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Types of Loan Programs
There are two types of Conventional loans: conforming and non-conforming. Conforming loans have terms and conditions that comply with guidelines dictated by Fannie Mae and Freddie Mac. Non conforming loans, also known as Jumbo loans, are above the maximum loan amount set forth by Fannie Mae and Freddie Mac guidelines. Typically, a Conventional loan requires a high credit score and more money down, but is a great option as it does not have as many provisions as an FHA loan.
FHA loans can be used to purchase a home or refinance an existing mortgage, and there are many benefits to having an FHA loan. You can purchase a home with a lower down payment than a conventional loan, or use a streamline refinance to lower your current payment, with less documentation than a traditional loan. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you don’t have to have perfect credit. For FHA loans, a down payment of 3.5 percent is required for maximum financing. Borrowers with credit scores as low as 500 can qualify for an FHA loan.
VA home loans can be used to refinance an existing mortgage with either the IRRRL Streamline Refinance or a cash out refinance. VA loans are one of the most popular choices among eligible first time home buyers because of the exceptional benefits they offer military borrowers.
Sometimes traditional loans aren’t enough to buy the home you really want. A Jumbo loan is a mortgage that can exceed Fannie Mae and Freddie Mac’s conforming loan limits of $424,100, or up to $637,150 in some high-cost areas. Also known as non-conforming loans, Jumbo loans and Super Jumbo loans offer the flexibility of borrowing with less restrictions.
Whether you’re buying a home that needs to be completely remodeled or simply update a few spaces, the FHA 203k loan allows you to combine your renovation costs into your mortgage so there is one loan with one closing. The amount borrowed is a combination of the cost of the home and the estimated price of the repairs, including the labor expenses. This type of loan is backed by the Federal Housing Administration, but you don’t need to have an FHA home loan to qualify for a FHA 203k refinance loan.
About Our Company
New American Funding is a family owned and operated independent mortgage lender with a flagship location in Orange County, quickly expanding throughout the U.S. to Nevada, Alaska, Arkansas, Arizona and Texas to name a few. Since 2003, we have been dedicated to help other families and individuals improve their quality of living through home ownership.
Why Clients Love Us
We have the trust of our clients and partners because we’ve earned it. For over 15 years, we’ve continued to operate off our foundational principles, which has propelled us to employ nearly 2,700 individuals, grow to 145 nationwide branches, and fund approximately $900 million in loans per month. But what’s most important to us is not expansion or accumulating a list of accolades – it’s serving our clients well. We believe transparency is key to ensure a smooth transaction and enhance our client’s lending experience. Read what our clients think about us here.
Top 1% of Mortgage Lenders
Working for New American Funding gives The Piccinini Team the freedom to serve our clients well. Since 2008, we’ve earned awards such as: The Women’s Council of Realtors Member of the Year, the Circle of Honor award winner, President’s Club winner and most recently, Michelle received recognition as one of the “Top 1% of Mortgage Lenders in the U.S. rated by Mortgage Executive Magazine.”