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North American Savings Bank (NASB) is a flexible and affordable mortgage lender. It's a particularly good choice for those looking for a non-qualifying mortgage, such as a bank statement or 1099 loan. But if you value an in-person process, this might not be the right lender for you unless you live near one of its Missouri branches.
620
3%
Conforming, FHA, VA, jumbo, non-QM, IRA non-recourse loan
- Many non-QM options for non-traditional borrowers
- Flexible approval requirements
- Easily check customized rates
- Physical locations in Missouri only
- No USDA loans or home equity loan options
- Offers jumbo loan amounts up to $1.25 million
- Available in all 50 states and Washington, DC
- Minimum credit score and down payment displayed are for conforming mortgages
NASB Mortgage Overview
Lending Area
NASB, or North American Savings Bank, is a bank based in Kansas City, Missouri. If you live near one of the bank's 10 branches or its loan center in Missouri, you can start the mortgage process in-person. Otherwise, you can talk to a loan officer over the phone or apply online. NASB lends in all 50 states and Washington, DC.
Loan Types Offered
With NASB, borrowers can get the following mortgages:
- Conforming loans
- FHA loans
- VA loans
- Jumbo loans
- Non-QM loans
- Bridge loans, which enable you to buy a new house before you've sold your current one
- IRA non-recourse loans, which let borrowers use their self-directed IRA to purchase property.
Its non-QM loan options include:
- Bank statements loans for self-employed borrowers who want to use their bank statements, rather than tax returns, to show income
- FLEX loans, which allow non-traditional sources of income and have shorter waiting periods following bankruptcy or foreclosure
- Portfolio loans for borrowers who don't qualify for traditional loan options, including those with a bankruptcy that's at least two years old or a foreclosure that's at least four years old
- Asset depletion loans that let borrowers use their assets to qualify
- Mortgages for self-employed borrowers or independent contractors who need to use 1099s to show income
- Mortgages for real estate investors, including debt service coverage ratio (DSCR) loans that use investment property cash flow to qualify the borrower
- Non-warrantable condo loans to purchase a condo that doesn't meet conventional guidelines
Homebuyer Programs
Local NASB borrowers may be eligible for homebuyer assistance or discounts when getting a mortgage with this bank.
NASB works with the Missouri Housing Development Commission to offer HFA loans with down payment assistance. This includes the First Place program, which includes down payment and closing cost assistance or a reduced interest rate. This program is only available to first-time buyers. MHDC's Next Step program is for both first-time and repeat buyers, and comes with a forgivable down payment loan equal to 4% of the loan amount.
NASB also has its own program for borrowers in the Kansas City metro area called the Good Neighbor Discount Program. With this program, you'll pay no lender fees and get a lender credit toward your closing costs.
NASB Mortgage Interest Rates and Fees
Based on Business Insider's review of Home Mortgage Disclosure Act data, NASB's mortgage rates are a little bit higher than average.
To see the bank's current rates, NASB provides a convenient tool that allows you to input some basic information about your credit and the home you're purchasing to see customized mortgage rates. This can help you get an idea of how much you might pay based on your loan amount, down payment, and credit score. The rate tool also provides an estimate of what you might pay in fees on your mortgage.
In 2022, the average borrower getting a conventional loan from NASB paid $2,031 in origination charges, according to HMDA data. This is on the low end compared to other lenders.
NASB Mortgage Overall Lender Rating
Loan Types: 4.5 out of 5
NASB offers an impressive range of non-QM loans, making it a great choice for borrowers who need to use alternative methods to qualify for a mortgage. It also has some of the most popular types of traditional mortgages.
Affordability: 4.5 out of 5
We found NASB to be an overall affordable lender, particularly if you're buying a home in Missouri and can take advantage of MHDC's affordable homebuyer programs or NASB's discount program for Kansas City residents. Its average fees are also relatively low compared to other lenders, and the lender offers multiple loan options for borrowers who have recent negative credit events.
Customer Satisfaction: 4.96 out of 5
On its Zillow lender page, NASB has a 4.96 out of 5-star rating based on over 1,500 customer reviews.
Trustworthiness: 5 out of 5
NASB currently has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices. This lender also has no recent public scandals.
NASB Mortgage Pros and Cons
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Lots of non-QM options
NASB offers a variety of mortgages for different borrower needs, including DSCR loans, 1099 loans, and bank statement loans. Many of these options also allow borrowers to have recent negative credit events like bankruptcy or foreclosure on their credit reports.
Fully underwritten preapproval
NASB has a program called Home Buying Advantage that allows a borrower's mortgage to be fully underwritten at the preapproval stage.
During the mortgage underwriting process, underwriters verify that an applicant actually qualifies for the proposed loan. This includes looking closely at their credit and finances to ensure they can afford the mortgage and that they're unlikely to default on the loan. Typically, this process is completed after you've made an offer on a house, so the underwriter can also verify that the value of the home is sufficient for the amount being lent. But having underwriting completed up front means your financing is less likely to fall through further on in the process, helping you make stronger offers on homes.
Might not be the best option if you aren't local
NASB is headquartered in Kansas City, Missouri and only has branches in that state. If you want to complete the application process in person and you don't live in Missouri, you might want to go with a different mortgage lender. Additionally, the bank's website says that not all of its products are available in every state, so you may be limited in what mortgages are available to you depending on where you live.
Typical Customer Experiences With NASB
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about NASB's mortgage offerings.
Excellent Customer Service and Knowledgeable Loan Officers
In reviews, previous borrowers spoke highly of this lender. They said that their experience was smooth and that their loan officers exceeded their expectations in helping them through the process.
We saw many customers say that the mortgage pros they worked with were extremely knowledgeable and communicative, and helped them get to closing even when their situations were complex or unique. The handful of negative comments we looked at didn't indicate a larger, systemic problem.
Compare NASB to Other Mortgage Lenders
NASB vs. Chase Mortgages
Chase is a good option for borrowers looking for affordable loan products thanks to the homebuying grants it offers. It also has the DreaMaker mortgage, which allows a minimum of 3% down with reduced PMI and less stringent credit requirements. Chase is ranked as one of our best mortgage lenders.
Chase is a more traditional mortgage lender. If you need to use non-traditional forms of documentation to qualify for a mortgage or you have negative events on your credit report, NASB's non-QM options will likely be a better fit for you.
NASB vs. Bank of America Mortgages
NASB and Bank of America have similar traditional loan offerings. But if you want a HELOC, Bank of America is the obvious winner, since NASB doesn't have any home equity options.
Bank of America has an affordable mortgage product called its Community Affordable Loan Solution, which is geared toward low-income borrowers in a handful of historically Black and Hispanic neighborhoods throughout the country. But NASB could still be the better choice if you're a non-traditional borrower.
Bank of America Mortgage Review
How to Decide if NASB is Right for You
Overall, we think NASB is a strong mortgage lender. It might be the right fit for you if it has the types of loans and features you're looking for in a lender. But it's always a good idea to get approved with at least three different lenders to see who can offer you the best overall deal.
If You Need a Non-QM Loan
NASB is a particularly good choice for non-QM borrowers. It has a wide range of non-traditional mortgage products available, and based on borrower reviews, its customer service makes it an easy lender to work with.
NASB Mortgage FAQs
Yes, NASB is a real bank based in Kansas City, Missouri. In addition to its mortgage lending, it also offers traditional banking services, including checking and savings accounts.
NASB offers a wide variety of mortgages, including conforming, FHA, VA, jumbo, non-QM, and IRA non-recourse loans. It has non-QM options for self-employed borrowers, real estate investors, those with rocky credit histories, and more.
NASB has an A+ rating from the BBB and a lot of positive online customer reviews. It's an overall reputable company; however, if you're considering getting a mortgage with this lender, it's a good idea to shop around with multiple lenders. That way, you can see what kind of deal NASB can offer you and determine if it's the best fit for you.
Yes, you can complete your mortgage application online through NASB's website.
According to HMDA data, NASB's mortgage rates are slightly higher than average. NASB originates a lot of non-QM loans, which typically have higher rates compared to traditional mortgages.
You can look at NASB mortgage reviews from previous customers on the lender's Zillow profile or other consumer review sites.
If you're a non-traditional borrower considering NASB for its non-QM offerings, you might also want to explore getting a mortgage with a local bank or credit union, since they may also be willing to work with you and may be able to offer a better deal than a larger bank would.
Why You Should Trust Us: How We Reviewed NASB Mortgage
For our review of NASB, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
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