New American Funding mortgage review August 2019 | finder.com

New American Funding mortgage review

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New American Funding
  • A+ rating in BBB
  • 62k positive reviews in Social Survey
  • $30 Billion in home loans
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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 credit 620
Minimum down payment 0%
Origination fee N/A
Other fees 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

Name Product Min. credit score State availability Loans offered
620
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, Fixed, Adjustable, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Vylla
Vylla
620
Not available in: HI, MA, NV, NY, ND, UT
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Explore financing options and home shopping services all on the same website.
620
Not available in: HI, NY
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA, Reverse
A hassle-free lender specialized in home loans.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Flexible options, fast approvals and support online backed by a trusted brand.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA
A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

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.

  1. Go to the New American Funding website and click Request Quote.
  2. 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.
  3. 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.

Eligibility requirements

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

Required documentation

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.

Bottom line

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.

Frequently asked questions.

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