Rate Updates for 2/7/2012
| Loan Program | Rate | APR |
| 30 Year Fixed | 3.875% | 3.942% |
| 30 Year Fixed (>$417,000) | 4.125% | 4.197% |
| 15 Year Fixed | 3.250% | 3.347% |
| 5/1 ARM | 2.875% | 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 
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.
Get Started Now!
FHA
Purchase Assistance Program
1.0% Borrower Closing Cost Credit
(FHA Purchase loans)
- 3.50% Down to $729,750**
- 0 Down with Approved Down Payment Assistance Program
- Funds may be 100% Gift for Down Payment and Closing.
- Up to 6.0% Seller or Lender Credit okay!
- No Pre Payment Penalty
FHA Refinance
- Rate & Term Refinance to *97% LTV
- Cash out available to *95% LTV
- Past Credit Problems okay!
- Subprime ARM adjusting? We can help!
- No Equity? No problem! We will assist you with negotiating a short payoff (or) subordinate financing with your existing lender.
We Offer Down Payment
Assistance Programs!
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FHA ARM Loans
FHA Adjustable Rate Mortgage Loans are loans in which the interest rate will possibly change at some future date. The FHA Adjustable Rate (ARM) program has the standard 1 Year Arm and also the popular Hybrid Adjustable Rate Programs.
The FHA Adjustable Rate Mortgage (ARM), 1 year ARM loan is one of the best adjustable rate mortgages currently available. It is available 1-4 unit homes, as well as condominiums, townhomes, and PUDs.
- One benefit of the FHA Adjustable Rate 1 Year ARM is that it does not offer an initial low "teaser" rate like most other adjustable rate mortgages, therefore it will normally start at a slightly higher rate than most other adjustable loans. Thus you will most likely not have a large first adjustment
- The yearly interest can rise or decrease no more than 1% per year vs. 2% for a conventional loan.
- The lifetime cap of the FHA adjustable rate mortgage is no more than 5% over the initial start rate vs. 6% for a conventional loan.
- Therefore, an FHA ARM can take 5 years before reaching its maximum rate vs. a conventional loan can cap in only 3 years.
- FHA's adjustable rate mortgage is based on the economic indicator index called the 1-Yr. T-Bill. You can find the current T-Bill rate on many websites like HSH Associates or in the Wall Street Journal
Index + Margin = Fully Indexed Rate
(current 1 Yr. T-Bill Rate) + (percentage, usually 2.25%) = Interest Rate
Example:
Index=1.3% (as of Oct 2003)+Margin of 2.25%=Fully Indexed Rate=3.55%
Other benefits of the FHA ARM (adjustable rate mortgage) is that you can "streamline refinance" to a FHA fixed rate mortgage at anytime.
Borrowers must qualify for one-year ARMs using the mortgage payments based upon the contract or initial interest rate plus 1 percentage point (i.e., the anticipated maximum second-year interest rate) if the loan-to-value ratio is 95 percent or greater
If you have any questions, please send an e-mail to: joe.moore@nafinc.com (or) contact us at 800-310-7577.
FHA Loan Approval
within 24 hours*
*24 hour FHA loan approval is contingent upon receiving all pertinent income, collateral documentation and a signed authorization to request credit. Once all requested documentation is received, we are able to request credit and submit for an automated underwriting decision, final approval is subject only to a signed purchase contract, clear title and appraisal. If we are unable to receive an Approve/Eligible the borrower is given the option to submit for a manual underwriting which can take approximately 7-10 days.
New American Funding NMLS #6606
FHA Direct Endorsement Lender#21221-0001-5
Licensed by the Department of Corporations California Finance Lenders License #603 A957 |
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