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New American Funding offers a simple application process and breadth of mortgage options, though you’ll need to feel comfortable getting a quote over the phone instead of online.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: HI, NY
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: HI, NY |
NMLS # | 6606 |
New American Funding is not currently available on Finder
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New American Funding is a great choice for freelance and gig workers, offering quite a few mortgage options and customizations for those who may not qualify for traditional loans. The variety of home loans and manual underwriting process can help you find a good fit, regardless of your financial circumstances.
But the lender’s manual underwriting means it doesn’t offer online preapproval, so you must be comfortable handling the application over the phone or in person at one of New American Funding’s branch locations.
Basic eligibility for a traditional mortgage includes:
To learn whether you qualify for a specific loan, request a quote online or directly speak with a lender. A representative can help narrow down an option that best meets your needs.
To request an online quote, provide your basic personal information and your potential loan requirements. After a licensed loan professional contacts you, you’ll likely need to provide documentation as:
This lender doesn’t disclose its fees online. If you’re considering a mortgage with New American Funding, talk with your loan officer about what fees you’ll need to pay before signing anything to avoid any unpleasant surprises.
Common fees associated with a new mortgage include these:
To start, request a quote from the lender’s website.
This lender offers the following mortgage refinance options:
New American also offers the following additional home loan products:
With so many options to choose from, New American Funding may seem like it offers something for everyone. But if you’re interested in a particular type of mortgage, you may consider a lender that specializes in that loan. For example, Veterans United mostly works with borrowers seeking a VA loan or refinance and knows all the nuances of the system.
And if you’re concerned about New American’s lack of transparency when it comes to closing costs or you’re more comfortable with a fully online process, you may want to look into Better, a lender that doesn’t charge origination fees and has a streamlined digital application.
Shopping your options is the best way to make sure you’re finding the lender that’s right for you. Select See rates below to visit the lender’s website for a personalized quote.
As of July 2022, New American Funding’s online reviews are pretty positive. The lender is accredited with the Better Business Bureau (BBB) and has an A+ rating for closing 161 customer complaints over the last three years. It also has 321 customer reviews, averaging 3.15 out of 5 stars.
Customer ratings aren’t as high on Trustpilot, where the lender has only 53 reviews and has earned a TrustScore of 2.9 out of 5 stars.
Both positive and negative reviews tend to focus on individual loan officers. While some customers worked with loan officers who helped them through the process and explained everything clearly, other customers were frustrated with loan officers who were difficult to get in touch with, didn’t listen and took significantly longer than expected.
Consider the good and the bad for this lender.
New American Funding was founded in 1999 by a husband and wife team in Tustin, California. Today, that couple services a portfolio of more than 197,000 loans across 186 branches in 32 states. And in 2021, it ranked among the top mortgage lenders for the ninth consecutive year by Scotsman Guide’s Top Mortgage Lenders list.
New American Funding is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.