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Rate Updates for 2/7/2012

Loan ProgramRateAPR
30 Year Fixed3.875%3.942%
30 Year Fixed (>$417,000)4.125%4.197%
15 Year Fixed3.250%3.347%
5/1 ARM2.875%2.893%
APR based on 20% down payment and a $417,000 loan amount with impounds, > 700 Credit Score. Loans > $417,000 based on the same parameters.

Call for FHA & VA Rates

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The Right Home Loan

Home loans are not one size fits all, and the experienced Mortgage Consultants at New American Funding are skilled at finding the mortgage program that most fits your needs. Whether you are looking to buy a new home, refinance your current mortgage for a lower rate, or cash out on your equity, we're ready to help!

Home Purchase Loans
When it comes to buying a new home, working with the right mortgage lender is just as important as selecting the right home financing option. Our Home Purchase Loan specialists deliver on time and as promised, avoiding costly delays in closing on your new home.

Refinance Programs
Whether you are looking to refinance your mortgage for a lower interest rate, switch to a fixed rate mortgage program, or shorten the term of your mortgage while taking advantage of historically low interest rates, our trained Mortgage Refinance experts have an option for you.

Home Loans Direct
As a Direct Mortgage Lender, New American Funding approves and funds your new home refinance or home purchase loan. This means that you can be sure you close without hassle and on time, all while enjoying great customer service from experienced mortgage bankers.

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FHA 203(k) Rehab Financing

Section 203k loansare a key part of the FHA's efforts to rehab and repair owner occupied, one to four unit properties, including condos, "mixed use" residential and other qualified properties. This government insured financing can also accommodate the purchase of existing properties as well as refinances.

A key difference between a FHA 203k loan and most mortgage programs is the method of financing. Traditional mortgages require that a home equity line of credit or similar financing be arranged to pay for the rehab after the initial home purchase and mortgage were completed. With a 203k loan, one loan covers both the purchase and the rehab of the property by basing the mortgage on the projected value of the property. FHA allows for fixed 15 or 30 year loans as well as 1 year arms.

The 203k has two primary programs, one for "minor" repairs, a second for "major" repairs. The principle difference between the two, "major" repairs require architectural plans or structural repairs, while "minor" repairs can be completed without plans requiring review or approval. Minor repairs can total up to $35,000 in rehab costs and must be completed within six months of purchase. As with any loan program, there are a number of stipulations that need to be met. First, the property has to qualify as well as the end value of the property, including the rehab. That is why it is important to choose the right FHA approved lender. Not all FHA approved lenders service 203k loans.

Product Offering:

  • FHA 203(k) Rehab Financing - The FHA 203(k) loan is fully disbursed loan which allows a borrower to purchase or refinance a property and finance the cost of rehabilitation into one loan.
  • FHA 203(k) Streamline - the streamline program is similar to the203(k) full, but is limited to $35,000 in repairs. A HUD consultant is not required and there are no property inspections.
  • FHA 203(k) Purchase Loans -Purchase an SFR or 2 to 4 unit property with a 3.50% down payment up to $729,750 in most high cost counties in California. Higher loan limits areavailable for 2-4 unit properties.
FHA Purchase or 203(k) Rehab Consultation
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We look forward to working with you!

Sincerely,

Joseph M. Moore NMLS ID#333648
Business Development Manager
New American Funding

 

 

New American Funding NMLS #6606
FHA Direct Endorsement Lender#21221-0001-5
Licensed by the Department of Corporations California Finance Lenders License #603 A957
Equal Housing Opportunity Lender
Equal Housing Opportunity Lender
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