NASB Mortgage Review: Flexible Lender with Plenty of Options for Non-Traditional Borrowers

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Overall Lender Rating

Advantages and disadvantages

NASB Mortgage Interest Rates and Fees

You can view sample mortgage rates for 15-, 20-, and 30-year conforming mortgages and 30-year FHA mortgages on the NASB website.

NASB also provides a handy tool that lets you enter basic information about your credit and the home you’re buying to see personalized rates. This can help you get an idea of ​​how much you could pay based on your loan amount, down payment, and credit score.

The rate tool also provides an estimate of what you might pay in fees on your mortgage. However, the NASB does not disclose the types of loan fees it charges or the amount it charges for those fees.

Compare with other mortgage lenders

NASB vs. Chase Mortgages

Chase is a good option for borrowers looking for affordable loan products through the homebuyer subsidies it offers. It also has the DreaMaker mortgage, which allows a 3% minimum with a reduced PMI and less stringent credit requirements.

If you need to use non-traditional forms of documentation to qualify for a mortgage, or if you have negative events on your credit report, NASB’s non-QM options are likely better for you.

NASB vs. Bank of America Mortgages

NASB and Bank of America have similar loan offerings. But if you want a HELOC, Bank of America is the obvious winner, since NASB doesn’t have home equity options.

Bank of America also offers an affordable loan product called Community Affordable Loan Solution, which targets low-income borrowers in a handful of historically Black and Hispanic neighborhoods across the country. But NASB might still be the best choice if you’re a non-traditional borrower.

How NASB mortgages work

NASB is a bank based in Kansas City, Missouri. If you live near one of its 12 Missouri branches or loan offices, you can start the mortgage process in person. Alternatively, you can speak to a loan officer over the phone or apply online. NASB ready in all 50 states and Washington, DC.

With NASB, borrowers can obtain non-recourse compliant, FHA, VA, jumbo, non-QM, or IRA loans. The NASB Non-Recourse IRA Loan allows borrowers to use their self-directed IRA to purchase property.

Its non-QM loan options include:

• Bank statements ready for self-employed borrowers who want to use their bank statements, rather than their tax returns, to show their income
• FLEX Loansthat allow for non-traditional sources of income and have shorter waiting times after bankruptcy or foreclosure
• Portfolio loans for borrowers with a bankruptcy that is at least two years old or a foreclosure that is at least four years old
• Bridging loans so you can buy a new home before you sell your current home
• Asset depletion loans that allow borrowers to use their assets to qualify
• Mortgages for self-employed borrowers or independent contractors who need to use 1099s to show their income
• Mortgages for real estate investorsincluding debt service coverage ratio (DSCR) loans that use cash flows from investment properties to qualify the borrower
• Unsecured condominium loans to buy a condo that does not meet conventional guidelines

Is NASB a reputable lender?

NASB currently has an A+ rating from the Better Business Bureau. A good BBB rating indicates that a company responds effectively to customer complaints and is transparent about business practices. This lender also has no recent public scandals.

On its Zillow lender page, NASB has a 4.96 out of 5 star rating based on 1,557 customer reviews.

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