How to apply for a loan?
Applying for a mortgage on New American Funding's website is simple and convenient. It is possible to make payments and monitor your equity and home worth with the New American Funding app. The lender's website offers additional calculators and a real estate blog. Prequalification or preapproval are two options for getting started. You don't have to prove your work income to get pre-approved for a loan. An underwriter has reviewed your financial situation and determined that you will likely be approved for a mortgage loan. You'll have a dedicated loan officer to deal with throughout the process. That loan officer will address any concerns and questions you may have.
New American Funding's website makes it easy to keep track of your mortgage after it's in place. The formal loan application process begins after you've found the home of your dreams and your offer has been accepted. If your paperwork is correct, the underwriters will determine whether you need approval. After that, the loan is funded, and a closing date is scheduled. You'll sign your loan documents and make any final payments at the close of escrow. According to New American Funding, the average closing time is fewer than 35 days, and there is no fee for locking in an interest rate.
Requirements
Conventional loans need a credit score of 620 or higher and a down payment of at least 3% of the loan amount. According to Fannie Mae's requirements, your DTI can't be more than 43%. New American Funding does not provide exact requirements online for other loans, merely stating that "less than flawless credit is not disqualifying.". If you have bad credit or an unexpected scenario like being self-employed, you might be able to get a mortgage with this lender because they offer non-qualified mortgages. The best prices are usually reserved for individuals with the best credit scores.
Application details
When applying for pre-approval with New American Funding, it is recommended that you have the following documents prepared:
Two years of tax returns
Two months of bank statements
Two years of W-2s
Two months of pay stubs.
Due to a regular process, New American Funding's time to close will vary depending on the type of loan and the client. If you intend to use gift funds for your down payment, you will be required to give a letter from the person who gave you the cash to verify that the funds were a gift.
