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Network Capital Funding Mortgage Review 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Network Capital Funding is an online lender founded in 2002 and based in Irvine, Calif. The lender has been listed on Inc. magazine’s list of fastest-growing private companies for six years. Network Capital is licensed to lend in 23 states and the District of Columbia.

Who is this lender for?
  • First-time homebuyers
  • Families seeking a low down payment
  • Military servicemembers and veterans seeking a VA loan
  • Borrowers wanting to tap their home equity through a cash-out refinance

7/10  LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online 
  2.   Product info online 
  3.   Rates listed online 
  4.   Helpful articles about mortgages and homebuying 
  5.   Standard product offerings (Conventional/FHA/VA/USDA)
  6.   Special programs 
  7.   Info about how to qualify for products offered online 
  8.   E-closing availability 
  9.   Licensed in at least 35 states 
  10.   After-hours and weekend access to loan officers 

Network Capital Funding pros and cons

Pros

  No lender fees. Network Capital offers mortgages with no lender fees for some programs, potentially saving you hundreds of dollars.

  Fast closing times. The lender can close on a loan in a little as 15 days for some programs. That compares with an industry standard closing time of about 45 days or more.

  Apply online or request a call-back. You can start your mortgage application online or input your phone number and request that a Network Capital loan officer call you back.

Cons

  No special mortgage programs. While Network Capital offers standard mortgage products, there are no special programs geared toward first-time homebuyers or low-income families. The lender also doesn’t offer home equity loans.

  No in-person branches. As an online lender, Network Capital doesn’t have a branch network to offer in-person service.

  Not available in all states. Network Capital is licensed to lend in only 23 states, meaning it might not be available in your area.

Network Capital borrowing requirements

Minimum credit score 
  • 580 for FHA loans
  • 620 for conventional loans
Minimum down payment 
  • 0% for VA loans
  • 3% for conventional
  • 3.5% for FHA
Available loan terms 
  • 30- and 15-year fixed-rate mortgages
Available loan types 
  • Conventional
  • FHA
  • VA

Network Capital Funding mortgage rates and fees

Network Capital Funding publishes mortgage rates online for its three major loan programs: Conventional mortgages with either 30- or 15-year terms, as well as 30-year fixed-rate FHA and VA loans. Network Capital states that it doesn’t charge lender fees for some loan programs. Closing costs will still apply.

Network Capital Funding mortgage products

Purchase

Network Capital Funding offers conventional loans with as little as 3% down for borrowers with a credit score of at least 620. A 740 score is needed for the best rates. A debt-to-income (DTI) ratio of 36% or lower is typically required.

The lender’s FHA loans require a 580 credit score and a 3.5% down payment. VA loans generally require a credit score in the mid-to-low 600s and no down payment for qualified military service members and veterans. A DTI ratio below 60% is typically needed.

Refinance

Network Capital Funding’s three major loan programs are also available as refinance loans. The lender also offers cash-out refinancing.

How does Network Capital Funding compare to other lenders?

Network Capital Funding NewRez Churchill Mortgage
Minimum credit score 
  • 580 for FHA loans
  • 620 for conventional loans
  • 620
  • 620
Minimum down payment 
  • 0% (VA)
  • 3% (Conventional)
  • 3.5% (FHA)
  • 0% (VA and USDA)
  • 3% (Conventional)
  • 3.5% (FHA)
  • 0% (VA and USDA)
  • 3% (Conventional)
  • 3.5% (FHA)
Loan products and types 
  • Conventional
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • FHA
  • VA
  • USDA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
Special programs offered 
  • None
  • First-time homebuyer programs
  • Non-QM loans for self-employed, investors
  • “No score” loans for people with nontraditional credit histories
 

Today's Mortgage Rates

  • 2.53%
  • 2.07%
  • 2.58%
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