New Fed Mortgage overview
New Fed Mortgage is a full-service mortgage lender operating in multiple states throughout the country. It offers a wide range of loan options for borrowers with varying qualifications.
Founded in 2000, New Fed Mortgage is headquartered in Danvers, Massachusetts. It's the parent company of Commonwealth Mortgage, which offers discounted rates and a best-rate guarantee — it’ll pay $500 if you can find a better deal at another lender. In 2017, New Fed Mortgage was named the best mortgage company in Massachusetts Banker and Tradesman newspaper.
- Adjustable-rate (ARM)
- Reverse mortgages
- Rate-and-term refinancing
- Cash-out refinancing
New Fed Mortgage and Commonwealth Mortgage offer a no-cost closing option, which includes fees in APR — like origination and application fees — as well as non-APR fees such as title costs. Both New Fed Mortgage and Commonwealth Mortgage partner with CMR Closing Services, LLC, to provide a discounted closing.
If you’d like to lower your obligation at closing, keep in mind there are several mortgage programs that can help. FHA, VA and USDA loans may provide the option to wrap closing costs into your mortgage.
Minimum borrower requirements
New Fed Mortgage doesn’t publish borrower requirements, but you can generally expect it to follow Fannie Mae’s underwriting guidelines for conventional loans. It takes a credit score of 620 or higher to qualify for a conventional loan. You’ll also need a down payment of at least 3 percent and a debt-to-income ratio (DTI) of 43 percent or lower.
FHA loans generally require borrowers to have a credit score of 500 or higher, a DTI of 50 percent or lower and a down payment of at least 3.5 percent. VA loans don’t have a down payment or minimum credit score requirement, but you’ll typically need a FICO score of 620 or higher.
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