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New American Funding is a government mortgage lender based in California. They offer home purchase loans, including a first time buyers program, home refinance loans, FHA loans and VA loans, as well as jumbo and reverse mortgages. They are a direct lender who can process all of their loans in house. They do not charge some of the fees associated with loan brokers. There are also loan programs available for people who may have had credit problems in the past. This makes them very competitive with other lending institutions in the United States. Free credit approval makes the loan approval process fast and easy at New American Funding. Documents needed to complete loan applications are proof of income, proof of homeowners insurance coverage, copies of W-2 forms for the previous two years, asset information and title insurance information. Getting pre-approved for a home mortgage lets and applicant know how much he or she can afford to pay for a home before that individual starts looking for one. A pre-approval is good for two months. Most of the loan process is completed before an offer is made on a home, so the loan can close much sooner. Unlike other lending institutions, New American Funding can close on a loan in just days instead of weeks. Closing can occur after the appraisal and title work is completed on the loan. Refinance home mortgage loans available include those for consolidating high-interest credit card debt, interest-only refinance loans, loans to get a lower interest rate and monthly payment, adjustable rate mortgages and home equity loans. Even someone who has just recently purchased a home can benefit from the current lower mortgage rates by refinancing their home mortgage. Before applying for any type of refinance loan it is a good idea for one to consider how long he or she plans to live in the home. If they are not going to live in the house for very long they might consider an adjustable rate mortgage to get a lower interest rate and lower monthly payment. FHA loans available include fixed rate, adjustable rate and 203(k) rehabilitation loans for homes that need repairs made to them after they are purchased. The FHA 203(k) home improvement or rehabilitation loans can be obtained for one to four-family dwellings that have been completed for a year or for mixed use and individual condominium units that are approved by the Federal Housing Authority. Benefits to these loans include the low mortgage rates and the opportunity to purchase a home for a price lower than current market value. Qualified veterans can obtain a home loan with no money down. They are also not required to pay money towards closing costs or earnest money. VA home loans are insured by the United States government, so applicants do not have to purchase private mortgage insurance. The Veterans Administration will also offer assistance to any veteran who encounters problems with making his or her loan payments. Mortgage rates as of June, 2011 were at 4.64% for a 30-year fixed mortgage, 3.86% for a 15-year fixed mortgage and 3.12% for 5/1 year adjustable rate mortgages. While rates are still low, people might consider taking advantage of them and purchase their first home or maybe refinance the home loan they already have. For more information on all the programs available for purchasing or refinancing a home please visit MyReviewsNow.
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new american funding, home mortgage, mortgage rates,
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