A family-owned lender with a reputation for excellent support and flexible plans.
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 immediately online.
|Name||New American Funding|
|Loan types||Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA, Reverse|
|Minimum down payment||0%|
Expect fees to include appraisal fees, title charges, closing fees (Courier fees, processing fees, administrative fees, rate-lock fees, and broker fees), and state taxes.
New American Funding doesn't disclose actual costs, but includes a mortgage and refinance calculator on their web page.
Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
What makes New American Funding unique?
Calling itself “America’s top mortgage 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 113,000 loans across 200 branches in 48 states.
New American Funding underwrites borrowers’ credentials in-house, which means an actual person reviews your eligibility to match you with a loan. That personal touch could improve your chances of approval for a loan if you’re a freelancer or have a spotty credit history.
In 2013, New American Funding launched its I CAN mortgage — a mortgage that allows borrowers to choose a loan term that meets their budget.
Other traditional and niched mortgage products include:
- Fixed-rate mortgages. Pay the same monthly amount for 15 or 30 years.
- Adjustable-rate mortgages. Pay a consistent monthly amount for five years, then a rate that’s adjusted according to the market.
- FHA, USDA and VA loans. Tap into programs designed for those who need extra assistance.
- Jumbo loan. For that big dream house you need big help to afford.
- Nonqualifying mortgage. A non-QM uses alternative income verification to approve loans for people with unique financial circumstances.
In 2019, Mortgage Professional American recognized New American Funding for being among the best employers in the US mortgage industry. In 2018, it ranked among Inc. magazine’s list of the 5,000 fastest-growing companies in the US.
Do I qualify for a loan with New American Funding?
To learn whether you qualify for a specific loan, you’ll need to request a quote online or talk directly with a lender. A representative can help narrow down an option that best meets your needs.
Basic eligibility for a traditional mortgage includes:
- Two years of continuous employment.
- A FICO credit score of 620 or higher.
- No history of bankruptcy for at least two years.
- Listed assets in your bank account for at least 60 days.
Lenders that offer mortgages
What are the benefits of getting a loan through New American Funding?
Top benefits of financing a mortgage through New American Funding include:
- Manual underwriting. A real person determines your eligibility, which could help freelancers and self-employed individuals.
- A focus on support. The licensed lending agent assigned to your case is dedicated to fast turnaround.
- Online flexibility Submit required documents, track the status of your loan and make payments online.
- Free calculators and tools. A Resources page features an educational blog, instructional videos, mortgage calculators and a glossary of mortgage terms.
What to watch out for
Potential drawbacks of New American Funding include:
- 48 states only. New American Funding does not offer mortgages in New York or Hawaii.
- Undisclosed fees. The full range of fees you’ll face aren’t disclosed beforehand, making it hard to know what you’ll pay out of pocket.
- No online preapproval or automatic quote. You’ll need to feel comfortable talking details with a lender over the phone after completing the brief online application.
How do I get started?
Start by requesting a quote from the lender’s website.
- Go to the New American Funding website and click Request Quote.
- Enter your name, contact info, and type of loan you’re looking for. Then input your requested loan amount, credit rating and property type. Finish up with your ZIP code and state, and click Submit.
- A New American Funding will contact you soon after with a quote and next steps to review your assets, debt-to-income ratio, and credit history to determine your eligibility.
Your eligibility depends on the details of the loan you’re applying for. The best way to understand if you’re eligible for a loan is to request a quote online
To request a quote online, you’ll provide basic personal information and your potential loan requirements.
After a licensed loan professional contacts you, you’ll likely provide such documentation as:
- Bank statements
- Proof of stated assets
- Tax documents
- Pay stubs or W-2s to prove your income
- Government-issued ID
- Your housing or renting history
- Proof of any gifted funds
I got the loan. Now what?
To get the most out of your loan, sign up for a Customer Care account online to:
- Make monthly payments on your loan.
- Set up free automatic payments.
- Register e-statements.
Add your New American Funding account to your smartphone’s home page for easy access. Just select My Loan and scroll to Quick Mobile Access.
Stay close with your licensed loan professional throughout the repayment process. Or contact customer service at 800-893-5304.
New American Funding is a fast-growing lender offering flexible mortgage options that include fixed-rate, adjustable-rate and VA loans.
But if you have poor credit or live in New York or Hawaii, you’ll need to compare other mortgage options to find the best for your needs.