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FHA Versus Conventional...

Mortgage loans are like power tools: You get the best results by using the right one for the job at hand. For many borrowers that may mean bypassing the conventional route to find the one that fits your budget today and is the least likely to cause financial stress in the future.  

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How to get a mortgage.

Find the Right Home Loan For You

Buying a home is an important decision for any buyer, from first time home buyers to those looking for a second home. No matter why you are buying a home, it all starts with securing financing for your purchase. The mortgage specialists at New American Funding can help understand the types of mortgages you can choose from to pick the right home financing option.

Examine Your Finances

Whether you are searching for a first time mortgage or looking for investment property loans, it’s important to choose a house that fits within your current financial means. The mortgage specialists at New American Funding can help find a mortgage that will suit your needs, but it’s important to carefully analyze your income and expenses to determine what you’ll be able to afford. Our mortgage affordability calculator can help you calculate your ideal payments to fit your budget.

Choose a Loan

New American Funding offers many types of mortgages and refinancing options to suit your needs. Despite historically low interest rates, many buyers believe that mortgage lenders do not have money to lend and can help you choose the right home financing option.

  • Fixed rate mortgages: Fixed rate mortgages offer reliability and stability over the term of the mortgage. Since mortgage interest rates remain the same, you can lock in today’s low rates for the duration of the loan. Our popular 30 Year fixed rate mortgage makes a great first time mortgage, but is perfect for seasoned buyers as well. Use our Fixed Rate Mortgage Calculator to give you an idea of what your loan may look like.
  • Adjustable rate mortgages: An adjustable mortgage loan features an interest rate that is adjusted periodically based on a pre-selected index. ARM loans may allow you to afford a more expensive house because your initial interest rate and payments will be lower in the first few years.
  • FHA mortgages: A low interest loan insured by the Federal Housing Administration that is open to all qualified home purchasers. FHA loans do have size limits, but they offer generous terms that can handle moderately priced homes almost anywhere in the country. FHA loans are perfect for buyers who can only afford a mortgage with a small down payment.
  • VA loan programs: A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

New American Funding offers upfront credit approval, which can give you an advantage over unprepared buyers when you place an offer on a home and get you into the new home of your dreams quickly.

Apply For Your Loan

Once you’ve chosen the right home financing option for you, we offer a simple application process to help you secure your home financing. Our licensed mortgage lender specialists can help you determine which type of mortgage is right for you. Get your New American Mortgage today.