Stephen “Steve” Smith

Stephen “Steve” Smith

Producing Branch Manager
NMLS #372305
Direct: 409-392-6254
steve.smith@missionloans.com

Galveston, TX

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How my mission began

Over two decades ago, our leaders started their journey in the mortgage industry and discovered gaps in the traditional mortgage experience. They noted that customers weren’t getting the best care possible because of unclear and outdated processes that interfered with transparency and communication.

As they navigated varying cycles typical to the mortgage industry, worked for large brands, and gained valuable experience through events like the 2008 financial crisis, they grew their reputation and found that customer service is what resonated with customers the most.

Years later, they came together to establish Mission Loans — the industry’s missing piece. Mission Loans is on a mission to master the customer experience of the mortgage process. Our goal is to be more customer-centric than any mortgage company in the country.

Mortgage solutions as unique as you

Just as one shoe size doesn’t fit everyone, one loan type doesn’t fit everyone’s unique financial circumstances. We take the time to thoroughly discuss your needs, goals, and financial situation to help identify a loan program to best fits your needs.

Navigating the home loan process can be scary foreign territory, but thankfully, it’s easier when there are plenty of options to choose from under the guidance of an experienced team. Take a look at all the options we offer below and see how possible — and affordable — home loan financing can be.

Conventional loans

A conventional loan is one that is not insured or guaranteed by the federal government. These loans are often more common among customers who have purchased a house before and are in a position to meet a narrower set of qualification requirements.

Conventional loan lending guidelines require the borrower to have debt-to-income ratios and credit scores within a specified range, and the ability to show stable income.

Those who meet these qualifications and want to opt out of private mortgage insurance (PMI) can do so by putting 20% down on the home at closing, which lowers their monthly payments.

Best for people with:

  • Steady income
  • Strong credit
  • Debt-to-income (DTI) less than 43%

Benefits:

  • Potentially lower rates and monthly payments
  • Can avoid the cost of private mortgage insurance (PMI) with 20% down payment
  • Can be fixed or adjustable-rate

Qualifications:

  • Credit score of 620+
  • Minimum 3% down payment
  • Debt-to-income (DTI) less than 43%

FHA loans

The government understands that everyone needs a place to live but that not everyone can meet the standards of a conventional loan. So, the Federal Housing Administration (FHA) insures home loans to expand homeownership opportunities to more borrowers.

These loans require the borrower to occupy the home as their primary residence. The loan amounts are capped, and the borrower is required to purchase mortgage insurance in case the home falls into foreclosure. Nonetheless, FHA loans are a great option for people who never thought they would be able to otherwise qualify for a loan.

Best for people with:

  • Limited savings
  • A lower credit score
  • Higher debt

Benefits:

  • Less restrictive qualification requirements
  • Low down payment options

Qualifications:

  • 3.5% down payment for 580+ credit score
  • 10% down payment for 500–579 credit score
  • Proof of income and a steady paycheck

VA loans

The VA loan program is made available by the government exclusively to veterans as a way of thanking military members and their families for their service to the country. These loans make it easier for retired and active-duty members to buy a house or refinance a current mortgage loan, as VA loans offer less restrictive qualification guidelines, low down payment minimums, minimal closing costs, and do not have loan amount caps nor require private mortgage insurance (PMI).

Best for people with:

  • Veteran status
  • Lower credit score
  • Minimal savings

Benefits:

  • Less restrictive qualification requirements
  • Low down payment options
  • No PMI requirement
  • Low closing costs
  • Multiple types available

Qualifications:

  • Be active or retired military
  • Credit score in low-to-mid 600s
  • Debt-to-Income (DTI) of 41% or less

How our mission began

Over two decades ago, our leaders started their journey in the mortgage industry and discovered gaps in the traditional mortgage experience. They noted that customers weren’t getting the best care possible because of unclear and outdated processes that interfered with transparency and communication.

As they navigated varying cycles typical to the mortgage industry, worked for large brands, and gained valuable experience through events like the 2008 financial crisis, they grew their reputation and found that customer service is what resonated with customers the most.

Years later, they came together to establish Mission Loans — the industry’s missing piece. Mission Loans is on a mission to master the customer experience of the mortgage process. Our goal is to be more customer-centric than any mortgage company in the country.

Company Values

We prioritize customers

Mission Loans is customer-centric, and that sets us apart from our competitors. This means everything we do is done with the customer’s best interest in mind. We assess your needs, identify the right product for you, and close quickly. We strive to meet your financing needs without the pressure of the fluff.

We have big ambitions.

We don’t conform to antiquated norms in the loan process — we think bigger than that, and that’s what sets us apart. Our innovative, creative minds, ambitious spirits, and top-notch customer service are helping us climb the ladder to becoming the top mortgage company in the nation.

We leverage technology to make life easier.

The world is using technology for practically every aspect of life, so why shouldn’t it apply to the mortgage process as well? Many mortgage companies struggle to make use of all the technology available to them, but we use it to automate tedious manual processes so we can focus on what matters most — building a relationship with customers like you.

We get stuff done.

As a company, we play hard so we can work even harder. Our team of winners knows that failure is not an option when it comes to our customers. At Mission Loans, there’s no drama or half-baked efforts — only hustle to deliver the most legendary experience in the industry. We win every day in finding loans that suit the needs of each of our customers.

We infuse innovation into our processes.

Mission Loans isn’t satisfied with the status quo of the mortgage industry. It’s old, inefficient, and it doesn’t benefit the homebuyer. We’ve put our innovation caps on to come up with new ways to make the process simpler, less stressful, and easier to understand.

We care…really.

We hire customer-centric people, which translates to a deeply caring company culture of team members who want to make a positive impact for all. Homeownership and home loan financing are big steps, and we want to see you win. We take pride in our social partnerships and giving back to our communities so that when you’re winning your community is winning as well.

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In accordance with Section 326 of the USA Patriot Act of 2001, Residential Bancorp NMLS ID: 210853 is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act. I acknowledge this is not a formal application, under the Real Estate Settlement Procedures Act, or a commitment to lend. Your loan officer will contact you to complete your application and determine which products may best suite your financial needs. Final loan approval will be subject to a complete application, complete sales contract when you find a home (purchase transactions only), a property appraisal, determination by the lender that the property meets underwriting and commitment conditions, and a verification of your income, employment, assets, credit history and any other information necessary in compliance with lender’s underwriting guidelines. If you supplied your social security number in the Pre-application, you are permitting the lender to order a credit report in connection with your request for credit.
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