New American Funding, a national mortgage lender located in Southern California, is pleased to announce the creation of an exciting and flexible new loan product – the I CAN Mortgage.
Designed to provide maximum flexibility with regard to choice of loan terms, the I CAN Mortgage can be adapted to suit a borrower's individual goals, circumstances and budget. On any of New American Funding's fixed rate purchase or refinance loans, a borrower can choose the loan term that is most suitable and desirable for their situation – whether it's 8, 10, 20 or 30 years.
The I CAN Mortgage offers a wealth of options to assist a borrower's specific needs and intentions. Whether the goal is retirement, or to accommodate college tuition payments, or to pay off a mortgage early, the I CAN Mortgage can be customized to a borrower's life events and circumstances.
Providing a borrower with the opportunity to choose their loan term is also advantageous to those who have budgetary concerns. The I CAN Mortgage can be tailored to conform to any budget in order to accomplish personal financial goals.
It is also a beneficial option for those borrowers who are refinancing and do not wish to sacrifice the number of years they have already paid into their mortgage. For example, if a borrower is five, seven or ten years into their mortgage and they do not wish to lose their current place, the new loan term can be structured to match the remaining years on their existing mortgage.
Additional features of the I CAN Mortgage also include the following:
- Conventional Fannie Mae fixed rate loans up to $417,000
- Down payments as low as 5% (primary home)
- Refinance up to 95% of the primary home's value
The I CAN Mortgage is another innovative example of how New American Funding is seeking to meet and satisfy the mortgage concerns of its customers.
About New American Funding
New American Funding is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement and VA Automatic mortgage lender with approximately 700 employees and a servicing portfolio of over $2 billion. The company is licensed in 24 states, funds over $400 million a month, and offers a variety of purchase home loan and refinance loan options, including, Conventional, FHA, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0 and Jumbo Loans.