Specialty Loan Programs

In the dynamic world of real estate financing, NOVA® HOME LOANS stands out by offering a diverse range of specialty loan programs designed to cater to the unique needs of prospective homeowners. Whether you are a first-time buyer, a graduate, a medical professional, or someone looking for premium financing options, NOVA® has a tailored solution to fit your circumstances. This article delves into the specifics of several innovative loan programs, including the NOVA Advantage DPA, NOVA Advantage Zero Down, NOVA Advantage Jumbo, NOVA Advantage ARM, Graduate Program, and Doctor Program.

Each program is meticulously crafted, offering benefits like low to zero down payments, adjustable-rate mortgages, and high loan amounts, ensuring that a broad spectrum of clients can find a program that aligns with their financial goals and homeownership dreams. For those residing in Arizona and other licensed states, these programs are a beacon of hope, providing feasible pathways to home ownership or refinancing options. Tom Heath, a seasoned VP/Senior Loan Officer at NOVA® HOME LOANS, is the go-to professional for inquiries and assistance, ready to guide clients through the intricacies of each program to find the one that best suits their needs.

NOVA® HOME LOANS Specialty Loan Programs

1. NOVA Advantage DPA

  • Main Benefits:
    • Offers 3.5% or 5% assistance options, either 5-year forgivable or 10-year repayable.
    • It is an FHA first lien.
    • Available for purchase transactions with no income restrictions.
    • 2/1 Buydown is allowed.
  • Applies to:
    • Individuals looking for down payment assistance without income restrictions.
  • Availability:
    • Available in all licensed states.

2. NOVA Advantage Zero Down

  • Main Benefits:
    • Adjustable-rate mortgage (ARM) with a fixed 5-year period before any rate adjustments.
    • 0% down payment on purchase transactions for primary residence.
    • Loan amounts up to $726,200.
  • Applies to:
    • Individuals with a minimum FICO score of 720 looking for zero down payment options for their primary residence.
  • Availability:
    • Available only in Arizona.

3. NOVA Advantage Jumbo

  • Main Benefits:
    • 85% LTV (up to $1,500,000) with no Mortgage Insurance.
    • Loan amounts up to $2,500,000 for Purchase, Rate/Term, Cash-out purposes.
  • Applies to:
    • Individuals with a minimum FICO score of 680 looking for higher loan amounts without mortgage insurance.
  • Availability:
    • Available in AZ, CA, CO, FL, NV, OR, TX, WA.

4. NOVA Advantage ARM

  • Main Benefits:
    • Offers a low interest rate for the first 3, 5, or 7 years with no FNMA loan level price adjustments.
    • Minimum Down Payment: 5%.
  • Applies to:
    • Individuals with a minimum FICO score of 680 looking for lower initial interest rates.
  • Availability:
    • Available only in Arizona.

5. Graduate Program

  • Main Benefits:
    • Available for buying a first home, a new home, or refinancing the current mortgage for a better rate or term.
    • Loan amounts up to $2,000,000 with as little as 5% down.
  • Applies to:
    • Individuals with a Bachelor’s degree and a minimum FICO score of 720.
  • Availability:
    • Available only in Arizona.

6. Doctor Program

  • Main Benefits:
    • Available for buying a first home, a new home, or refinancing the current mortgage for a better rate or term.
    • Loan amounts up to $2,000,000 with as little as 5% down.
  • Applies to:
    • Professionals with titles of MD, DO, or PHO and a minimum FICO score of 720.
  • Availability:
    • Available only in Arizona.

Contact Information:

Prospective customers interested in exploring these specialty loan programs are encouraged to get in touch with Tom Heath, VP/Senior Loan Officer at NOVA® HOME LOANS. He can be reached at: