Nova Home Loans Reviews

Nova Home Loans offers a variety of loan products to suit individual borrowers’ needs, including conventional (with fixed and adjustable rates), FHA, VA, USDA and jumbo loans. The company also offers specialized loan programs, like loans for medical professionals or self-employed borrowers. The most common loan term is 30 years, but the company also offers 15- and 20- year terms.

Nova Home Loans also provides mortgage loan options for individuals who aren’t U.S. citizens (e.g., permanent or non-permanent resident aliens and foreign nationals), something many other lenders don’t offer.

Nova Home Loans doesn’t publish its starting rates online. Nova Home Loans offers both fixed-rate and adjustable-rate mortgages (ARMs).

With an ARM, you’ll have a low introductory rate for a few years, typically three to five years. After that, rates can reset and fluctuate based on market rates. An ARM could be a useful financial tool to save money in the short term, but remember that rates could increase significantly in the future.

Nova Home Loans doesn’t list its lender fees for loan originations on its website. Most lenders charge an origination fee, either as a flat fee or as a percentage of the loan amount (usually between 0.5% and 1%).

Origination fees are part of closing costs, which average around 2% to 5% of the loan amount. After you’re preapproved, your lender will give you a Loan Estimate, which outlines all the closing costs you’ll pay, like appraisal fees, real estate taxes and title search fees.

If you want to get a mortgage, you can start the application process online by visiting Nova Home Loans’ website and clicking “Apply Now.” The form will ask you to select a loan officer to work with — if you don't have a preference, the company will assign one to you.

You’ll answer preliminary questions about the loan amount, down payment and any co-borrowers. You’ll also give authorization for the company to pull your credit report.

According to the company, completing an application should only take about 15 minutes. Nova Home Loans also promises an immediate pre-qualification decision after you submit your application.

At some point in the process, a loan officer should reach out to verify other details, like your income and assets. Be prepared to upload financial documentation like W-2s, prior years’ tax returns, pay stubs and bank account statements.

You can log in to the application portal and view your loan status online. Once preapproved, you can begin shopping for a home and submit purchase offers.

Nova Home Loans application features

Nova Home Loans discloses many of its borrower requirements on its website. It doesn’t state a minimum credit score for conventional loans, but you’ll likely need a 620 to qualify.

The company requires a higher minimum credit score on FHA loans than some other lenders — you’ll need at least a 550. However, Nova Home Loans has low credit score requirements on VA and USDA loans. It requires a score of at least 550 for a VA loan and at least 620 for a USDA loan.

Minimum down payment requirements seem to adhere to the industry norms. However, on FHA loans, the company requires a 10% down payment with credit scores as low as 550.

Nova Home Loan mortgage requirements by type

For other loan types, read our guide on jumbo loans.