I CAN Mortgage Overview
I CAN Pick Any Mortgage Term, from 8 to 30 Years, to Best Serve My Home Buying and Home Financing Goals
If there's one thing we've learned over the years it’s that no two borrowers are alike. Some borrowers might wish to pay off their mortgage over a shorter period, say, 8, 11, or 16 years, to save on interest and build home equity faster, while other borrowers might prefer a 20-, 25-, or 30-year term, spreading repayment over a longer period to reduce their mortgage payment and increase monthly cash flow. Because of the broad array of available terms (8-to-30 years), borrowers have more freedom and flexibility for selecting the ideal mortgage for their situation.
I CAN Mortgage Benefits
Works with Your Budget: Our team of mortgage professionals can suggest an appropriate mortgage that honors both your monthly budget and long-term financial goals.
Pays off Your Loan Faster: To build greater home equity, you may be able to refinance into a lower rate and a lower term.
Continues Your Progress: Say, seven years into your current loan, you wish to refinance to take advantage of lower interest rates but don’t want to start over with another 30-year term. You can design a mortgage with a 23-year term, at a potentially lower rate.
Addresses Your Current and Future Needs: Whatever your mortgage financing need — first home, home renovation, move-up home, improved cash flow, kids off to college, retirement planning — the I CAN mortgage provides you with a wealth of options.
I CAN Mortgage Requirements
- Offers repayment terms from 8 years to 30 years
- FICO score as low as 620, depending on loan type
- Primary residence only
- Single-family, one-unit houses, including townhouses and condos
I CAN Loan Options
- Fixed-rate purchase or refinance loan
- Broad range of loan types available (Freddie Mac, Fannie Mae High Balance)
- Purchase and Refinance Mortgages Loans up to $453,100
- Down payments as low as 5% (primary home)
- Refinance up to 95% of your primary home’s value
It used to be that borrowers had few choices when it came to choosing the length of their fixed-rate mortgage, one of the biggest factors in determining your monthly mortgage payment. Now New American Funding’s I CAN mortgage truly lets you select any term, from 8 to 30 years, that you feel will work best for you and satisfy both your short- and long-term financial goals.
That's Control! That's Flexibility. That's the I CAN mortgage!
Contact your New American Funding Loan Professional for full details.