At the moment we’ll check out one other house builder’s lender, Ok. Hovnanian American Mortgage.
They’re the affiliated lender of Ok. Hovnanian Houses, which is a top-15 house builder nationally.
Like different builders, they created their very own financing division to streamline their new house gross sales.
And to raised management the shopper expertise from begin to end.
The most important perk to utilizing them is the financing specials you possible gained’t discover elsewhere. Learn on to be taught extra.
Ok. Hovnanian American Mortgage Quick Info
- Affiliated mortgage lender for Ok. Hovnanian Houses
- Supplies house buy loans for brand new house consumers
- Based in 2002, headquartered in Boynton Seashore, FL
- Mum or dad firm is among the largest house builders nationwide
- Licensed to do enterprise in 14 states and the District of Columbia
- Funded greater than $1.1B in mortgages final 12 months
- Most lively within the states of Arizona, California, Delaware, Texas, and Virginia
As famous, Ok. Hovnanian American Mortgage is the lending division of Ok. Hovnanian Houses, a high U.S. house builder.
Their guardian firm Hovnanian Enterprises, Inc. is a publicly traded firm (NYSE:HOV), at present valued at almost $1 billion {dollars}.
They’ve been round since 1959, and function 128 residential communities throughout 14 totally different states.
These states embrace Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, West Virginia, and Washington, D.C.
These are the locations the place Ok. Hovnanian American Mortgage is licensed to lend as properly, since they solely exist to serve their house purchaser clients.
In fiscal 12 months 2022, they delivered greater than 6,000 properties to consumers throughout all markets, placing them within the top-15 largest homebuilding corporations in the USA.
The lending unit bought its begin manner again in 2002 and is headquartered in Boynton Seashore, Florida. At current, they’ve 36 licensed mortgage mortgage originators working on the firm, per the NMLS.
As a result of they’re a house builder lender, they solely supply house buy loans. No mortgage refinances can be found.
However in addition they function a full-service title firm referred to as Jap Nationwide Title Company and Hovnanian Insurance coverage Company.
So you will get your new house, mortgage, title insurance coverage, escrow providers, and even owners insurance coverage all from one umbrella firm.
In fact, it may pay to buy round, so don’t overlook financial savings for comfort.
Tips on how to Apply for a Mortgage
To get began, you’ll be able to go to a brand new house gross sales workplace or go to their web site. Both manner, you’ll be put in contact with a licensed mortgage officer.
They’ll be capable to focus on pricing and mortgage choices with you. Should you like what you hear, you’ll be able to proceed to the mortgage utility.
It’s a digital app powered by ICE Mortgage Expertise that may accomplished from any machine, together with a pc, pill, or smartphone.
It lets you hyperlink financial institution accounts and different financials, add key paperwork, and eSign disclosures on the fly.
As soon as submitted, you’ll be capable to verify mortgage standing 24/7 to find out what excellent objects nonetheless should be accomplished. And you will get in contact together with your lending group every time you will have questions.
In the end, they make it simple to use for a house mortgage because of the newest tech, but additionally have a human lending group standing by.
Observe that loans are bought off to a 3rd social gathering after closing as a result of they aren’t a mortgage servicer.
Mortgage Applications Supplied by Ok. Hovnanian American Mortgage
- Dwelling buy loans
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Mounted-rate loans: 30-year mounted, 15-year mounted
- ARM loans: 5/6 ARM, 7/6 ARM
- Buydown loans: 3/2/1 and a couple of/1 buydowns
- State bond loans
Regardless of being a house builder lender, Ok. Hovnanian American Mortgage provides a superb number of mortgage packages, together with conforming loans backed by Fannie Mae and Freddie Mac and jumbo loans.
In addition they supply all the key government-backed mortgages, together with FHA loans, VA loans, and USDA loans.
As well as, you will get both a fixed-rate mortgage, similar to a 30-year or 15-year mounted, or an adjustable-rate mortgage, similar to a 5/6 ARM or 7/6 ARM.
Given the latest rise in mortgage charges, in addition they supply buydown loans, together with a 3/2/1 buydown that reductions the speed a full three share factors in 12 months one.
You may additionally be capable to get your palms on some homebuyer help through choose state bond loans that provide decrease down funds and authorities subsidies.
Ok. Hovnanian American Mortgage Charges
Whereas some mortgage corporations submit their each day mortgage charges on-line, Ok. Hovnanian American Mortgage doesn’t.
With regard to how their rates of interest are, they merely say, “There is no such thing as a approach to precisely and actually reply this query with out first evaluating your particular person scenario and financing wants.”
In different phrases, mortgage charges differ by buyer, based mostly on mortgage parameters similar to credit score rating, down cost, mortgage program, and so forth.
The excellent news is they might supply particular financing provides to their new house consumers, as is usually the case with affiliated builder lenders.
As a result of builders usually purchase ahead commitments in bulk, they’ll apply particular reductions which might be usually laborious for out of doors lenders to beat/match.
However these offers are sometimes restricted to sure properties in particular developments, and the funds are topic to working out.
They’re additionally time-limited, that means you have to get beneath contract and/or shut by X date to make use of these particular funds.
Once you converse to a brand new house shopping for rep or mortgage officer, make sure you inquire about offers similar to everlasting or non permanent charge buydowns.
This will likely come within the type of a closing value credit score, which will be utilized to a mortgage charge buydown.
These could make or break your determination to make use of the house builder’s lender or an outdoor financial institution/lender.
Ok. Hovnanian American Mortgage Opinions
There aren’t a ton of opinions for the lending arm of Ok. Hovnanian. However they do have a number of kicking round.
They’ve bought a 4.3/5-star ranking from six opinions on Redfin, and an ideal 5/5 on a separate Redfin web page from 5 opinions.
In the meantime, their guardian firm has a 4.3/5 from almost 4,000 opinions on NewHomeSource, which is a significantly better pattern measurement.
And given the truth that many of the guardian firm’s house consumers are possible additionally mortgage clients, these ought to be related.
In fact, it’s not all excellent. Over at ConsumerAffairs they’ve a way more questionable 1.4/5 from over 250 buyer opinions.
So a little bit of a blended bag, although some opinions could should do with the properties themselves, not the mortgages.
Be sure you take the time to learn via the opinions to find out potential hiccups that you just would possibly be capable to keep away from.
Lastly, they’re an accredited firm with the Higher Enterprise Bureau (BBB) and at present maintain an ‘A+’ ranking based mostly on criticism historical past. Talking of, they’ve zero complaints on file.
To sum issues up, Ok. Hovnanian American Mortgage appears to supply a superb mixture of expertise, a full mortgage menu for house consumers, and respectable buyer opinions.
In addition they have the massive benefit of providing below-market mortgage charges like different house builder lenders.
However all the time collect greater than a single mortgage quote. Whereas Ok. Hovnanian American Mortgage could supply one of the best pricing, there may be higher offers on the market.
And you probably have competing quotes, they might be extra keen to barter with you on charge and/or closing prices.
Ok. Hovnanian American Mortgage Professionals and Cons
The Professionals
- Can apply for a house mortgage on-line
- Digital mortgage utility powered by ICE Mortgage Expertise
- Loads of mortgage packages to select from
- Provide mortgage charge specials for house purchaser clients
- A lot of wonderful buyer opinions
- A+ BBB ranking, accredited firm
- A lot of free mortgage calculators on their web site
- Intensive mortgage glossary explaining key phrases
The Cons
- Solely supply house buy loans
- Aren’t licensed in all states
- Don’t publicize mortgage charge or lender charges
- Some blended opinions for guardian firm
- Don’t service loans after closing