Network Capital Funding Mortgage Review

About Network Capital Funding Corporation

Network Capital Funding Corporation

Network Capital, a mortgage lender that positions its clients to enjoy the important things in life. From its inception in 2002, Network Capital set out to deliver products, pricing, solutions, and service that exceed client expectations. By consistently delivering these value propositions in conjunction with practicing corporate social responsibility and adhering to principles that exceed industry standards, we have been able to not only avert the credit crisis but experience explosive growth demonstrated by earning the coveted Honor Roll Award by INC Magazine. By thinking beyond the norm and willing to explore where others fall short, we're able to offer solutions that outperform the ordinary. Our professionals are instilled to practice financial sustainability strategies which are aligned with our clients' goals allowing them to obtain extraordinary results with flexible qualifying solutions. Give us a call to experience our signature service. #LiveBetter

review breakdown

Recommended
99%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is Network Capital Funding?

Network Capital Funding started in 2002 and is headquartered in Irvine, Calif. The company also has a regional office in Miami and specializes in offering a streamlined (and fully remote) home loan delivery platform that includes features such as e-signed disclosures, document assistance and closing agents that come to your location.

The company is accredited by both the BBB and Consumer Affairs, and it offers fast closing times on certain loan programs and no lender fees, which means borrowers save on application, origination, rate lock, processing and underwriting fees. Its 2018 mortgage volume was nearly $400 million.


Working with Network Capital Funding

Network Capital Funding is licensed in Washington, D.C., and the following 24 states:

  • Alabama
  • Arizona
  • California
  • Colorado
  • Delaware
  • Florida
  • Illinois
  • Indiana
  • Iowa
  • Louisiana
  • Maryland
  • Michigan
  • Minnesota
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oregon
  • Pennsylvania
  • Tennessee
  • Texas
  • Virginia
  • Washington

Network Capital issues loans for single-family homes, multifamily homes (two to four units only), condos, townhouses and manufactured homes. The company accepts credit scores as low as 600 — although in some cases income verification or appraisal may be required. It offers manual underwriting services and has two locations with loan officers: one in Irvine, Calif., and one in Miami, Fla.


Network Capital Funding products

Network Capital Funding is a full-service direct lender offering a variety of programs for borrowers looking to purchase a home or refinance their mortgage. As an approved FHA/VA lender, it also offers government programs with relaxed eligibility requirements.

Purchase

The company has a range of borrowing programs with competitive rates and minimal down payments:

  • Conventional: Requires a 5% down payment
  • FHA: Requires a 3.5% down payment
  • HomePossible: Requires a 3% down payment on approved homes
  • HomeReady: Requires a 3% down payment on approved homes
  • VA: Requires no down payment

Refinance

The company offers the following refinance programs for borrowers facing credit or income difficulties:

  • FHA Streamline: Reduced credit score requirements with no employment or income verification; no appraisal required in most cases; maximum LTV of 97.75%
  • VA IRRRL: No income verification; limited documentation requirements; no appraisal in most cases; maximum LTV of 100%
  • High LTV: Eligibility requirements for this type of loan are highly variable. Contact the company to learn more.

Home Equity

Network Capital also offers home equity loans and home equity lines of credit. These programs require a minimum credit score of 680 and a max LTV of 95%.

In addition to these programs, the company offers the following cash-out refinance programs for borrowers interested in debt consolidation, home improvements or obtaining funds for personal use.

  • Conventional: Accepts credit scores as low as 620; financing of up to 80% available
  • FHA: Accepts credit scores as low as 600; financing of up to 85% available
  • VA: Accepts credit scores as low as 600; financing of up to 100% available, with no monthly mortgage insurance requirements

Network Capital Funding special mortgage programs

Network Capital Funding also offers a “same as cash” pre-qualification for certain purchase programs. By fully underwriting your loan in-house, the company minimizes wait times and allows buyers to be competitive with cash offers.


The mortgage application process

  • How to apply: Start your loan application process by completing this online survey or by contacting the client relations department for further assistance.
  • Disclosure process: After gathering this initial information, the company will request any necessary documentation from you — all of which can be securely uploaded via email, fax or Dropbox. A mortgage banker will then create a proposal and get it back to you within a few hours. This proposal can be signed electronically.
  • Submitting loan for approval: The company’s underwriting and processing teams receive and process your signed proposal within 48 hours, notifying you of any last-minute information they require.
  • Final approval: The final closing disclosure will be sent to you electronically and a signing appointment will be scheduled.
  • Closing: One of the company’s closing agents will come to your location to complete the final signing appointment.

Communication during the process

After completing your online application, you will receive a call from the company and be transferred to a mortgage banker licensed in your state. The mortgage banker will be your main point of contact throughout the process; however, you will also be contacted by a loan processor when your file is submitted for underwriting approval.

All important communication with the company will be conducted via phone and email. Documents may be shared via email, secure upload or fax.

Although you will be in contact with a loan processor, all questions regarding terms or pricing and any other concerns should be directed to your mortgage banker.


Pros and cons of a Network Capital Funding mortgage

Pros

  • Offers loan programs for borrowers with low credit scores and income difficulties
  • Accepts minimal or $0 down payments for some loan programs
  • Issues loans for a wide variety of homes, including manufactured
  • Offers a fully remote loan process, with a closing agent that comes to the location of your choice
  • Has a decent variety of purchase and refinance products
  • Features a user-friendly website

Cons

  • Loan descriptions on the website are sometimes vague and confusing; a borrower must contact the company to receive detailed information.
  • Network Capital operates a fully remote loan process, which may not be ideal for borrowers who wish to work with a loan officer in person or are uncomfortable uploading documentation and signing electronically.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.