Novus Home Mortgage

Novus Home Mortgage

Maximum Leverage

Purchase Short-Term (no Value-Add)
Purchase Long-Term
Refinance Short-Term (no Cash Out)
Refinance & Cash Out Short-Term
Refinance Long-Term (DSCR)
Residential Fix & Flip
Residential Rehab & Hold
Multifamily Value-Add
Loan Programs
Property Types and Loan Types
Junior Liens
Junior Lien Loan Amounts
Junior Lien Interest Rates
Origination Fees
Junior Lien Loan-to-Value
We Fund Junior Position Loans
Land Loan
Max LTV for Land
Max LTC for Land Acquisition
Purchase Loan
Max Loan-to-Purchase Price
Borrower Must Have Property Under Contract
Will Provide Proof of Funds Letter
Will Consider Lending on Purchase from Auction
Rehab Value Add Loan
Experience Required
Minimum Number of Value-Add Projects Completed by Borrower
Will Consider Lending on Purchase from Auction
Max LTC for Renovation Costs
Interest Charged for Renovation Costs
Typical Number of Days for Funds Draw
Construction Loan
Development Experience Required
Minimum Number of Ground-Up Construction Projects Completed by Borrower
Max LTC for Ground-Up Construction Costs
Interest Charged for Construction Costs
Will Lend on Partially Completed Construction Projects
Residential Long-Term DSCR Loans (1-4 Units)
Minimum Loan Amount
Maximum Loan Amount
Minimum Interest Rate
Maximum Interest Rate
Minimum Origination Fee
Maximum Origination Fee
Minimum Loan Term
Maximum Loan Term
Minimum Loan-To-Value
Maximum Loan-To-Value
Minimum Property Value
Seasoning Time
Minimum Debt Service Coverage Ratio
Minimum Credit Score
Will lend on vacation homes and short-term rentals
Will Lend on a Portfolio of Properties

Details and Requirements

Maximum Units for Multifamily Properties
Pre Payment Penalty
Deposit Required
Will lend to a foreign national
Will Consider Equity Joint Venture
Personal Guaranty (Recourse) Required
About

NOVUS MEANS “NEW” IN LATIN, AND THAT IS OUR VISION AT NOVUS HOME MORTGAGE.

We approach the industry from a new perspective. With a unique platform that allows our team to leverage the strength and stability of a bank, we maintain the flexibility and entrepreneurial spirit of an independent mortgage banker.

When it comes to mortgage banking, our management teams are experts and innovators, and that gives us the ability to think differently, to find new ways to improve the lending experience for our customers. We are constantly challenging ourselves to do better.

We are a Mortgage Company run by Mortgage People, for Mortgage People.

We know that the systems, processes and methods that the industry has used over the past 10-15 years won’t work in the future. By using robotic process automation and other proprietary technologies we’re cutting out manual tasks, reducing errors, and creating efficiencies.

Customers deserve a better experience – one that’s honest, transparent, and easy. With Novus they have the ability to apply for their loan, verify income and assets, digitally review and e-sign disclosures, and submit necessary paperwork all from a mobile device. They’re also able to stay informed through the entire loan process with mobile alerts and messaging. We put the customer first allowing us to find ways to reduce costs and create a better loan process.

THIS IS THE FUTURE AND WE HAVE A VISION FOR IT.

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