A nationally chartered bank providing access to some of the highest CD (certificate of deposit) rates in the industry along with high-yield savings accounts, Non-QM mortgages, commercial loans, Self Directed IRA loans and more!
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
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.
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.
Does FNBA report payment history of clients without a Social Security number?
Yes. FNBA reports mortgage payment history for all borrowers.
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.
I have a piece of land, can you lend me money to build a house there?
FNBA does not allow loans to construct a home, and therefore would not lend in this case.
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.
Will you sell my loan to another lender?
FNBA does not have plans to sell loans that are originated by us.
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.
Is there a pre-payment penalty?
No. There is no pre-payment penalty.
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.
Are gift funds allowed?
Yes, gift funds are allowed. The minimum down payment is 20% when utilizing gift funds
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 minimum is 15%.
What are some commonly requested documents that I need to submit to FNBA?
A copy of your most recent Federal Tax Returns filed with your ITIN
One year of income documentation (Self-employed borrowers must have operated their business for at least one year)
A copy of your ITIN Letter
A valid, government-issued photo ID (passport, driver’s license, matrícula consular, etc.)
Proof of 6 months housing payment
Proof of cash to close using copies of accounts covering the most recent 60 days.
What is an ITIN Mortgage Loan?
An ITIN Mortgage Loan is designed for people who file taxes with an Individual Tax Identification Number (ITIN) looking to purchase or refinance, a home in the United States.
Once I have the loan with your bank, in the future, will I be able to talk with someone in Spanish or receive correspondence in Spanish if I need to?
Yes. Our Customer Service department is staffed with bilingual personnel to handle your inquiries in English or Spanish.
I need to buy a home for a member of my family. Will that count as a second loan with a higher down payment requirement?
Loan terms offered by FNBA are affected by many things, including your intended occupancy of the home. Depending on whether you already have your own home, and whether you intend to occupy the property you wish to purchase, a higher rate and larger down payment may be required.
I already have a loan with you. I want to buy a second property. Can you help me? Will I get a better rate or a lower down payment requirement?
FNBA treats existing customers no differently than new customers. There is no adjustment to rate, or down payment, based upon your status as an existing customer.
Can other people apply with me?
Yes. Your loan officer can assist you and analyze options and conditions with you.
Regarding the interest rates, are they fixed or variable
The interest rates are fixed for the life of the loan.
What factors may affect my rate?
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.
