At a Glance
Novum works with members of the military community who are interested in buying or refinancing a home, with a focus on VA loan options. The lender also offers access to conventional, FHA, jumbo, and other mortgage products. Novum’s approach is designed to address the unique circumstances that can apply to military borrowers and to provide a more straightforward mortgage experience.
Key Figures
Loan types: VA, FHA, USDA, Conventional, Jumbo, Investment
Loan products: Purchase, Refinance, VA IRRRL
Minimum credit score: Typically 580 (varies by loan type)
Repayment terms: 15 to 30 years
Pros and Cons
Pros
- Offers zero-down VA loans
- No pressure advice
- Offers competitive rates
Cons
How it Works
- Get a quote – Get an idea of the rate for your situation.
- Fill out the Application – Provide details so we can get you the best deal.
- Loan Consultation – Speak with a mortgage advisor to discuss goals and best plan for your situation.
- Document Collection – Submit ID, pay stubs, tax documents, and military service records (if applicable).
- Pre-Approval – Receive conditional approval and estimated loan terms.
- Processing & Underwriting – Underwriting reviews the complete file.
- Closing – Sign final documents and complete the home purchase.
The process typically takes 30–45 days, depending on loan type and borrower responsiveness.
Types of Loans
VA Loans:
- 0% down payment
- No private mortgage insurance (PMI)
- VA streamlined refinancing
Conventional Loans:
- Competitive rates for first-time and repeat buyers
- Clear and simple process
- Easy to understand advice and guidance
FHA Loans:
- 3.5% down payment minimum
- Designed for First-time homebuyers
USDA Loans:
- 0% down for rural properties
- Income and geographic eligibility apply
Jumbo & Investment Loans:
- Financing for high-value or income properties
Loan Highlights
- Offers competitive rates
- Offers support from experienced mortgage experts
- Extensive VA loan expertise
- Great for both purchase and refinance loans
Loan Features
- Zero-down VA options: Military borrowers often qualify with no upfront payment.
- No PMI on VA loans: Reduces monthly cost burden.
- Flexible qualification: FHA/VA loans offer lower credit thresholds.
- Veteran-led expertise: Personalized advice from military-informed staff.
- Educational tools: Loan calculators, blogs, and video guides.
- Range of products: From VA to USDA and investment-focused loans.
Rates and Terms
Novum displays sample rates on its website, including for VA, Conventional, and FHA loans. Specific APRs are not guaranteed and vary by borrower profile, market conditions, and whether discount points are paid. Loan terms range from 15 to 30 years, with flexible structures available for qualifying applicants.
Summary
Novum works with members of the military community who are looking to buy or refinance a home. While the company specializes in VA loans, it also offers access to mortgage options for a range of homebuyers. Novum aims to provide clear information throughout the mortgage process and takes into account the unique circumstances that can apply to different borrowers.
Contact Novum Home Loans
Phone: (210) 794‑9511
Email: info@novumhomeloans.com
Website: novumhomeloans.com
Address: 6500 River Place Blvd, Building 7, Suite 250, Austin, TX 78730
Novum is not yet rated on Trustpilot or BBB, but customer testimonials on its site highlight responsive support and veteran-informed service.
Disclaimer: AI was used in the generation of this content, along with human verification.
