Variety of loan products
In addition to the standard home loan offerings you’d expect, New American Funding also offers several other special types of mortgage loans. These products include:
- Non-qualified mortgages. This is a mortgage option popular with self-employed borrowers and others who don’t qualify based on tax returns.
- Energy-efficient mortgages. This loan type is used to finance certain home improvements.
- Reverse mortgage. This is a mortgage suitable for older homeowners who want to access their equity in the form of monthly income. In a reverse mortgage, the lender makes payments to the borrower.
- Customizable loan term. Borrowers can choose custom loan terms between 8 and 30 years.
First-time home buyer resources
New American Funding connects first-time home buyers with resources that can help make home ownership a reality. If you want to get a home loan with little or no money down, New American Funding can point you to down payment assistance and grant programs that might be available in your area.
High allowable DTI
New American Funding can approve borrowers with a debt-to-income ratio of up to 50%, which is higher than some other banks allow.
It’s easy to find answers to many initial questions on the New American Funding website. Prominent buttons lead to helpful information about FHA loans, VA loans, cash-out refis and a mortgage calculator. Current mortgage rates are prominently displayed, thanks to a recent website update.
Inclusion initiatives like bilingual customer service
New American Funding places a high priority on providing services in both Spanish and English in order to better serve the Latino community.
One of the most interesting things about New American Funding Mortgage is that it is Hispanic-owned. New American Funding places a special emphasis on serving the Latino community. Many of its customers and employees appreciate the company’s focus on diversity and inclusion.
View more information: https://www.fool.com/the-ascent/mortgages/new-american-funding-mortgage-review/