In a Nutshell
- Closing in 18 business days
- Jumbo loans up to $5million
- FHA, VA, and more
- Company website is somewhat difficult to navigate
- Have to call to get their current mortgage rates
Malibu Funding at a Glance
|Loan types:||Purchase, refinance, home equity, reverse|
|Featured loans:||FHA, conventional, VA, jumbo, VOE programs, ARMs, purchase, refinance and FHA streamline|
|Repayment terms:||10-30 years|
|Minimum Down Payment:||0-20% based on loan type|
|Minimum Credit Score:||500|
|Best for:||Those looking to buy a home, refinance their home, or access their home’s equity|
Malibu Funding is a mortgage bank with operations in 8 states. Malibu Funding offers numerous mortgage programs, including conventional, jumbo, non-owner occupied, FHA and VA mortgages. Since 2002, Malibu Funding has brokered over half a billion dollars in mortgage loans, representing over 1,000 clients while maintaining strong licensing in every state in which it operates. Its website is informational and easy to navigate overall, and the company has a strong credit rating. However, certain information, such as minimum required down payments and current interest rates offered, is not easily found on the website.
Malibu Funding provides several alternatives for both first-time buyers and other consumers looking for a mortgage. The company offers consumers:
- The ability to apply for a mortgage online.
- An Equal Housing direct lender—letting people avoid dealing with banks.
- The ability to get a mortgage to purchase a new home, refinance an existing home, or apply for a commercial loan.
With so many lenders competing for your business, Malibu Funding provides a variety of options; for example, for first-time buyers who need down payment assistance, Malibu Funding caters to consumers looking to buy a home (including first-time buyers), refinance, or get a home equity loan.
Types of Loans/Products
Malibu Funding provides FHA, VA, conventional and jumbo loans. Buyers have a choice of fixed or adjustable rates, with terms of between 10 and 30 years.
- Conventional loans: Mortgage with 20% down payment and 620 minimum credit score.
- Jumbo loans: Large, conventional loan amounts ranging from $417,000 to $5 million, with 20% down payment and 620 minimum credit.
- FHA loan Federal government-backed loan with 3.5% down payment for credit scores of 580-619 and 10% down payment for credit of 500-579.
- VA loan: Federal government-backed loan for active and retired service people and spouses of retired veterans who meet certain requirements.
- 203(K) home loan renovation: Combining standard FHA mortgage with home improvement loan, up to $636,150.
- Private money: These are special loans designed for anyone doing a house flip, starting from 7.99% with funding in as little as 3 days.
- CalHFA: California Housing Finance Administration’s Sapphire and Help grant programs, offering grants of 3%-4.5% of the loan amount to assist with down payment and/or closing costs. Grants can be used on loans of up to $417,000.
- MCC CalHFA: The CalHFA works with local counties to ensure all qualified Californians have access to a federal Mortgage Credit Certificate program. Malibu Funding offers assistance with qualifying for this program, which allows borrowers to convert 20% of their mortgage interest into the equivalent amount of tax credits.
The Application Process
Malibu Funding has a website with basic information about the company and how they operate. The site offers online applications, as well as additional ways to contact mortgage specialists for loan information and other inquiries.
Knowing your credit score will help start the process of securing a loan. Malibu representatives can help check your credit score and tell you how it will affect your ability to get a loan. Malibu can also help those that have bad or limited credit.
There are 3 ways to obtain a quote from Malibu Funding and apply for a mortgage:
- Using the application link on the Malibu website
- Calling a Malibu loan officer directly
- Emailing a Malibu customer service representative
Applying for a Malibu Funding home loan is similar to applying for a mortgage anywhere else. You must be a US citizen or resident to do so.
Applicants must provide the following documentation:
- Pay stubs for the previous month
- W2 filings and tax returns for the past 2 years
- Copy of mortgage statement, if refinancing
- Copy of homeowners’ insurance policy
- HOA coupon for condo (if applicable)
- Copy of photo ID
- Social Security number, for Malibu to run a credit check
Pros and Cons
Malibu Funding has a variety of experience and knowledge with both the California housing market and in other states in which it operates. In particular, Malibu can help its borrowers obtain access to California grants and other housing assistance programs.
Malibu offers the advantage of letting buyers apply online; however, the company’s website is limited and doesn’t offer much detail. Rather, the site is focused more on general knowledge about buying a home. The site does offer several ways to apply for a loan and/or speak to someone at Malibu for further assistance.
Rates and Fees—The Bare Basics
The Malibu Funding site only offers very general information about rates and fees. Buyers have to contact Malibu Funding to find out current rates, as well as information about additional fees (closing costs, etc.)—which does not exist on the site.
Malibu offers the following repayment terms: 10, 15, 20, and 30 years.
Help & Support
Malibu offers several general types of resources on their site, including mortgage-related videos, a mortgage calculator, and an affordability calculator. However, these don’t link to information about Malibu specifically—but rather to general information online.
How This Company Compares
Detailed information about what Malibu offers—in terms of credit requirements, minimum down payments, fees, current rates, etc.—is not easily found on the site.
As mentioned previously, the site offers various ways to contact Malibu to receive this and other information, including by phone.
Malibu provides California home buyers with a range of flexible mortgage options. They offer the ability to apply online and—with a long history since 2002—provide a variety of expertise and local knowledge about the California housing market.
Malibu offers several ways to directly contact their representatives. The ability to apply online is a plus for Malibu; however, buyers wanting detailed information about the company and the terms and loans they offer requires contacting them to do so.
Malibu Funding FAQs
Q: Does Malibu offer online applications?
A: Yes, Malibu offers online applications and quotes. Prospective customers with additional questions can contact Malibu’s agents by phone or email as well.
Q: What if I have to close my loan quickly?
A: Malibu offers fast turnaround times, closing the majority of loans within 18 business days
Q: What if I have bad or limited credit?
A: Bad credit is not necessarily an obstacle. Borrowers with poor or limited credit can be connected to a loan provider who will do whatever they can to help with the buyer’s application.
Malibu Funding, Inc.
6911 Topanga Canyon Ste. 206
Canoga Park, CA 91303