NASB Mortgage Review 2021

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North American Savings Bank, or NASB, is an FDIC-backed bank and mortgage lender headquartered in Kansas City, Missouri.

The organization maintains a few brick-and-mortar locations in the Kansas City area. However, the bank offers a robust loan menu and online application process to serve communities nationwide.

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NASB Mortgage Overview

NASB provides a variety of common and specialized mortgages, including refinancing, government-backed, and proprietary loans.

Because they serve a diversified mix of borrowers with challenging and unique circumstances, they’re ideal if you need a lender with flexible requirements and opportunities.

That said, the bank’s bread-and-butter mortgages are VA loans backed by the Department of Veterans Affairs.

Additionally, NASB offers other banking services for those seeking an all-in-one financial solution, including:

  • Checking and savings accounts
  • Money market accounts and CDs
  • And commercial loans

And all their services are available in person (in Kansas City), online, and over the phone, so you can bank and pay your mortgage wherever you go.

NASB Mortgage Pros and Cons


  • Wide variety of conventional and nonconventional products
  • Flexible requirements, including low and no down payment options
  • Competitive rates and fees for many borrowers
  • Willing to work with homebuyers who’ve recently been foreclosed upon


  • No USDA loans, home equity loans, or home improvement mortgages
  • Some loan products only available in the Kansas City area
  • No physical branch locations outside Kansas City
  • No online loan tracking or process update system

How NASB Mortgages Work

You can see rate quotes and apply for a NASB mortgage online, via phone, or in person. The initial application requires standard information such as your name, contact details, Social Security Number, and employment status.

From there, a loan officer will reach out to navigate the particulars of your loan, including terms, rates, and fees. If you decide to proceed, they’ll walk you through the mortgage process every step of the way. And for buyers outside the Kansas City area, NASB even provides e-closing services, so you never have to leave the comfort of your couch.

NASB Mortgage Types and Products

NASB offers a unique palette of common, specialized, and proprietary loans to serve all manner of customers.

Many of its purchase and refinance loans come as either fixed- or adjustable-rate mortgages (ARMs) to cater to your needs.

Conventional Loans

Borrowers can take out either 15- or 30-year conventional loans, which tend to have higher interest rates than their government-backed counterparts. Requirements include a 3% down payment, 620 credit score, and a DTI (debt-to-income) ratio of 50% or less.

Jumbo Loans

Jumbo loans are given to borrowers purchasing houses above the conforming loan limit. NASB provides jumbo loans up to $1.25 million, though qualifying borrowers may receive a higher limit. Requirements include 10% down, a minimum credit score of 690, and a DTI under 43%.

VA Loans

VA loans are available to active-duty military members, veterans, select service members, and eligible spouses.

NASB provides these loans to qualifying individuals with a minimum credit score of 640, though borrowers can put 0% with no PMI (private mortgage insurance) needed.

FHA Loans

Backed by Federal Housing Administration, FHA loans come with stricter requirements, such as a 3.5% down payment, credit score of 620, and 43% debt-to-income ratio.

Additionally, your mortgage payments, taxes, and insurance must comprise less than 31% of your gross monthly income.

Specialized and Proprietary Loans

NASB also provides a special loan menu to help borrowers with unusual circumstances. These include:

  • Bank statement loans are designed for self-employed individuals. You can qualify with a credit score of 660, 10% down, and 12 months of bank statements.
  • FLEX Loans are mostly built for self-employed and non-traditional income borrowers. You need a credit score of 690, DTI under 48%, and between 5-15% down to qualify.
  • Portfolio loans, which aren’t sold on the secondary market, have flexible borrowing guidelines. You need at least 5% down, a credit score between 625-650, and a DTI ratio between under 45-48%, depending on the loan you choose.
  • Bridge loans help you front cash for a down payment and closing costs if you can’t sell your home before buying another one. The primary requirement is a credit score of 700.
  • IRA non-recourse loans let borrowers use funds in their IRA (individual retirement account) to buy investment properties. Requirements can vary, and these loans often come with slightly higher interest rates.

NASB Mortgage Rates

NASB’s mortgage rates trend slightly lower than its major competitors, though your rate may vary based on your financial and credit situation.

According to data sourced from public records under the Home Mortgage Disclosure Act, NASB’s 30-year-fixed rates in 2020 averaged 2.99%.

NASB Mortgage Fees

In 2020, NASB charged an average of $0 in origination fees on VA loans, $995 for non-VA loans, and total loan costs of around $2,400. These costs include state taxes as well as appraisal, title, and closing fees.

NASB Features and Benefits

Various Loan Offerings

North American Savings Bank operates an extensive range of loan programs, giving borrowers access to:

  • Government-backed mortgages
  • Fixed- and adjustable-rate loans
  • Conforming and non-conforming loans
  • Proprietary mortgages to cater to nonstandard circumstances

Transparent Rates

NASB makes rate shopping fairly painless. To look at today’s mortgage rates, just select “Check today’s mortgage rates” on their home page to see sample rates, APRs, and closing fees. You can also get a customized rate quote by filling out a short form or contacting a loan officer.

Online Convenience

NASB runs a clean, mobile-friendly website for anyone who wants the online mortgage experience.

You’ll need to create an account to start an application, but this means you can come back to complete your application later.

You can also upload and e-sign documents. However, there’s no online loan tracking at this time.

Well-Designed Website

In addition to promoting convenience, NASB’s website is well-designed and transparent. You can view various banking and mortgage options with all requirements laid out upfront.

They also break down the pros, cons, and FAQs of each mortgage in plain language. And if you’re unsure about a topic, their comprehensive blog covers all things mortgage.

Flexible Qualification Criteria

Unlike some lenders, NASB doesn’t just look at your credit score – they take a snapshot of your entire financial situation, including your:

  • Bill and rent payment history
  • Bank statements
  • Current employment situation

While their standard minimum credit score is 620, they’re willing to work outside the box via their proprietary loans, too.

Rate Lock Programs

NASB’s Home Build Rate Protection program helps homebuyers building their first home save big by locking in their rate for up to nine months.

If rates drop during this period, you can secure a lower rate – but it won’t rise. And with the RateSecure Program, other borrowers can lock their interest rate for up to 90 days while they shop.

Missouri-Only Programs

NASB also offers select programs to Missouri residents only. One of these, the Missouri Housing Development Commission program, helps veterans and first-time homebuyers secure their down payment and cover closing costs.

And individuals who qualify for the Good Neighbor Program can secure housing in underserved areas with a credit score of at least 580.

This program also waives lender fees and provides closing cost assistance to borrowers with less-than-perfect financial histories.

NASB Drawbacks

No USDA, Home Equity, or Home Improvement Loans

If you’re in the market for any of these loans, you’re out of luck with NASB. That said, one of their proprietary loans for low-income and poor credit borrowers may fill the gap.

NASB also offers mortgage refinancing (including cash-out refinancing) if you need money for home improvements.

Some Products Limited by Location

Although NASB services mortgages nationwide, some products – including construction loans – are limited to the Kansas City area. Additionally, if you want in-person assistance, you’ll need to drop by a Kansas City branch.

Payment Fees

This one is a small qualm, but a qualm, nonetheless. Unlike some lenders that offer free online bill pay, NASB charges $2.75 per payment if you use a non-NASB account to pay your mortgage.

How Does NASB Compare to Other Lenders?

#1. NASB vs. Better Mortgage is an online mortgage lender licensed in 46 states that provide 24/7 service via digital and on-demand human assistance. You can get preapproved in less than an hour and lock your rate on demand.

Better offers fewer types of loans than NASB, with basics such as conventional, jumbo, and refinance menu. However, they do accept borrowers with student loan debt or unconventional income.

Moreover, Better offers a variety of discount and competitor matching programs and claims to shave over $3,000 off the average mortgage by cutting out all lender fees.

>> More: Better Mortgage Review

#2. LoanDepot vs. NASB Mortgage

LoanDepot is an online mortgage provider licensed in all 50 states. The lender specializes in refinance, purchase, and renovation mortgages. Typical borrowers can qualify with a credit score between 580-620 and a down payment of less than 5%.

LoanDepot’s big selling point is their mello smartloan software, which they claim reduces your closing period by 17 days. And with their “Lifetime Guarantee,” you’ll never pay lender fees or appraisal costs for refinancing your home later.

That said, LoanDepot’s average rates and fees sit above the national average. And to get started or receive a rate quote, you’ll have to hand over your contact information to a LoanDepot officer or the lender’s online portal.

>> More: LoanDepot Mortgage Review

#3. Guild Mortgage vs. North American Savings Bank

Guild Mortgage provides online mortgages in 48 states and in-person services in 31. The lender processes, underwrites, and funds a large menu of loans in-house, such as conventional, government-backed, refinance, reverse, and jumbo. And unlike some lenders, you can borrow funds for secondary, manufactured, and investment properties.

Guild Mortgage requires a lower minimum credit score than some lenders, though its rates and fees aren’t overly competitive.

But they do partner with over 500 down payment aid programs and provide affordable lending options, including rate locks, express closing, and more.

And with online applications, asset retrieval, and e-closing, you never have to leave the comfort of your couch.

>> More: Guild Mortgage Review

NASB Mortgage FAQs

Is North American Savings Bank a Good Choice for Mortgages?

North American Savings Bank is a great option if you need a specialized mortgage or VA loan. Lower-income and poor-credit-history individuals can land their dream home with its comprehensive loan menu, unusual flexibility, and lender credits. And best of all, this modern lender can operate entirely remotely for non-Kansas City borrowers.

How Do NASB Mortgage Rates Compare to the National Average?

NASB’s rates tend to fall below that of its larger peers. And in 2020, the lender’s typical rate fell right in line with or slightly below the national average.

What Types of Mortgages Does NASB Offer?

NASB offers a range of mortgage products, including fixed- and adjustable-rate loans, government-backed mortgages, and both conventional and nonconventional options. They also offer mortgages to eligible borrowers without a standard credit history.

Does NASB Offer Mortgage Refinance?

NASB offers both standard refinancing as well as FHA Streamline Refinance loans to qualifying borrowers.

What Credit Score Do You Need for NASB?

The exact minimum credit score varies based on your loan program and financial situation. But for a rough guideline, you’ll need a minimum:

  • 580 for FHA loans
  • 620 for conventional loans
  • 640 for VA loans
  • 690 for jumbo loans
  • 700 for some specialty loans

Bottom Line: NASB Mortgage Review

North American Savings Bank is an ideal lender if you need a specialized loan tailored to your circumstances.

The mortgage lender offers unusual flexibility, a vast loan menu, and plenty of lower-income programs and credits to help anyone achieve their dream of homeownership.

And best of all, if you prefer the safety of your couch to meeting in person, you can go through the entire loan process online and over the phone.

Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.