NEXA Mortgage has emerged as a powerhouse in the mortgage industry, quickly growing to 1,900 licensed mortgage loan originators since its inception. Founded by CEO Michael Kortas in August 2017, NEXA Mortgage's success is rooted in Kortas’ common-sense approach and unwavering principles. This article delves into the various loan options offered by NEXA Mortgage, including FHA loans, VA loans, and loans for those with low credit scores. We will also explore how NEXA Mortgage's commitment to its foundational principles of States, Products, and Rates has fueled its remarkable growth.
What is an FHA Loan?
An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). These loans are designed to help low- to moderate-income families become homeowners by lowering some of the costs associated with their mortgage. With more lenient credit score requirements and lower down payments, FHA loans are a popular choice for first-time homebuyers.
Benefits of FHA Loans
Lower Credit Score Requirements: Borrowers with credit scores as low as 580 can qualify for an FHA loan with a down payment as low as 3.5%.
Higher Debt-to-Income Ratio: FHA loans allow for a higher debt-to-income ratio, making it easier for individuals with existing debt to qualify.
Flexible Down Payment Options: Down payments can come from various sources, including gifts and grants.
Refinance Mortgage Loans
Refinancing your mortgage involves replacing your existing mortgage with a new one, typically to achieve better terms or lower monthly payments. NEXA Mortgage offers a range of refinancing options tailored to meet the diverse needs of homeowners.
Why Refinance Your Mortgage?
Lower Interest Rates: Refinancing can help you secure a lower interest rate, reducing your monthly payments.
Cash-Out Refinancing: This option allows you to take out a new mortgage for more than you owe on your current one, receiving the difference in cash.
Shorten Loan Term: Refinancing to a shorter loan term can save you money on interest over the life of the loan.
VA Loans
VA loans are mortgage loans provided to veterans, service members, and their families. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and offer several benefits that make homeownership more accessible to those who have served our country.
Advantages of VA Loans
No Down Payment: VA loans typically require no down payment, making it easier for veterans to purchase homes.
No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, reducing monthly payments.
Competitive Interest Rates: VA loans often come with lower interest rates compared to other loan types.
VA Loan Mortgage
A VA loan mortgage is specifically designed to provide long-term financing to eligible American veterans or their surviving spouses. These mortgages come with favorable terms and conditions that reflect the service and sacrifice of the borrowers.
Eligibility for VA Loan Mortgage
Service Requirements: Must have served a minimum period in active duty or be the surviving spouse of a service member.
Certificate of Eligibility (COE): Borrowers need a COE to prove their eligibility for a VA loan.
Satisfactory Credit: While VA loans have more lenient credit requirements, a satisfactory credit history is still necessary.
Low Credit Score Loan
For those with less-than-perfect credit, securing a mortgage can be challenging. However, NEXA Mortgage specializes in helping individuals with low credit scores obtain loans tailored to their financial situations.
How NEXA Mortgage Helps Low Credit Score Borrowers
Customized Loan Options: NEXA Mortgage offers a variety of loan products designed for borrowers with low credit scores.
Credit Counseling: They provide resources and support to help improve borrowers' credit scores over time.
Flexible Approval Criteria: By looking at the complete financial picture, NEXA Mortgage can often approve loans that other lenders might not.
About Us: NEXA Mortgage
NEXA Mortgage's meteoric rise in the mortgage industry can be attributed to its core principles and the leadership of CEO Michael Kortas. Founded in August 2017, the company now boasts 1,900 licensed mortgage loan originators. low credit score loan This rapid expansion is a testament to the company's commitment to its foundational values: States, Products, and Rates.
States
NEXA Mortgage operates nationwide, offering its services across a wide range of states. This extensive reach allows the company to serve a diverse clientele and provide localized expertise.
Products
With a comprehensive portfolio of mortgage products, NEXA Mortgage ensures that there is a suitable loan option for every borrower. Whether you are a first-time homebuyer, a veteran, or someone with a low credit score, NEXA Mortgage has a product that fits your needs.
Rates
Competitive rates are a cornerstone of NEXA Mortgage's offerings. By leveraging their extensive network and industry expertise, they can secure some of the best rates for their clients, making homeownership more affordable.
Conclusion
NEXA Mortgage's success story is one of rapid growth and steadfast commitment to core principles. By offering a wide range of loan options, including FHA loans, VA loans, and solutions for low credit score borrowers, they have positioned themselves as leaders in the mortgage industry. Their dedication to providing excellent service, competitive rates, and tailored products ensures that they will continue to be a trusted partner for homebuyers across the nation.
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