Discover an alternative mortgage solution

Purchasing a home is one of the bigger investments we make in life and obtaining a mortgage isn’t always easy. First National Bank of America has offered customized mortgage solutions for over 65 years. In that time, we have learned that mortgage lending can’t be a one size fits all approach.

Whether you are looking to purchase, refinance or consolidate debt, FNBA’s Non-QM loan programs offer an alternative mortgage solution, Nationwide. Our loan programs are available to Self-Employed and 1099 borrowers, ITIN borrowers, SSN borrowers, Previous Credit Event borrowers and everyone in between! 

Mortgage FAQs

What is a Non-QM loan?

QM stands for Qualified Mortgage and a Non-QM loan allows borrowers the opportunity of homeownership when they don’t meet the requirements set by the Fannie Mae or Freddie Mac. Non-QM loans allow borrowers to have Debt-to-Income (DTI) ratios above the traditional 43% maximum along with allowing them to utilize alternative income documentation such as: Bank statements, Profit and Loss statements and Assets as well as traditional W2’s, Tax returns and Paycheck stubs to provide an accurate depiction of the borrower’s income. Non-QM mortgages may be an option for borrowers with a less than perfect credit history as well.

What will my rate be?

Mortgage rates vary for each borrower. Your loan officer will get you the best rate you qualify for based on your specific scenario. Some key factors affecting rate include your credit score, property type, amount of down payment, term of the loan, occupancy, loan amount and type of income used to qualify.

What are some commonly requested documents that I need to submit to FNBA?

  • One year of income documentation (Self-employed borrowers must have operated their business for at least one year)
  • A valid, government-issued photo ID (passport, driver’s license, etc.)
  • Proof of 6 months  of current housing payments
  • Proof of cash to close using copies of accounts covering the most recent 60 days.

Do I need to come up with a down payment and how much?

Yes, a down payment is required. Depending on your qualifications, the down payment requirement will be between 15% and 35% of the purchase price.

Are gift funds allowed?

Yes, gift funds are allowed. The minimum down payment is 20% when utilizing gift funds

What closing costs will I be responsible for?

Similar to traditional mortgage fees, you will be responsible for origination fees, title fees, appraisal fees, recording fees and escrow.

What are the benefits of getting a loan with FNBA?

FNBA will hold and service your loan for it’s entire term so you will always know where to send your payments and there is never PMI.

What property types are eligible?

Single family homes, condos, townhomes, mobile/manufactured homes, 2-4 unit homes as well as vacant land are all eligible. These can be primary, second or investment homes.

Is there a pre-payment penalty?

No. There is no pre-payment penalty.

Are the interest rates fixed or variable?

All FNBA loans will have a fixed interest rate for the life of the loan.

Will I need to order my own appraisal?

No, FNBA will order the appraisal when it is time.

Will my monthly payment change?

FNBA will not change the amount of principal and interest. However, your total monthly payment may change in the future due to property taxes or homeowner’s insurance as FNBA does not control those costs.

Will you sell my loan to another lender?

FNBA does not have plans to sell loans that are originated by us.

How long does the process take?

The pre-qualification process typically takes 1-2 business days. Once you have signed a purchase agreement on a home, FNBA can close in an average of 30-45 days and we are continuously striving to shorten the process.

Where will I go to close on my loan?

FNBA allows you to choose your own title company, or we are happy to choose one for you. FNBA works with title companies all over the U.S. and the title company for your closing is usually coordinated with you and your realtor.

I have a piece of land, can you lend me money to build a house there?

FNBA does not provide short-term initial construction loans. However, if your property has sufficient value, a cash-out refinance may provide you the financing needed. Please call and set up an appointment to discuss possible options with a loan officer.

I have equity in my home, how soon can I refinance and get cash out?

FNBA requires borrowers to establish at least 6 months of ownership prior to being eligible for a cash-out refinance. Please note that though you may otherwise be eligible, the equity you have in your property may limit the amount of cash based on maximum loan to value limits acceptable to FNBA.

Does FNBA report payment history of clients without a Social Security number?

Yes. FNBA reports mortgage payment history for all borrowers.

Can I apply for a mortgage loan even if I do not have credit history nor a credit score?

Yes, anyone can apply.  FNBA has guidelines and programs for applicants that have no credit score or that lack credit history.

Do I need to open a bank account with FNBA in order to apply for a mortgage loan?

No. There is no requirement to open an account with FNBA in order to obtain a mortgage.  

What would you like to do?
Purchase, Refinance or Consolidate Debt

Want to talk to a member of our team? Call 1-833-394-8404