NovaStar Mortgage, Inc. is one of the business units of NovaStar Financial, Inc., which was founded in 1996. NovaStar Financial, Inc. has a family of business unit lines/ divisions as NovaStar Financial, Inc. is one of America’s top lenders & investors in non-conforming home mortgage financing. They are successful in managing their risk factor by their diligence in developing underwriting standards, and using other tactics as well. NovaStar serves the American market from their headquarters in Kansas City, Missouri. NovaStar’s>Wholesale Originators are based in California (Orange Co.), Cleveland, Ohio, and Flint, Michigan with their Retail Operations being directed from offices in Kansas City, Orange County as well as the Baltimore, Maryland vicinity. NovaStar’s slogan is: “Whatever Your Dream, We Have You Covered.”
NovaStar’s principal focus is on non-conforming mortgage loans for those consumers who may have credit issues of other particulars that make them unable to secure the mortgage financing they need, and that may be due to the fact their situation falls outside the norm for conventional agency mortgage lending guidelines. NovaStar will consider lending to borrowers in credit counseling but additional guidelines apply. NovaStar also originates mortgages in America through independent brokers, correspondent alliances, as well as direct to the consumer through their retail operations channel. NovaStar additionally provides servicing for loans they maintain in their portfolio. Furthermore, NovaStar, as a REIT or Real Estate Investment Trust, builds the majority of its earnings via mortgage securities held in portfolio using various strategies.
Loans Funded by NovaStar Mortgage
- Home Purchase Programs
- First-Time Homebuyers
- M-Series Programs – NovaStar will consider lending to consumers with no housing history.
- Imperfect Credit Loan Solutions
- Interest Only Programs
- Alt-A Products
- No Income, No Asset (NINA) & No Doc Programs
- Full Documentation / Limited Documentation / Stated Income Programs – Some are great options for Self-Employed Borrowers in particular.
- Home Equity Use Loan Solutions
- Refinancing Loan Programs – great way to utilize Equity.
- Lease/Rent w/Option to Purchase (Owner-occupied only) – Lease Option Refinances Are Rate/Term Only; No cash-out allowed.
- Debt Consolidation Solutions
- Zero or Low Interest Rate Loans
- Piggy-back Program(s) – May be utilized for Bankruptcies & Foreclosures etc. if qualified.
- Construction Lending Solutions
- VA Programs
- Fixed-Rate Mortgage (FRM) Programs
- Adjustable Rate Mortgage (ARM) Programs
It is evident that NovaStar takes its Corporate Practices & Policies very seriously as they have designed a superior Corporate Governance (that is not found on many other mortgage lending sites), which was developed to ensure its leadership operates the business using methodologies that meet the vision & goals of the Company, that align the interests of the Board & Management with those of stockholders, and that also advocate maximal ethical conduct among their employees & their directors. One of the practices is their Code of Conduct Standards which guides all employees, directors & officers.
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