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NASB Mortgage Review | Find the best loan for you

The North American Savings Bank, or NASB, is a Missouri bank and lender founded in 1927 that offers mortgages nationwide. The NASB offers a variety of mortgage options, including conventional, Federal Housing Administration, and Department of Veterans Affairs loans, as well as products for borrowers who might otherwise have difficulty securing a mortgage.

Best features

  • The lender offers a variety of mortgage products.
  • There are loan programs that can be helpful for independent borrowers and borrowers who may not meet regular loan requirements.
  • VA loans are free of charge from the lender.

Disadvantages

  • The NASB only has physical loan offices in Missouri.
  • Not all NASB loan programs are available nationwide.

What types of mortgages does the North American Savings Bank offer?

NASB offers a range of mortgage products, including:

  • Fixed rate loans
  • Adjustable rate loans
  • VA loans
  • FHA loans
  • Jumbo loans
  • Bank statement loans
  • Refinancing

The lender’s options also include Flex Loans, which accept assets such as retirement accounts and trusts as income in the qualifying process. Clients with self-directed individual retirement accounts who wish to purchase investment property may consider NASB non-recourse loans. The NASB does not currently accept applications for home equity lines of credit, but home equity loans are available for NASB bank customers.

How does the North American Savings Bank mortgage work?

You can get a quote from the NASB by providing information online or over the phone. You can also use the NASB Home Buying Advantage program to get subscribers review your information before finding a home, which allows you to close faster. You can apply for a NASB home loan online, and you will also hear from a NASB loan officer.

What are the NASB terms, fees and conditions?

You can check the rates and fees for some NASB mortgage products by entering information about yourself and your loan on the lender’s website. You’ll need to make at least a 3% down payment for a conventional NASB fixed rate mortgage and a 10% down payment for a conventional ARM, although you will likely need private mortgage insurance if you are making a down payment of less than 20 years old. %. You generally won’t have to make a down payment on a VA loan, and the NASB doesn’t charge a lender fee for VA loans either. Closing costs will likely be around 3-5% of your purchase price. Other fees include a $ 2.75 fee if you are using a non-NASB account to make an online payment on your loan.

What discounts does the North American Savings Bank offer?

If you live in the Kansas City metro area, you may be able to use the Lender’s Good Neighbor Program, which waives NASB lender fees and comes with a loan to help cover closing costs for them. eligible borrowers. The NASB also won’t charge lenders a fee for VA loans, and the lender’s on-time closing guarantee offers up to $ 1,000 to cover closing costs if the NASB causes your loan to close late within. eligible cases.

How do you qualify?

To get a conventional loan from the NASB, you may need to provide documents that include two years of W-2 tax forms, your two most recent pay stubs, and a copy of your driver’s license. The maximum loan amount will depend on information such as your credit rating, type of loan, and debt-to-income ratio. The maximum DTI for a jumbo loan is 43%, whereas you could get a bank statement loan with a DTI of up to 45%, a Flex loan with a DTI of up to 48%, and a conventional loan with a DTI of up to 45%. ‘at 50%. Conventional loans require a credit score of at least 620, while other types of loans have different credit requirements.

What credit score do you need?

The FICO score you will need for a NASB loan depends on the type of loan you want, but you will need at least 620 for a conventional loan. You will need a credit score of 660 for a bank statement loan and 690 for any of the NASB Jumbo or Flex loans. You may qualify for the NASB’s Good Neighbor program with a 580. The lender will also consider factors such as your DTI when determining how much you can borrow.

Where does the NASB operate?

Although the NASB only has physical loan offices in Missouri, it offers mortgages nationwide. Some products may have more limited availability. The Good Neighbor program, for example, is only available to qualifying buyers in designated areas of Kansas and Missouri.

Mortgage calculator

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Is the NASB reputable?

The NASB is rated A + by the Better Business Bureau and the company is BBB accredited. Since 2010, the lender claims to have worked with more than 83,000 home loan clients.

How is North American Savings Bank customer service?

You can call NASB Customer Service at 800-677-6272 Monday through Friday, 7:30 a.m. to 5:30 p.m. Central Time. If you live in the Kansas City area, you can call 816-316-4000 during those same hours. You can also reach NASB by email through your online account or at [email protected]. There is also an online contact form on the lender’s website.

What are some of the online features of North American Savings Bank?

You can create an account on the NASB website to begin your loan application. You can also provide information online or over the phone to get a quote. You can pay your mortgage online, but you will need to pay a fee of $ 2.75 to make a payment with a bank other than the NASB.