Mortgage Products
Agent Cheat Sheet 2026
Quick reference guide for New American Funding mortgage products, key features, and client qualifications.
MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
New American Funding Approved In today's competitive market, your clients need more than a prequalification letter, they need New American Funding Approved. This isn't just another pre-approval; it's a fully underwritten, verified commitment that transforms your clients from hopefuls into serious contenders. When multiple offers hit the table, sellers choose certainty over potential. With New American Funding Approved, your clients aren't just expressing interest, they're bringing proof they're ready to close. That's the difference between making an offer and making the offer. In the home buying big leagues, New American Funding Approved gives your clients, and you, the competitive edge that turns "maybe" into "sold." Don't just help your clients make offers. Help them make pro moves. Plus, New American Funding offers over 900 Housing and Financing Authority programs, 2,000+ product options, a full non-QM suite, and Down Payment Assistance (DPA) programs, helping more clients get into a home.
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TRADITIONAL INCOME CLIENTS
MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
Conventional Loans Client Overview: • Most popular mortgage type with flexible terms • Clients with good credit and stable employment • Those seeking the lowest interest rates available • Repeat clients with equity from previous home • Investment property clients with a strong financial profile
Client Qualifiers: • Minimum Credit Score 580 (when required) • Down Payment: As little as 3% • Debt-to-Income Ratio: Up to 50% • Up to 95% LTV/CLTV • Loan Limits: Up to $832,750 (standard areas), $1,249,125 (highcost areas)
Property Types: • Single-family, 2-4 units, condos, townhomes, PUDs • Primary residences, second homes, investment properties
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MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
FHA Loans
(Federal Housing Administration)
Client Overview: • Ideal for first-time homebuyers and clients with limited savings • Higher debt-to-income ratios • More flexible credit requirements than Conventional loans
Client Qualifiers: • Minimum Credit Score 500 (when required) • Down Payment: As little as 3.5% • Debt-to-Income Ratio: Up to 46.99 / 56.99%, sometimes 50% with compensating factors • Up to 96.5% LTV / 100% CLTV • Loan Limits: $541,287 (standard areas), $1,249,125 (high-cost ceiling) • Mortgage Insurance: Required (both upfront and annual premiums)
Property Types: • Single Family (ADUs allowed), Condo, Manufactured Home, PUD, 2-4 Units (owner-occupied) • Primary residence ONLY
VA Loans
(Veterans Affairs)
Client Overview: • Active-duty military, veterans, and eligible spouses • Those with little to no down payment (0% down) • Clients who want to avoid mortgage insurance • Veterans purchasing homes above conforming limits (no cap) • Military families looking for flexible underwriting
Client Qualifiers: • Minimum Credit Score 500 (when required) • No down payment required • Debt-to-Income Ratio: Up to 41% • Up to 100% LTV/CLTV • VA Funding Fee: Required (can be financed into loan) • Limits: No limit with full entitlement • Must have valid Certificate of Eligibility (COE)
Property Types: • Single Family, VA Approved Condos, Manufactured Homes, PUD, 2-4 Units (veteran-occupied), VA Approved Builders, Manufactured Home • Primary residence ONLY
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MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
USDA Loans
(Rural Development) Client Overview: • Clients looking in rural or suburban areas • Those with limited down payment funds • First-time homebuyers in eligible counties • Income limits apply
Client Qualifiers: • Minimum Credit Score 580 (when required) • No down payment required • Debt-to-Income Ratio: • Below 680 - Max DTI is 29% / 41% with no exception • 680+ - Max DTI is 32% / 44% and must qualify for ratio waiver approval • Up to 100% LTV/CLTV • Location: Property must be in USDA-eligible rural area • Income: Must meet area median income limits • Loan Limits: Determined by USDA Income and Ratio Limits
Property Types: • Single Family, PUD, RD Eligible Condo, Manufactured Home • Primary residence ONLY
HELOC
(Home Equity Line of Credit) Client Overview: • Needs to access equity in their home for any reason • Functions as a revolving line of credit secured by home equity • Client receives as a lump sum with options to redraw • Variable interest rate & fast closing • Available for primary residence and second homes
Client Qualifiers: • Minimum Credit Score 640 • Debt-to-Income Ratio: Maximum 50% • Up to 89.99% CLTV • Maximum Amount: Up to $750K • 90-day seasoning (primary mortgage) • Home Equity: 85% combined LTV
Property Types: • Single-family, 2-units, condos, townhomes, PUDs • Primary and second homes
MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
Jumbo Loans Client Overview: • For home purchases exceeding conforming loan limits • Enables financing for luxury and high-value properties • High-income professionals and executives • Clients with excellent credit and strong financials • Clients with substantial cash reserves (6-12 months) • Investment property buyers with large portfolios
Client Qualifiers: • Minimum Credit Score 600 (when required) • Down Payment: As little as 10% • Debt-to-Income Ratio: Up to 50% • Up to 90% LTV/CLTV • Loan Amount: Up to $10 million • Reserves: Larger cash reserves typically required
Property Types: • Single-family,multi-unit, condos, townhomes, estates • Primary residences, second homes, investment properties
One-Time Construction Loans Client Overview: • Simplified process with a single loan, single closing and one appraisal • Clients wanting to build a custom home, barndominium or manufactured home • Can include land purchase, if needed • Converts to permanent mortgage after construction • Interest-only payments during construction phase • Great for markets with limited housing inventory
Client Qualifiers: • Minimum Credit Score 620 (when required) • Debt-to-Income Ratio: Up to 46.99 / 56.99% • No money down options (VA and USDA) • Detailed construction plans and budget required • Licensed contractor required • Loan limits: Conforming loan limits (Conventional, FHA, USDA, VA)
Property Types: • New construction single-family homes • Custom homes, barndominiums, manufactured homes • Primary residences, second homes (limited)
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How It Works: 1.Client gets pre-approved through NAF 2.NAF Cash makes all-cash offer on client's behalf 3.NAF Cash purchases home with cash 4.Client moves in, has 90 days to sell current home 5.Client rents new home from NAF Cash until current home sells 6.Client secures permanent NAF mortgage 7.Client purchases home from NAF Cash at original price + fee
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NAF Cash®
Client Overview: • Clients with a home to sell and first-time homebuyers • Clients in a competitive market • Make a competitive, no contingency offer sellers will love
Client Qualifiers: • Minimum Credit Score 620 • Maximum Loan to Purchase: $2 million • Pre-approval through New American Funding required • Must qualify for permanent financing (Conventional, VA, Jumbo and Non-QM) • Transaction Fee: 1.5%-7.5% of purchase price (varies by state/program) • Fee can be rolled into financing
Property Types: • Single-family, condos, townhomes, PUDs • Primary homes
Bridge Loans Short-Term Financing Client Overview: • Short-term financing (12 months) between home purchases • Access equity in current home for down payment on new home • Avoid contingent offers • Move into new home before selling current one • Move-up buyers with equity in current home • Those needing down payment funds before selling • Strong credit with equity to access
Client Qualifiers: • Minimum Credit Score: 700 (when required) • Equity: Minimum of 25% • Up to 75% LTV • Maximum Loan Amount: $1,500,000 • Income: Must qualify for both loans simultaneously • Current home must be marketable/sellable • 12 months to sell current home
Property Types: • Single-family, condos, PUDs • Primary homes
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How It Works: 1.Qualify for bridge loan based on home equity 2.Use proceeds for down payment on new home 3.Move into new home 4.Sell current home at optimal time/price 5.Pay off bridge loan with sale proceeds 6.Convert to permanent mortgage
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Reverse Mortgages
(HECM)
Client Overview: • For homeowners age 62+. 55+ for certain proprietary programs in select states. • Convert home equity into cash • No monthly mortgage payments required • Remain in home and retain ownership
Client Qualifiers: • Clients who have at least 55% of equity or more • Looking to age in place • Would like to use their home as their bank • Clients who are looking to transition to the right size property or live closer to friends and family
Property Types: • Single-family, 2-4 units (owner-occupied), condos, FHA-approved manufactured homes, new builds • Primary residence only
RENOVATION LOANS PURCHASE & REFINANCE OPTIONS
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Client Overview:
Product Options:
• Finance both purchase price and
Conventional (HomeStyle or CHOICERenovation) Qualifiers:
renovation costs in one loan • Available for purchase and refinance • Families with limited cash for a separate renovation loan • Clients seeking to create equity through improvements • Selling fixer-upper properties, making it your client’s ideal home • First-time buyers in competitive markets (lower purchase price)
• Minimum Credit Score: 580 (when required) • Down Payment: As low as 3% • Up to 97% LTV / 105% CLTV • Renovation must add value to the property
FHA 203(k) Client Qualifiers: • Minimum Credit Score: 500 (when required) • Down Payment: As low as 3.5% • Up to 96.5% LTV / 100% CLTV • Renovation must add value to the property
Property Types: • Single-family, 2-4 units, approved condos, fixer-uppers • Primary residence ONLY
• Limited ($75K max). Standard (110% improved value) • Detailed renovation plans and contractor estimates required
VA Renovation Qualifiers: • Minimum Credit Score: 580 (when required) • No down payment required • Debt-to-Income Ratio: Up to 41% • Up to 100% LTV • VA Funding Fee: Required (can be financed into loan) • Limits: No limit with full entitlement • Must have valid Certificate of Eligibility (COE)
NAF PATHWAY SUITE & DOWN PAYMENT ASSISTANCE
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NAF Pathway
Client Overview: • First-time homebuyers who’d like to keep their savings for other things • Up to $6,000 towards down payment and closing costs • Clients who can contribute at least 3% of their own funds • Clients with good credit seeking conventional financing
Client Qualifiers: • No income limitations • Minimum Credit Score: 620 minimum • Up to 97% LTV with 640. 95% CLTV under 620 • At least one occupying borrower must be a first-time homebuyer • Assistance: 80% AMI - grant. No AMI – lender credit
Property Types: • Single-family residences • Primary residence • Subject property requirements
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MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
NAF Pathway Refi
Client Overview: • Current homeowners looking to refinance • Clients seeking rate and term or cash-out refinance options • Clients with good credit and equity in their homes
Client Qualifiers: • No income limitations • Minimum Credit Score: 620 • Up to 97% LTV with 640 / 95% CLTV under 620 • Rate and Term Refinance or Cash-Out Refinance options
Property Types: • 1–4 unit properties • Primary residence only • Subject property requirements
NAF Pathway 100
Client Overview: • Clients who have little to no money for a down payment • Provides 3.5% or 5% assistance via second lien, for down payment, closing costs and prepaids
Client Qualifiers: • No FHA income limits. USDA income limitations apply • Minimum Credit Score: 580 • No down payment required
Property Types: • Single-family. FHA-only option for 2–4 unit properties • Primary residence • No subject property requirements
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MORTGAGE LOANS POWERED BY NEW AMERICAN FUNDING
NAF Pathway National
Client Overview: • Clients who would like to keep more of their savings in their pocket • Provides 4% assistance with flexible income requirements
Client Qualifiers: • Minimum Credit score: 660 • Up to 97% LTV / 105% CLTV • Assistance: 4.00% via second lien for down payment or closing costs • Income: Up to 140% AMI
Property Types: • Single-family homes, 1–2-unit properties, PUDs, condos, co-ops • Primary residences • Subject property requirements
NAF Pathway HOME
Client Overview: • Clients who want financing with NO mortgage insurance • Clients seeking to maximize affordability by eliminating PMI costs
Client Qualifiers: • No income limitations • Minimum Credit Score: 640 • Up to 97% LTV / 105% CLTV with eligible Community/Affordable Second Programs
Property Types: • Single family, 1–2-unit properties, PUDs, condos • Primary residence only • Subject property location requirements
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State & Local Homebuyer Assistance Programs May Offer: • Down payment and closing cost assistance • Grants that generally do not require repayment • Forgivable loans that may be forgiven after meeting specified occupancy and program requirements • Deferred-payment loans typically repaid when the home is sold, refinanced, transferred, or no longer used as a primary residence • Affordable second mortgages that may offer below-market, lowinterest, or zero-interest financing
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Housing Finance Agencies (HFA) & Down Payment Assistance (DPA)
Common Eligibility Requirements: • First-time homebuyer status may be required, though many programs offer exceptions or are open to repeat buyers • Completion of a homebuyer education course may be required • Household income limits: typically 80–120% of area median income and purchase price caps may apply
Property must be located in an eligible area and occupied as a primary residence. May be combined with FHA, VA, USDA, and Conventional financing. Eligibility, assistance amounts, and program availability vary by program.
NAF ADVANTAGE (NON-QM)
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New American Funding offers four distinct Non-QM products designed for clients who don't fit traditional lending guidelines.
Asset Advantage (Asset-Based Qualification)
Client Overview: • Asset-rich Retirees, Investors, High-Net Worth clients • Qualify based on assets, not income • Perfect for high-net-worth individuals • No debt-to-income (DTI) ratio calculation required • Ideal for retired clients with substantial assets • Perfect for those with investment income but low W-2 income • Portfolio and real estate investors with multiple properties (up to 20) • Retirees with substantial investment portfolios • High-net-worth individuals with significant liquid assets • Those with investment income but lower W-2 income • Clients who prefer asset-based qualification over income verification
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Client Qualifiers: • Maximum Loan Amount: $4 million • Down Payment: Minimum 10% • Minimum Credit Score 620 • No DTI Calculation Required • Up to 90% LTV/CLTV • Reserves: 3+ months required • Portfolio Limit: Up to 20 financed properties
Asset Requirement (must fully cover): • Loan amount • Down payment • Closing costs and prepaids • 60 months of payments/obligations • Residual funds for living expenses
Property Types: • Single-family homes, 2–4-unit properties, condos (warrantable), townhomes • Primary residence, second homes, investment properties
Entrepreneur Advantage Income Documentation Options: Option 1: Bank Statements • 1-2 years of bank deposits from business or personal accounts • 12-month or 24-month options available • Average deposits used for qualifying income Option 2: IRS 1099 • Requires year-to-date income proof to confirm ongoing earnings continuity • Assumes a 10% expense ratio for qualifying income calculation • Perfect for independent contractors and consultants Option 3: CPA-Prepared P&L • Requires 2+ years of self-employment • Must provide 12- or 24-month profit-and-loss statement • Must be prepared by licensed CPA or enrolled agent • Income calculated as net average based on ownership percentage (25%+ required)
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Client Overview: • Designed specifically for self-employed clients, gig workers and business owners • Multiple income documentation options (Bank Statements, 1099, CPA P&L) • Flexible underwriting for entrepreneurs • Clients with lower taxable income due to write-offs • Independent contractors and 1099 earners • Business owners who prefer bank statement documentation • Minimum 10% down payment to avoid mortgage insurance
Client Qualifiers: • Maximum Loan Amount: $4 million • Down Payment: Minimum 10% • Minimum Credit Score 600 (when required) • Debt-to-income: Maximum 55% • Up to 90% LTV/CLTV • Business Ownership: Must have 25% ownership stake • Portfolio Limit: No limit on primary | Up to 15 on secondary/investment
Property Types: • Single-family homes, 2–4-unit properties, condos (warrantable), townhomes • Primary residence, second homes or investment (up to 15)
Global Advantage (Foreign National & ITIN)
Foreign National DSCR: • Down Payment: 30% required • Minimum Credit Score 640 (or no credit score on some programs) • Up to 70% LTV/CLTV • Qualification based on property income (DSCR ratio) • Foreign credit documentation acceptable • Perfect for international real estate investors
ITIN (Individual Tax Identification Number) • Down Payment: As little as 10% • Minimum Credit Score 600 (when required) • Up to 90% LTV/CLTV • Individual Taxpayer Identification Number (ITIN) accepted • Alternative credit documentation accepted • Bank statements or employment verification
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Client Overview: • Designed for Foreign Nationals and ITIN Clients • International clients without U.S. credit history • ITIN holders (non-citizens working in U.S.) • No limit on number of financed properties • Flexible documentation requirements
Client Qualifiers: • Maximum Loan Amount: $3 million • Cash-Out Refinance: Up to 80% LTV
Property Types: • Single-family homes, 2–4-unit properties, condos (warrantable), townhomes • Primary residence, second homes, investment properties (especially DSCR)
Cash-Flow Advantage (DSCR)
Client Overview: • Asset-rich Retirees, Investors, High-Net Worth clients • Qualify based on assets, not income • No debt-to-income (DTI) ratio calculation required • Perfect for those with investment income but low W-2 income • Portfolio investors with multiple properties (up to 20) • High-net-worth individuals with significant liquid assets • Real estate investors with multiple-financed properties (up to 20) • Clients who prefer asset-based qualification over income verification
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Client Qualifiers: • Minimum Credit Score 620 • Down Payment: As little as 15% • Up to 85% LTV/CLTV • Maximum Loan Limit: $3.5 million • Property must generate sufficient rental income • DSCR ratio typically 1.0 or higher preferred
Property Types: • Investment/rental properties ONLY • Single-family, 2-4 units, condos (warrantable)
Do’s & Don’ts
Do’s • Do educate yourself about the homebuying and home financing process, making sure that you meet your short and long-term financial goals. • Do stay in your job so your mortgage lender can verify your current employment status. • Do stay current on all your payments, including payments for your mortgage, automobile, credit cards, student loans, and any other debt. • Do make sure to organize key documents, including check stubs, W-2s, tax returns, bank and investment statements, Note or Deed to other properties, etc. •Do document any part of your down payment that’s a gift. Ask for gifted funds as soon as possible with your Loan Officer’s guidance.
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Don’ts • Don’t make large deposits, withdrawals, transfers or financed purchases. If you must, then save the documentation by itemizing these transactions. • Don’t allow your bank accounts to go in the negative, even if you have overdraft protection. • Don’t apply for new credit or give your personal information to anyone else who might run your credit, which can hurt your credit score. • Don’t close credit card accounts after you’ve paid them off. This may increase your debt ratio and have a negative impact on your credit score. • Don’t keep cash in a safe or an overseas account if it’s for a down payment. Inquire about the best time to put funds into your U.S. bank account.
Mortgage Document Checklist Income Documents: • W-2 Employees: • Last 2 years W-2 forms • Last 2 years complete tax returns (all schedules) • Most recent 30 days of paystubs • Year-to-date paystub showing current earnings • Self-Employed/Business Owners: • Last 2 years personal tax returns (all schedules) • Last 2 years business tax returns (all schedules) • Year-to-date profit & loss statement • Current balance sheet • Business license or registration • Additional Income Sources: • Social Security or pension award letters • Child support or alimony documentation • Rental income (Schedule E from tax returns + current lease) • 1099 forms for contract/freelance work • Asset Documents: • Last 2 months bank statements (all pages, all accounts) • Investment/retirement account statements (401k, IRA, stocks, bonds) • Gift funds documentation: • Gift letter signed by donor • Proof of transfer from donor to Client • Bank statements from both donor and recipient • Explanation letters for any large deposits over $1,000
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Identity & Credit Documents • Valid government-issued photo ID (driver's license or passport) • Social Security card or verification • Proof of current residency (utility bill, lease agreement) • Letters of explanation for: • Late payments on credit report • Collections or charge-offs • High credit utilization • Bankruptcy or foreclosure documents (if applicable)
Property Documents: • For Purchase: • Fully executed purchase contract • Earnest money deposit receipt • HOA documents (if applicable): • Bylaws • Financial statements, • Insurance • If Selling Current Home: • Current mortgage statement • Homeowners insurance policy • Property tax bills • HOA statement (if applicable) • Listing agreement or sales contract (if already listed/under contract)
Special Circumstances • Military Service: DD-214, Certificate of Eligibility (COE) for VA loans • Divorce: Complete divorce decree, separation agreement, child support documentation • Non-U.S. Citizen: Green card, work visa, passport, ITIN • First-Time Homebuyer Programs: Certificate of completion for required education course
Important: All documents must be complete, legible, and unaltered. Electronic statements are acceptable. Additional documentation may be requested during underwriting based on individual circumstances.
Let’s Connect ERIC STIGALL Branch Manager | NMLS #2014221
719.454.3330 eric@simplemortgageloans.com simplemortgageloans.com
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Equal Housing Opportunity. This is not a loan commitment or guarantee of any kind. Terms and conditions apply. Subject to borrower and property qualifications. Not all applicants will qualify. Rates and terms are subject to change without notice. All mortgage loan products are subject to credit and property approval. 2026 New American Funding, LLC. NMLS #6606. nmlsconsumeraccess.org. 1 MacArthur Place, Suite 800, Santa Ana, CA 92707 naf.com. (800) 450-2010. Not intended for distribution to consumers as defined by Section 1026.2 of Regulation Z which implements the Truth-In-Lending Act. This information is to inform the real estate industry only and is not marketing material to be provided to consumers. Not available in: DC, NY, MA, TX, Guam, Puerto Rico, or U.S. Virgin Islands. Borrower is obtaining a bridge loan secured by their current primary residence to use the cash out proceeds towards the purchase of their new primary residence while they await the sale of their current primary residence. This loan product contains a balloon payment and requires no monthly payments during the 12-month term. The entire amount of outstanding principal and accrued interest is due at maturity or the sale of the property, if sooner than maturity. Payments do not include amounts for taxes and insurance premiums. Your actual payment obligation will be higher. Not available on all down payment assistance programs. Geographic restrictions apply. Appraisal may be required in some cases. NAF’s Global Advantage loan programs, customer’s assets will have to be located within a bank located in the United States of America. Potential applicants are encouraged to consult their financial advisor about their particular situation. Applicants must meet all legal residency documentation requirements. All mortgage documents necessary to effectuate the transaction, required by law, or required by federal regulation, will be provided in English. NAF Cash, LLC (“NAF Cash”) is a real estate company that is an affiliated company of New American Funding, LLC. All products and services supplied by NAF Cash are subject to state availability and contractual terms and conditions. NAF Cash does not originate loans or issue loan commitments. NAF Cash charges a Transaction Fee of 1.50%-7.5% of the purchase price (fee varies by state and program). License: MI Real Estate Broker #6505431332. Non-traditional credit references, such as rental and utility payments, may substitute for FICO. Credit up to $6,000 maximum. Due to maximum seller concession rules applicable to purchase loan transactions, this credit could be less than $6,000 in some cases where other concessions have been made to the consumer. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Borrower is responsible for paying taxes, insurance, maintenance and other related property expenses. Must be in USDA approved area. Income and asset limitations apply. Non-traditional credit references, such as rental and utility payments, may be used to validate a current score or to provide credit references when no score exists. Non-traditional credit references, such as rental and utility payments, may be used to validate a current score. No loan limit with full entitlement. For more information, visit: https://www.benefits.va.gov/homeloans/index.asp. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits. Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. New American Funding, LLC is not acting on behalf of the Department of Veteran Affairs, nor affiliated with or any government agency.