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Network Capital Funding Mortgage Review 2020

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Network Capital Funding Corporation opened in 2002 and is a fintech, direct mortgage lender headquartered in Irvine, Calif. Six branches currently offer in-house loan officers; one in New York, three in California and two in Miami.

The company has funded 4,666 loans for a total loan volume of just over $1.5 billion year to date in 2020, according to emailed statements provided to LendingTree.

Working with Network Capital Funding

Network Capital is licensed to lend in the following 23 states and the District of Columbia.

  • 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 Funding borrowing requirements

Network Capital requires a minimum credit score of 680 for all loan products. They offer manual underwriting for borrowers with unique challenges and finance the following types of properties:

  • Single-family homes
  • Multifamily homes
  • Manufactured homes
  • Condominiums
  • Co-ops

Network Capital Funding mortgage products

Purchase loans

Conventional 5% down loan. Borrowers with good credit looking to get a mortgage that doesn’t exceed conforming loan limits can take out a conventional mortgage. 

Fannie Mae HomeReady® loan. Low- to moderate-income borrowers may qualify for a home with as little as 3% down on a HomeReady mortgage. However, income limits may apply.

Freddie Mac Home Possible® loan. Similar to the HomeReady loan, borrowers may be able to qualify with a 3% down payment, as long as their income doesn’t exceed the annual limits for their area.

FHA loans. Buyers who need extra flexibility for credit bumps might qualify for a 3.5% down payment loan insured by the Federal Housing Administration (FHA).

VA loans. No down payment is required for eligible military borrowers taking out a loan guaranteed by the U.S. Department of Veterans Affairs (VA).

Refinance loans

VA interest rate reduction refinance loan (IRRRL). A VA IRRRL allows current VA loan borrowers to refinance with no appraisal or income documents.

FHA streamline loan. If you have a current FHA loan, you may be able to replace it with a lower interest-rate loan without the hassle of verifying income or getting a home appraisal.

Home equity products

Home equity loans and home equity lines of credit (HELOCs). Network Capital offers HELOCs and home equity loans with a minimum score of 680, up to 95% of your home’s value.

Network Capital Funding special mortgage programs

Although Network Capital doesn’t offer any proprietary programs, they do offer some unique perks to close fast, save on fees and educate customers.

The Mortgage Radio Show. Customers can get up-to-date mortgage advice weekly on radio stations across the nation with this Network Capital-sponsored program. 

“Same-as-cash” prequalification program. With in-house underwriting, Network Capital offers an expedited mortgage preapproval process to help compete against all-cash buyers in competitive housing markets.

$0 lender fee programs. Qualified buyers won’t pay an application, origination, rate lock, processing or underwriting fee under this program. 

The mortgage application process

  • How to apply. Network Capital offers an online application with a digital process.
  • Disclosure process and loan submission. Disclosures are sent for electronic signings and a Network Capital home loan expert is available throughout the loan process to help gather documents needed for loan approval.
  • Submitting loan for approval. Borrowers can also call the customer service number at 888-563-8227 Monday through Friday from 8:30 a.m. to 5 p.m. PDT, or email Network Capital to get a status on their application.
  • Final approval. The final documents and disclosures are all issued digitally.
  • Closing. Network Capital offers e-closings for its customers.
  • Servicing. Information about where to mail mortgage payments and how to contact customer service is featured on the website for customers with Network Capital-serviced loans.

Communication during the process

To reach a Network Capital expert about a new loan, chat online online or call (800) 300-0018.

For questions about a loan in-process, a recently closed loan or making payments, call (888) 563-8227 or email [email protected].

Pros and cons of a Network Capital Funding mortgage

Pros

  • Provides a digital loan process from application to closing
  • Offers a wide variety of loan programs for buying and refinancing a home
  • Offers special perks for customers who need to close quickly or minimize closing costs

Cons

  • Has higher credit score standards for conventional loans
  • Doesn’t lend in all 50 states
  • Doesn’t offer reverse mortgage or renovation loan options
 

Today's Mortgage Rates

  • 2.362%
  • 2.337%
  • 3.08%
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