NASB Mortgage Review

North American Savings Bank, or NASB, is a Missouri-based bank and lender founded in 1927 that offers home mortgages nationally. NASB provides a variety of mortgage options, including conventional, Federal Housing Administration and Department of Veterans Affairs loans, and products for borrowers who might otherwise have trouble getting a mortgage.

NASB offers a range of mortgage products, including:

The lender’s options also include Flex loans, which accept assets such as retirement accounts and trusts as income in the qualification process. Customers with self-directed individual retirement accounts looking to buy investment property can consider NASB’s nonrecourse loans. NASB is not currently accepting applications for home equity lines of credit, but home equity loans are available to NASB banking customers.

You can get a rate quote from NASB by providing information online or by phone. You can also use NASB’s Home Buying Advantage program to have underwriters look over your information before you find a home, allowing you to close more quickly. You can apply for a NASB home loan online, and you’ll also hear from an NASB loan officer.

You can check rates and fees for some of NASB’s mortgage products by entering information about yourself and your loan on the lender’s website. You’ll need to make at least a 3% down payment for a conventional fixed-rate mortgage from NASB and a 10% down payment for a conventional ARM, though you’ll likely need private mortgage insurance if you make a down payment under 20%. You usually won’t have to make a down payment with a VA loan, and NASB also doesn’t charge lender fees for VA loans. Closing costs will likely land somewhere around 3% to 5% of your purchase price. Other fees include a $2.75 charge if you use a non-NASB account to make an online payment on your loan.

If you live in the Kansas City metropolitan area, you might be able to use the lender’s Good Neighbor Program, which waives NASB lender fees and comes with a credit to help cover closing costs for eligible borrowers. NASB also won’t charge lender fees for VA loans, and the lender’s On-Time Closing Guarantee offers up to $1,000 to cover closing costs if NASB causes your loan to close late in eligible cases.

To get a conventional loan from NASB, you may need to provide documents including two years of W-2 tax forms, your two most recent pay stubs and a copy of your driver’s license. Your maximum loan amount will depend on information such as your credit score, loan type and debt-to-income ratio. The maximum DTI for a jumbo loan is 43%, while you could get a bank statement loan with a DTI of up to 45%, a Flex loan with a DTI of up to 48% and a conventional loan with a DTI of up to 50%. Conventional loans require at least a 620 credit score, while other loan types have different credit requirements.

The FICO score you’ll need for an NASB loan depends on the type of loan you want, but you’ll need at least a 620 for a conventional loan. You’ll need a 660 credit score for a bank statement loan, and a 690 for one of NASB’s jumbo or Flex loans. You could qualify for NASB’s Good Neighbor Program with a 580. The lender will also consider factors such as your DTI in determining how much you can borrow.

Although NASB only has physical loan offices in Missouri, it offers mortgage loans nationally. Some products may have more limited availability. The Good Neighbor Program, for instance, is only available to eligible buyers in designated parts of Kansas and Missouri.

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

NASB has an A+ rating from the Better Business Bureau, and the company is BBB-accredited. Since 2010, the lender says it has worked with more than 83,000 home loan customers.

You can call NASB customer service at 800-677-6272 Monday through Friday from 8 a.m. to 5 p.m. Central Time. If you live in the Kansas City area, you can call 816-316-4000 during those same hours. The lender’s personal access line is available anytime at 800-374-2636 or in the Kansas City area at 816-765-7272. You can also reach NASB by email through your online account or at [email protected] or [email protected]. There is also an online contact form on the lender’s website.

You can create an account on NASB’s website to start your loan application. You can also provide information online or by phone to get a rate quote. You can pay your mortgage online, though you will have to pay a $2.75 fee to make a payment from a bank other than NASB.