founded in 1995 and based in Sacramento, CA. Summit Funding Home Mortgage is available in 50 states (and Washington, DC).

Key Takeaways
  • 3 different mortgage programs offered. Summit Funding Home Mortgage offers FHA, 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.
  • Standard interest rates types. Summit Funding Home Mortgage offers and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Summit Funding Home 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.
Summit Funding Home Mortgage Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
Summit Funding FAQ

How much can you borrow via Summit Funding?

Summit Funding allows borrowers to apply for loan amounts of up to $4,000,000. 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 mortgage rates does Summit Funding 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.

Summit Funding offers home loans with APRs starting at 3.25% .

Does Summit Funding charge an application fee?

Do they charge mortgage origination fees?

Yes, Summit Funding may charge a loan origination fee.

What mortgage programs are available?

Summit Funding offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • 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%.
  • 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 Summit Funding allow?

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

  • Primary home

What is the customer service phone number?

The customer service number for this business card is (916) 571-3000.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly not recommended based on community reviews that rate customer service and user experience.

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Other Services by Summit Funding

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Intended Use Primary Home
Primary Residence
APR Starting at 3.25%
Loan Amount Up to $4,000,000
Interest Rate Types Offered N/A
Mortgage Programs
  • FHA
  • USDA
  • VA
Terms 15, 30

Summit Funding Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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