Where does Newfi do business?
Newfi is a direct lender based in Emeryville, CA. The company was founded in 2014 and offers mortgages to borrowers in 9 states.
How much can you borrow via Newfi?
Newfi allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with Newfi?
Newfi offers mortgages with terms ranging from 15 to 40 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Does Newfi charge a mortgage origination fee?
Yes, Newfi may charge a loan origination fee.
What mortgage programs does Newfi offer?
Newfi offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Newfi allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Newfi allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Investment properties and house flipping projects
- New Jersey
- Employed Full-Time
- Employed Part-Time
- Primary Home
- Secondary Home
- Multi-Family Home
- Single Family Home
- Government Issued Photo ID
- Proof of Identity
- Proof of Income
- Proof of citizenship/residence (Green Card)