Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
Nations Direct Mortgage is a wholesale mortgage lender based in Santa Ana, California. Founded in 2007 — during the housing market crash — the lender not only survived, but thrived, growing to a 250-employee company that issues loans in 35 states across the U.S.
Most lenders you’re probably familiar with lend directly to consumers. Nations Direct Mortgage is different. As a wholesale lender, it works with mortgage brokers and bankers to make its loans available to the public.
In this review:
- Nations Direct Mortgage purchase review
- Nations Direct Mortgage refinance review
- How Nations Direct Mortgage could improve
- Compare multiple lenders first
Nations Direct Mortgage purchase review
Best for:
- Real estate investors
- Self-employed borrowers
- Buyers who want to purchase a manufactured home
Nations Direct Mortgage has a comprehensive selection of mortgage loans that include conventional, FHA, and VA loans for a variety of home types, including condos and manufactured homes. You can borrow up to $2 million with a jumbo loan, even if you have a relatively high debt-to-income ratio.
Nations Direct Mortgage also provides alternative solutions if you need flexible documentation requirements or high-value loans with flexible debt-to-income requirements.
For example, the company’s Alt Prime 1099 loan lets you borrow up to $3 million using your 1099 forms from the last year or two and year-to-date income via check stubs or bank statements instead of tax returns to verify your income. You can qualify for this loan with a 680 credit score and 30% down.
Nations also offers loans geared toward investors, including a debt service coverage ratio (DSCR) loan. Rather than using your income to qualify for your mortgage, a DSCR loan uses the property’s anticipated cash flow.
Here’s a quick overview of Nations Direct Mortgage’s purchase loan offerings:
| Mortgage programs | Conventional, jumbo, FHA, VA, alternative loans |
| Fixed-rate loan terms | 10, 15, 20, 25, 30, and 40 years |
| Variable-rate loan terms | Nations does not offer variable-rate loans. |
| Rates and fees | Rates depend on a number of factors, including amount borrowed and borrower qualifications. FHA and VA loans have additional fees. Some products require mortgage insurance. Contact a loan officer for more information.
|
| Min. credit score |
|
| Min. down payment |
|
Nations Direct Mortgage loan process
Because Nations Direct Mortgage is a wholesale lender, you’ll need to work with a mortgage broker or banker that partners with Nations Direct to offer its loans.
Nations Direct doesn’t list partners on its website. However, you can reach out to your broker of choice to find out if they offer Nations Direct Mortgage loans.
Nations Direct Mortgage refinance review
As a direct seller to Fannie Mae, Freddie Mac, and Ginnie Mae, Nations Direct is able to offer refinance loans to qualified borrowers with unique financial circumstances. Most of the purchase loans it offers are also available as refinance loans.
Conforming conventional refinance loan options include RefiPossible from Freddie Mac and Refi Now from Fannie Mae. You can use these loans to borrow a minimum of $75,000 and up to 105% of your home’s value. They also allow you to potentially reduce your current interest rate and monthly payment. While these are rate and term refinance loans, Nations Direct has other conventional refinance loans that allow you to cash out some of your equity.
VA and FHA refinance loans are also available. Both have cash-out and streamline refinance loan options.
Alternative loans can be used for refinancing as well. DSCR investor loans, bank statement, 1099, and high-value loans are all available as rate and term or cash-out refinance loans. In the case of DSCR and bank statement loans, you can use funds from a cash-out refi toward the cash reserve requirements.
Take a look at Nations Direct Mortgage’s refinance loan products:
| Mortgage refinance programs | Conventional, jumbo, VA, FHA, alternative loans |
| Fixed-rate loan terms | 10, 15, 20, 25, 30, and 40 years |
| Variable-rate loan terms | Nations does not offer variable-rate loans. |
| Rates and fees | Rates depend on a number of factors, including amount borrowed and borrower qualifications. FHA and VA loans have additional fees. Some products require mortgage insurance. Contact a loan officer for more information.
|
| Min. credit score |
|
How Nations Direct Mortgage could improve
Evaluating Nations Direct Mortgage is a little different than evaluating a lender that works with consumers, because much of your experience will depend on the broker you work with, not Nations Direct. Where its home loan programs and website are concerned, however, there are some opportunities for improvement:
- Adjustable-rate mortgages: Nations Direct Mortgage only has fixed-rate loans. Although adjustable-rate mortgage loans are less popular than fixed-rate loans, their interest rates tend to be lower and some borrowers could benefit from having one.
- Partner brokers: The Nations Direct Mortgage website has an outstanding collection of information about its loans and loan requirements. And, as a wholesale lender, that information is naturally geared toward mortgage professionals. However, the site is accessible to consumers, so it would be helpful to have partner brokers listed on the website for consumers who want to work with Nations.
Compare multiple lenders first
Even if you feel confident that a loan from Nations Direct Mortgage is just what you’re looking for, you should still compare loan features and rates from a few other mortgage lenders to make sure you’re getting the best deal.
Nations Direct Mortgage isn’t a Credible partner, so you won’t find its loans on our website. But you will find other fully vetted partner lenders hoping to earn your business. It only takes a few minutes to get personalized rates, with no hard pull on your credit.
