NovaStar Mortgage Inc is a subsidiary of the NovaStar family. Their sister company is called NovaStar Financial Inc. NovaStar was founded in 1996, and is one of the nation’s leading lenders for nonconforming residential loans. They originate through affiliated mortgage brokers, independent mortgage brokers, and direct contact with borrowers. They also originate conforming mortgage loans and offer title and settlement services. They are based in Kansas City, Missouri, but operate throughout the nation.
NovaStar Mortgage will work hard to help any customer attain their financial goals, but they tend to focus on the single family, nonconforming mortgage loan. They work with people whose loan size, credit, and other financial details don’t necessarily coincide with traditional mortgage loan guidelines. They focus their attention on this type of customer because they believe “In a well managed portfolio, these loans offer higher net interest margins than conventional agency loans.”
Loans Funded by NovaStar Mortgage
- Home Purchase
- Fixed Rate Mortgage- NovaStar offers the Fixed Rate Mortgage as a fifteen year term or thirty year term.
- Adjustable Rate Mortgage—NovaStar also offers a Convertible ARM, which allows borrowers to switch to a Fixed Rate Mortgage if they do so within a given time period.
- Interest Only Adjustable Rate Mortgage
- Balloon Mortgage
- Federal Housing Administration Loan (FHA)—This loan does not require a down payment, and is government insured.
- Veterans Administration (VA)—This loan is available for veterans, and in government insured.
- Cash Out
- Debt Consolidation
Recent NovaStar Mortgage News
NovaStar Mortgage is a financially successful company. They originated $9.2 billion in nonconforming mortgage loans in 2005, which is 10% more than they did in 2004. Their portfolio of loans grew by more than 15% to $14 billion. Shareholder dividends were $5.60 per share at that time, and book value per common share rose 20% to $15.08.
NovaStar Mortgage trades under the symbol “NFI” in the New York Stock Exchange.
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