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Provides the homeowner with a fixed interest rate and payment throughout the life of the loan, as opposed to an adjustable rate.


For eligible suburban and rural home buyers, it’s a no-money down mortgage loan backed by the USDA


Insured by the Federal Housing Administration (FHA), this loan offers flexibility for buyers with a lower down payment & credit score.


The FHA 203k loan is designed for borrowers interested in financing or refinancing for home improvement.


A Reverse Mortgage is a loan that enables older homeowners to convert a portion of their home equity into cash.


Jumbo loans and Super Jumbo loans offer borrowers greater financing flexibility than conventional mortgages.


VA home loans can be used to refinance an existing mortgage with either the IRRRL Streamline Refinance or a cash out refinance.

ARM Mortgages

Because of the upfront savings they offer, ARMs are a popular choice among first time home buyers.

How much should I expect to pay monthly?

If you’re unfamiliar with mortgages, we have resources like our information-rich articles and a Mortgage Glossary that can help educate you on the home buying process.

Our Loan Officers are licensed and ready to help you find the right home loan that fits your situation. We are authorized to offer a wide selection of purchase loans that you may not find elsewhere.

Fixed Rate mortgages are the most popular home loans available for buying a home or refinancing an existing mortgage. They offer borrowers the security of stable, affordable monthly payments and protection from market changes.

Fixed Rate Overview

A Fixed Rate mortgage is a loan featuring an interest rate that stays the same over the life of the loan, as opposed to an ARM mortgage, which has an interest rate that can adjust periodically. Fixed Rate loans are among the most popular loan options for borrowers seeking to purchase or refinance a home loan, as they offer the stability of an unchanged monthly payment, regardless of market fluctuations. With a Fixed Rate mortgage, your payment will be the same every month, so you can plan your finances accordingly.

15 Year Fixed mortgages and 30 Year Fixed loans are the most popular loan types for buying a home and for refinancing a current mortgage.

Fixed Rate Benefits

Many borrowers choose a Fixed Rate loan to buy a home or refinance because of the Fixed Rate advantages:

  • Affordable Payments: With terms from 10 to 30 years, you can choose how quickly you pay off your mortgage.
  • Security: Particularly popular with first time home buyers, the security of a fixed rate loan is attractive to many borrowers. Even if current rates go up, yours won’t. You’ll have consistent monthly payments with no surprises, so you can plan your finances accordingly.
  • Loan terms are straightforward and easy to understand

Fixed Rate Requirements

In order to get a Fixed Rate mortgage, you’ll need to go through a few simple steps. If you’re shopping for a home, the first thing most borrowers do is get preapproved for a loan.

Having a credit preapproval can:

  • Save you time shopping for properties in your price range
  • Create credibility with sellers by letting them know you’re qualified and serious
  • Speed up the closing process and get your loan funded sooner
  • Improve your experience in the home buying process

If you’re looking to refinance your mortgage with a Fixed Rate loan, you’ll want to have proof of income and copies of:

  • Homeowner’s Insurance: Verify adequate coverage
  • Proof of Income: Show past employment and income history
  • Asset Information: Bank account statements, 401k, and other investment records

Fixed Rate Loan Options

15 Year Fixed Mortgage

Offering all the advantages of a 30 Year Fixed Rate mortgage, the 15 Year Fixed allows you to repay your mortgage in half the time of a 30 year term.

The shorter, 15 year term means you will:

  • Have a lower interest rate than a 30 Year Fixed
  • Pay less interest over the life of the loan since the loan is being paid off faster
  • Build equity faster than in a 30 Year Fixed mortgage

The 15 Year Fixed is ideal for first time home buyers, move-up buyers, or for refinancing your current mortgage.

30 Year Fixed Mortgage

One of the most popular loan options, the 30 Year Fixed offers the security of a fixed rate plus an affordable payment. You will always know your monthly mortgage payment and you can budget accordingly.

30 Year Fixed Rate loans offer:

  • Even more affordable payments than 15 year fixed loans
  • Security of consistent payments
  • Protection from inflation
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.

FHA Overview

FHA home loans are mortgages insured by the Federal Housing Administration. These mortgages are backed by the federal government, which helps FHA-approved lenders extend home financing to buyers who are unable to qualify for a conventional home loan. The FHA doesn’t issue mortgages, the agency provides insurance on mortgage payments, so more borrowers are able to attain home financing.

FHA loans are designed to make home ownership more affordable. Though they were originally intended for borrowers with less than perfect credit, they are now popular with a wider group of borrowers.

FHA Benefits

FHA loans enable more people to achieve home ownership by allowing borrowers who have less than perfect credit, no credit history, or who may have experienced some financial missteps, like a foreclosure or bankruptcy, to qualify.

The program has become popular with first time home buyers and move up buyers because you can purchase a house with a low down payment, qualify easier with lower underwriting standards and FHA loans traditionally have lower rates than conventional loans.

With low rates, low down payment options, and flexible lending guidelines FHA loans are a top choice for today’s buyers.

FHA MIP is what makes FHA loans possible. Over the past few years FHA MIP has dropped making it even easier to qualify.

  • Wide Variety of FHA Loan Products: Whether it is a 30 year fixed, 15 year fixed or a 203k loan, FHA has you covered.
  • FHA Allows Low Down Payments: With a low down payment option, more people can purchase a new home. This is great for first time home buyers, those who have little money to put down, or simply for those wanting to keep reserves in the bank.
  • FHA Allows 100% Gift Funds: In addition to a low down payment, those funds can come from a gift.
  • FHA Insures All Types of Properties: FHA loans are available for single-family detached homes, 2-4 unit homes, condos, and manufactured homes.
  • FHA Streamline Refinance: One of the best things about FHA loans is the ability to Streamline Refinance. This is the easiest way to refinance as there is no credit qualifying, no income verification, and no appraisals required.

FHA Guidelines

Since there are many FHA home loans, the guidelines vary depending on the loan type. Usually the credit stipulations are more lenient but the loan requirements are stricter.

  • Less than perfect credit ok
  • Low down payments
  • Gifts or grants allowed toward down payment
  • Sellers, builders, or lenders may pay some of borrower’s closing costs
  • 30% housing ratio
  • Higher home inspection standards

FHA Loan Options

FHA Fixed Rate Mortgages

FHA 15 Year Fixed Rate Loan:

  • All the benefits of a 30 Year Fixed Rate Loan
  • Save thousands in interest over the life of the loan
  • Build equity faster
  • Pay your house off sooner

FHA 30 Year Fixed Rate Loan:

  • Low interest rates and monthly payments
  • No prepayment penalties
  • Low down payment options
  • Gift funds allowed
  • Ability to Streamline Refinance

FHA 203k 30 Year Fixed Rate Loan:

  • 203k is a renovation loan program that helps borrowers buy a fixer-upper or make improvements to their existing home

FHA Adjustable Rate Mortgages

FHA 5/1 Adjustable Rate Mortgage:

  • Keeps interest rates low for 5 years
  • Introductory interest rates are typically lower than fixed rates
  • Good for buyers who plan to own the home for a short time or refinance in a few years

FHA Streamline Refinance Loans

FHA Streamline 30 Year Fixed Rate Refinance Loan:

  • Lower your payment by lowering your current interest rate
  • Convert an FHA Adjustable Rate Mortgage into a fixed rate mortgage
  • FHA Streamline refinance loans require less documentation than a traditional loan
  • No appraisal required
  • No credit check
  • No income documentation
  • Easy to qualify
  • No appraisal required

FHA 203k Streamline 30 Year Fixed Rate Refinance Loan:

  • FHA 203k allows borrowers up to $35,000 cash out to pay for home improvements or renovations.

FHA Streamline 5/1 Adjustable Rate Refinance Mortgage:

  • FHA 5/1 ARM establishes a lower initial interest rate for the first five years, then the market determines your rate
  • Adjustable Rate Mortgages typically have lower rates than fixed rate loans
  • Useful if you plan on selling your home in the near future.

Call us at (818) 446-7599 for help today!


Reverse Mortgage Overview

A Reverse Mortgage is a loan that enables older homeowners to convert a portion of their home equity into cash.  It may also provide a way for those with limited income to better manage their retirement finances by allowing them to use accumulated equity to cover living expenses.

With the reverse mortgage, as long as you live in the home, you’re not required to make monthly mortgage payments.* Instead, the lender makes monthly payments to you. That’s why it’s known as a reverse loan because with a traditional mortgage it’s the other way around, the borrower pays the lender. In this case, the borrower is not required to pay back the reverse loan until the home is sold, vacated, or the owner passes away; and the homeowner still retains ownership of the home. However, you must remain current on property taxes, hazard insurance, homeowner’s association dues, any other applicable fees, and you must be able to maintain the property.

Reverse Mortgage Benefits

  • No FICO qualification
  • No debt-to-income ratios
  • Provides greater freedom in retirement – you aren’t restricted on how you can use the loan proceeds and it is non-taxable income
  • Non-recourse loan
  • The loan cannot be outlived, so no debt will be left to your heirs. At the end of the loan, any remaining equity belongs to them. In fact, heirs are allowed to buy the property for 95% of the appraised value, conducted at the end of the loan, even if the house is underwater
  • A reverse purchase can help a borrower retain their savings, improve their monthly cash flow, and / or finance a purchase that would normally be beyond their budget
  • It can help seniors relocate to a different region or to move closer to family
  • It can also help seniors move into a more affordable home that requires less maintenance, or better serves their physical needs by providing features like handrails, wider doors, or a single-story layout
  • Helps borrowers age in place

Reverse Mortgage Requirements

  • Borrowers must be 62 years of age or older
  • Borrowers must qualify to pay taxes, insurance, or HOA if applicable
  • You can own your home outright, or have a low balance on your mortgage that can be paid off at closing with proceeds from the reverse loan
  • The borrower also must have financial resources to pay ongoing property fees
  • Before obtaining this type of loan, all borrowers and non-borrowing spouses must receive independent counseling

Reverse Mortgage Loan Options

A Reverse Mortgage is a loan that is insured by the Federal Housing Administration (FHA). It is part of the Home Equity Conversion Mortgage (HECM) program. There are several types of Reverse Mortgages:

Payment of loan proceeds – The borrower receives the loan money as a line of credit, monthly installments, a combination of both, as a lump sum, or the payment retires an existing mortgage.

Interest Rate – The borrower chooses between a fixed interest rate and an adjustable interest rate. A fixed interest rate is only available with the lump sum payment option.

Purchase – It allows the borrower to purchase a principal residence. It requires less upfront investment than an all-cash purchase.

Refinance – It allows a borrower to convert one HECM loan into another HECM loan, which is usually done to lock in a lower interest rate or to borrow more cash if the home has increased in value.

*Borrower must pay required taxes, insurance, or HOA if applicable.

Call us at (818) 446-7599 for help today!


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.

VA Overview

A VA loan is a mortgage guaranteed by the U.S. Department of Veteran Affairs. VA loans are designed to help active duty military and veterans qualify for homeownership. They offer lower interest rates and better terms than conventional mortgages, and are offered exclusively to service members and certain military spouses.

Basic Allowance for Housing (BAH)

The Basic Allowance for Housing, or BAH, is a military entitlement given to active duty personnel to provide housing for themselves and their families. The BAH is calculated by location and pay grade, and the allowance is designed to provide service members housing compensation equitable to local civilian housing markets. The BAH can be used toward rent or a mortgage, allowing you to build equity in your home, even if you don’t have a down payment to get started.

Certificate of Eligibility (COE)

Borrowers can begin the loan process without the COE, but it is required in order to move the loan through the steps toward funding. Once you’ve contacted a loan specialist, obtaining the COE can be taken care of on your behalf. Otherwise, you can contact the Veterans Administration directly to obtain the certificate. The VA ultimately determines eligibility, and the COE verifies the duration and character of service that qualifies the borrower for the housing benefit.

VA Benefits

Since they are insured by the government, VA loans provide access to special benefits:

  • No down payment required: The most attractive feature of VA loans is their zero percent down payment, so you can become a homeowner without having to save for a down payment
  • Lower interest rates: Military borrowers typically receive interest rates well below those of conventional borrowers
  • No monthly mortgage insurance premiums: MI payments can costs borrowers hundreds every month, an expense you’ll never have with a VA loan
  • No prepayment penalty: You can sell or refinance at any time without having to pay a penalty
  • Reduced funding fees: You can qualify for reduced loan fees or exemption from funding fees for Veterans receiving service-connected disability compensation
  • Ability to finance the VA funding fee: The funding fee can be rolled into the entire loan amount
  • Less than perfect credit usually accepted: You don’t need to have perfect credit to qualify for a VA loan
  • 100% cash out refinance: Use your home’s value and pull cash out to pay off debt, make repairs to your home, remodel, or any way you wish

VA Requirements

VA loan eligibility typically requires one of the following:

  • 90 consecutive days of service during wartime
  • 181 of active service during peacetime
  • 6 or more years of service in the National Guard or Reserves
  • Being the un-remarried, surviving spouse of a service member who died in the line of duty, or as a result of a service-related disability

VA Loan Options


VA mortgage holders may refinance with the VA Interest Rate Reduction Refinance Loan (IRRRL), aka the VA Streamline refinance, and the VA cash out refinance, to lower their interest rate.

For Veterans who currently have a VA Loan, the VA Streamline Refinance offers:

  • Simplified refinance process
  • Access to a lower rate and monthly mortgage payment
  • No need for submitting bank statements, W2s, paychecks and other documents

The VA Cash-Out refinance allows borrowers to pull cash out of their home’s equity, even if they are currently in another type of loan like FHA or USDA.


  • VA loans with a Fixed Rate are great for borrowers looking for a consistent payment for the life of the loan
  • An Adjustable Rate Mortgage can be ideal for military borrowers looking to take advantage of the upfront savings offered in an ARM loan, for example borrowers who expect to receive PCS orders within 5 years may consider a 5/1 VA ARM.

Call us at (818) 446-7599 for help today!

What is a USDA Loan?

The USDA loan from PrimeLending is also known as the USDA Rural Development Guaranteed Housing Loan Program. Like the FHA, VA and other government-backed loans, it’s guaranteed by the U.S. Department of Agriculture. It was originally designed to provide a mortgage alternative to rural property buyers who had limited financing options. Today, as populations grow and suburbs expand, it’s not just a loan for farmers and rural property owners. It’s becoming a viable mortgage option for people who want to live away from cities and enjoy country living.

The USDA Loan benefits

No down payment: The USDA loan comes with 100% financing. You don’t need to make a down payment, which can often bea big obstacle for first time home buyers.

Very low interest rates: Because the loan is guaranteed, we offers a lower standard interest rate that is not tied to your credit score or down payment.

Low monthly private mortgage insurance: As of October 1, 2016, the upfront mortgage insurance rate on a USDA loan is just 1%, with an annual fee of only 0.35%, the lowest numbers of virtually any mortgage financing program. The upfront fee can also be rolled into the loan, eliminating an out-of-pocket expense at closing.

Flexible credit guidelines: Borrowers with lower credit scores or less than perfect credit history can often meet the program’s qualifying guidelines.

USDA loan restrictions and eligibility requirements

Eligible Geographic Areas: To get a USDA loan, the property you buy has to be in a USDA designated rural area, but it’s not all farm land. Almost 97% of the U.S. is eligible, which includes small towns and suburbs. The USDA Mortgage eligible area requirement map will show you all the areas where you can use this loan.

Income limits: THE USDA loan was originally designed for low to moderate income earners. The program’s guidelines define income level as being up to 115% of the area’s median income. In many parts of the country, this can be quite generous. For lower income buyers, all of a household’s income is considered during the application process, which helps increase eligibility. This can include income from a child or other family member living in the house but who isn’t listed on the loan application.

Length of the loan: The USDA loan is a 30-year fixed rate loan. One of the most common types of mortgage, with low and affordable monthly payments.

Call us at (818) 446-7599 for help today!


The FHA 203k renovation loan is designed for borrowers who are interested in financing home improvement, and it can be used for both purchase and refinance.

Home Improvement Overview

Whether you’re buying a home that needs to be completely renovated or simply updating certain areas, 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.

FHA 203k Home Improvement Refinance Loan

If you need to refinance your home mortgage, the FHA 203k Refinance Loan allows current homeowners the opportunity to rehabilitate and improve their home. Whether it be making a home handicapped-accessible, replacing your roof or upgrading your kitchen, home improvement projects can raise the value of the property and allow you to customize as your needs change. The FHA 203k Refinance Loan allows you to cash out up to $35,000 for your home improvement project, and the mortgage balance can exceed the current appraised value of the home.

FHA 203k Home Improvement Loans

For many people, buying distressed or dilapidated homes can be a lucrative investment. However, home repair and renovations can be costly. With an FHA 203k Home Improvement Loan, you can have a single fixed-rate mortgage and up to $35,000 cash out for improvements.

Home Improvement Benefits

A 203k home renovation loan is a great option for borrowers who want to finance home improvement expenses.

  • Buy a fixer upper: Finance an older home that needs significant remodeling
  • Get more options: Buy a home that you may not otherwise have been able to afford to repair
  • By combining your construction costs with your mortgage, you limit your closing costs and simplify the renovation process.
  • You can get up to $35,000 cash out and the mortgage balance can exceed the appraised value of the home

Home Improvement Requirements

FHA 203k loans follow the eligibility guidelines of the standard FHA mortgage, so it’s best to ask us about qualifying.

Here are some types of projects eligible for an FHA 203k Loan:

  • Removal of lead-based paint
  • Decks, patios, porches
  • HVAC systems (heading and air conditioning)
  • Basement completion
  • Basement waterproofing
  • Updates to a septic or well system
  • New kitchen appliances
  • Washer and dryer upgrades
  • Roofs, gutters, and downspouts
  • Plumbing and electrical upgrades
  • Minor kitchen or bathroom remodeling
  • Installing carpet, tile, or wood flooring
  • Restoring windows or doors
  • Weather stripping and insulation upgrades
  • Disability improvements
  • Energy efficient upgrades
  • New siding
  • Building a home addition

Types of properties that qualify:

  • A one-to-four family home that has been complete for at least a year
  • A home that has been torn down as long as some of the existing foundation still remains
  • A home that may need to be moved to a new location
  • Some condos

Home Improvement Options

There are two types of 203k Loans:

  • Streamlined 203k: The Streamlined 203k loan requires limited paperwork from the borrower for approval. It’s intended for less expensive projects that don’t involve structural improvements. It has a maximum repair limit of $35,000 and the home must be inhabitable throughout the renovation period.
  • Standard 203k: The traditional 203k loan has a minimum requirement of $5000 in renovation costs and covers structural repairs. There is no maximum repair limit as long as the entire loan is below FHA’s maximum loan amount for the region.

The 203k loan is available as a fixed rate or an adjustable rate mortgage. Since there are different variables with each of these loans, it’s always a good idea to consult a 203k loan specialist regarding your specific housing situation.

Call us at (818) 446-7599 for help today!

Jumbo loans and Super Jumbo loans can be used to buy or refinance a home, and they offer borrowers greater financing flexibility than conventional mortgages.

Jumbo Loan Overview

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.

Jumbo Loan Benefits

  • Flexible terms: Your loan, the way you want it, with loan options up to $15 Million
  • Ratios: Higher debt to income ratio allowed
  • Non-occupying co-borrowers allowed: A family member or friend who won’t be living in the home can co-sign to help you qualify
  • Options up to 90% LTV: We have a variety of programs available, get preapproved today and start shopping tonight
  • Fixed and ARM programs available

Refinancing a Jumbo Loan:

  • Lower your interest rate and monthly payment: Stay on track with your financial goals
  • Change the terms of your loan: Pay off your mortgage sooner, build equity faster, ask about our available programs
  • Get up to $35,000 with cash out refinancing: Pay off high-interest debt, finance expenses, remodel, or spend as you wish
  • Refinance into a Jumbo ARM loan: Enjoy your savings up front

Jumbo Loan Requirements

Jumbo loans are available for primary residences, vacation homes, or investment properties.

  • Loan amount may exceed the traditional loan limit of $424,100, or up to $636,150 in some areas
  • Low down payments: You won’t need a large down payment to get into the home of your dreams
  • Ratios: With a Jumbo Loan, you can incur a higher debt to income ratio while still enjoying competitive interest rates and loan terms
  • Flexible terms: New American Funding offers several loan terms based on your goals and qualifications

Jumbo Loan Options

  • A Fixed Rate Jumbo loan offers the security of a stable monthly payment
  • Get a Jumbo ARM loan and enjoy upfront savings with initial lower payments
  • An Interest Only Jumbo loan allows borrowers to make payments toward only the interest portion of the loan

Call us at (818) 446-7599 for help today!

ARM Loans can be used to purchase a new home or refinance a current mortgage, and because of the upfront savings they offer, ARMs are a popular choice among first time home buyers.

ARM Mortgage Overview

An ARM, or Adjustable Rate Mortgage, is a variable rate mortgage. Unlike a fixed rate mortgage, the interest rate on an ARM loan adjusts to the market after a set period. For example, a 7 Year ARM will adjust after the first 7 years of the loan. Since the initial interest rates and payments are lower than Fixed Rate Mortgages, many borrowers choose an ARM option as they offer savings up front.

When the fixed period is over and your rate adjusts, interest rates changes are capped.

ARM Mortgage Benefits

Many borrowers choose ARM loans because of the upfront savings they offer. With initial interest rate and payments that are lower than fixed rate loans, ARM loans offer what many borrowers need:

  • Upfront savings: With the lower rate and payment in the initial period, you’re free to reach your financial goals with the money you would be using on a fixed rate loan
  • Initial fixed period: Enjoy the fixed, lower rate for the initial period
  • Cap on the amount you could pay: You won’t be taken by surprise because there are limits on the adjustment

Adjustable Rate Mortgages benefit borrowers who:

  • Prefer a low initial interest rate and payment
  • Move frequently
  • Expect to earn more in a few years
  • Purchase, renovate, and resell properties
  • Plan to refinance before the loan adjusts
  • Have growing families and need a larger home in the future

ARM Loan Requirements

  • As with any mortgage, your credit history will be considered before you can get qualified. A good place to get started is with a credit preapproval.
  • The loan amount for a conforming ARM loan is typically $424,100 but that limit may be higher in different regions.
  • Down payments for ARMs are usually the same as traditional loans, but there are loan types that allow for lower down payments, and there down payment assistance resources available.

ARM Loan Options

ARM Loans can be used for:

  • Purchase
  • Refinance
  • Cash-Out Refinance

FHA ARM, Jumbo ARM, and VA ARM loans feature an initial fixed rate period, after which the rate adjusts. All ARMs can only adjust to predetermined rules.

We offer a variety of terms:

  • 5 Year ARM – offers an initial fixed period of 5 years, then the rate adjusts. The 5 Year ARM is an option for FHA, VA, Conventional, and Jumbo loans.
  • 7 Year ARM – offers an initial fixed period of 7 years, then the rate adjusts. The 7 Year ARM is an option for Conventional and Jumbo loans.
  • 10 Year ARM – offers an initial fixed period of 10 years, then the rate adjusts. The 10 Year ARM is an option for Conventional and Jumbo loans.

Call us at (818) 446-7599 for help today!


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Corporate Office: 14511 Myford Road, Suite 100, Tustin, CA 92780.

We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800-450-2010, ext. 7100 or you may contact us by email at customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day.