Loan Programs
NewFED Mortgage offers a vast array of loan programs...so many, in fact, that it can get quite confusing.

In order to educate you on which loan may fit you best, we've compiled a list of our programs and definitions. You will absolutely come out of this page having learned something.

And remember, you can call us at any time at 1-877-NewFED-1 with any other questions you may have.
203K Streamline                                                                                                                             Get funds up to 35,000 for repairs on owner occupied properties. This money can be used for painting, new appliances, and all other cosmetic freatures in the hone.  Requirement 3% down payment and it can be a gift from a family member or your employer. [Apply]
203K Standard
 Get funds to fix up your home !! Bring your contractor in for bids and get funds to fix up your home before moving in.  These costs can include structural renovations, additions or complete teardowns.  Requirement 3% down payment and it can be a gift from a family member or your employer. [Apply]
95% Cash Out: Fixed                                                                                                                 Cash out up to 95%.  Refinance and take up to 95% of the appraised value of your home in cash, allowing you to make home improvements, or pay off high rate credit card debt. [Apply]
97% Rate and Term Finance
Through FHA (HUD) you can finance 97% of your homes value if you don't take any monies out of the transaction.  This is a 30 year fixed rate mortgage with no prepayment penalties and works well to secure a good rate. [Apply]
Commercial Loans
We do specialize in Commercial and no deal is too large or too small.  5+ units, garages, bars, mixed use, Retail, Strip Malls etc.  Call and ask questions on how to obtain commercial financing. We do offer commercial financing nationwide! [Apply]
Construction Loans
Building a new home can be an exciting prospect -- unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or the traditional ARM (adjustable rate mortgage) products. [Apply]
Conventional
Traditional loan programs that usually offer competitive interest rates. Documentation and fair to good credit are necessary. New Fed Mortgage strives to be competitive with our conventional rates. [Apply]
Equity Bridge Loans
A short-term loan that is used until a person or company secures permanent financing or removes an existing obligation. This type of financing allows the user to meet current obligations by providing immediate cash flow. The loans are short-term (up to one year) with relatively high interest rates and are backed by some form of collateral such as real estate or inventory. [Apply]
Construction Loans
Building a new home can be an exciting prospect -- unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or the traditional ARM (adjustable rate mortgage) products. [Apply]
Conventional
Traditional loan programs that usually offer competitive interest rates. Documentation and fair to good credit are necessary. [Apply]
Expanded Approval
This is a Fannie Mae program that for some reason cannot go Conforming Fannie Mae.  Many reasons such as income, credit and or asssets can dictate this.  Associated with this program the rates will increase. [Apply]
FHA Mortgage
These mortgages are backed by HUD and offer great rates and a great alternative to a conventional mortgage.  FHA will allow seller concessions and the ability to put 3% down on a transaction from 1-4 units (owner occupied) Please call and ask questions on how this loan can benefit you. The 3% can also come from a gift from a family member, employer or a non- profit organization such as Nehemiah.  Great Credit Scores are not needed and credit can be built for the right borrower pursuing this type of mortgage. [Apply]
Fixed 7 Year Balloon
A 7 Year Balloon mortgage is a fixed rate loan amortized over 30 years. The interest rate is lower than our Regular 30 year fixed rate because, by the seventh year you must have refinanced or paid off this loan. You may apply to refinance this loan with New Fed at any time during the 7 year period. [Apply]
Flex 97% Loan
Similiar to FHA without the up front mortgage insurance. This is a Fannie Mae conventionla loan and both mortgages should be looked at to decide which one is best for you. [Apply]
HELOC
A Home Equity Line of Credit (often called HELOC, pronounced HEE-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house. These loans are beneficial especially if you don't want to touch your first lien but would like to request additional funds for things like (college education, fixing up the house and or unexpected expenses. Typically these loans are priced off of the prime rate. [Apply]
Investor Loans
Used to finance 1-to-4 family properties that will be for investment . Aggressively priced, these programs have many variations such as NO DOC, LIMITED DOC, or FULL DOC. 1-4 units is known as residential in which you can be an investor and put down as little as 10% (call for details) Are you a developer?  Do you need funds to build a project? (call for details.) Remember mixed use property and 5+ units is a commercial loan and different guidelines and process will apply.  Call us today to start investing in Real Estate. [Apply]
Jumbo Loan
Offers a 30-year and 15-year fixed rate mortgage and competitive ARM (adjustable rate mortgage) products with full documentation, alternate documentation, and limited documentation.we offer Adjustable rate and fixed rate products. You may ask if it may be better off to take out 2 loans instead of one large loan.[Apply]
Lot Loan
These Land Loans are designed as Purchase Money land loan for these borrowers who aren't ready to begin construction at this time and as such are not ready to obtain a construction loan but will be ready in the near future. [Apply]
MHFA
If your income is over moderate income you may be eligible for a Massachusetts Housing Finance Agency (MHFA) loan. These secured loans are funded by MHFA and are disbursed and serviced by a local lending institution, which determines final loan eligibility. These loans come with great rates and a 30 year fixed term. [Apply]
My Community Program
This mortgage is beneficial because of the following reasons ...1. Low to moderate qualifying income. 2.  No funds required for a down payment and closing costs on a 1 unit purchase transaction. 3.  Little or no established credit history. 4.  Access to non traditional income sources (Ex: boarder income) 5.  For the first time home buyer. [Apply]
No Income Verification
Loans where your income is not requested or verified are stated income loans. There are several varieties of the "no-doc" loan today. Basically, the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios, allowing those borrowers to exceed traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.These loans come with increased regulation and disclosure.  Our job is to make sure you can afford this mortgage based on the Lender Requirements.  These loans typically have a higher interest rate and you would be better off if you could go full documentation. [Apply]
Non-Warrantable Condos
Non-warrantable condo financing gives you the added flexibility in working with your condo buyers. If you have a solid project but it does not meet the standard criteria, it may be classified as a non-warrantable condo, which means you can bypass the two largest housing Government Sponsored Entities (GSEs), Fannie Mae and Freddie Mac, while still getting a competitive rate. Secondary marketing lenders are willing to take these loans in exchange for a small price premium. Select mortgage lenders provide this type of condo financing to their brokers. [Apply]
Pick-A-Pay
As a consumer that selects a Pick-a-Pay loan you will receive an easy to read mortgage statement every month. This Pick-a-Pay loan allows you to actually choose the payment amount that best suits your financial situation. You can pay a "Minimum Payment” amount which is similar to a credit card minimum payment in order to free up your cash for other uses. You can make an interest only payment, a 30 Year standard amortization payment or even a 15 year payment to pay off your home more rapidly. This loan also offers a true Biweekly Equity Builder feature that allows you to pay off a 30 year mortgage in about 23 years. In our opinion the pick a pay mortgage is a very attractive option for the right borrower.  That borrower that is self employed or savvy.  These loans have a fixed rate option and now you have the ability to use your mortgage as a financial planning tool. [Apply]
Reverse Mortgage
This loan is designed where you have no monthly mortgage payments. In fact you get money every month from your home.  This loan is a great product to plan out your retirement years.  This loan is for anybody 60 years old or older and who has equity in their home.  We like to spend time to go over your options and welcome the whole family to learn about this great product. [Apply]
Veterans Loan
A Veteran's loan or VA  loan is designed for our veterans in the US.  We are very proud to offer VA loans as we strive to become the Lender who treats veteran's right.  Please call with your scenario and we will give you options to see if this Govt backed loan makes sense for your situation. [Apply]
 
If you need further assistance with program definitions and details, do not hesitate to call us! We are available 24 hours a day, 7 days a week at 1-877-NewFED-1.