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New American Funding mortgage review

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finder.com’s rating: 3.7 / 5.0

★★★★★

A family-owned lender with flexible options and a variety of mortgage types.

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.

Details

Loan types Purchase, Refinance, Jumbo, HELOC, 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.
Available States Not available in: HI, NY

Pros

  • Manual underwriting
  • Online flexibility
  • Free calculators and tools

Cons

  • Not available to New York or Hawaii residents
  • Undisclosed fees
  • No online preapproval or automatic quote
As of October 2019, New American Funding has an A+ rating with the BBB and just under 4 out of 5 stars. The company also has 3 out of 5 stars on Yelp


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

What types of loans does New American Funding offer?

This lender offers a variety of mortgage types, including:

Conventional

New American Funding offers both fixed- and adjustable-rate conventional mortgages. And their I CAN conventional mortgages let you pick a term length of eight to 30 years.

Jumbo

New American Funding offers jumbo loans up to $15 million.

FHA

Designed for low- or moderate-income borrowers and backed by the Federal Housing Administration, FHA loans are available to qualifying homebuyers with as little as 3.5% down.

VA

VA loans are available with $0 down to qualifying military service members, veterans and select spouses.

USDA

USDA loans are available for $0 down to qualifying homebuyers in rural areas. You can use the USDA website to check if your home qualifies.

Refinance

If you already have a mortgage, you can refinance with New American Funding to get a new interest rate or different term length.

Other loan types

  • Cash-out refinance. A cash-out refinance allows you to take out a bigger mortgage and get the difference as a lump-sum payout.
  • Reverse. Qualifying homeowners over age 62 may be able to tap into their home’s equity with a reverse mortgage.
  • Nonqualifying. A nonqualifying mortgage, or non-QM, can help self-employed borrowers purchase a home.
  • FHA 203k. If you need to renovate a home you own or plan to buy, an FHA 203K loan can help you finance the cost.
  • HELOC. A home equity line of credit (HELOC) lets you draw from the equity in your home.
  • Interest-only loan. If your income is going to increase in the next few years, and interest-only home can help you buy a house sooner.

New American Funding’s fees

This lender doesn’t disclose their 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:

  • Application fee
  • Origination fee
  • Underwriting fee
  • Rate lock fee
  • Ongoing fees
  • Third party fees

Requirements

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.

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

Pros and cons of New American Funding

Pros

Top benefits of financing a mortgage through New American Funding include:

  • Manual underwriting. A person determines your eligibility, not a computer, which could help freelancers and self-employed individuals.
  • Online flexibility Submit required documents, track the status of your loan and make payments online.
  • Free calculators and tools. The company’s website features an educational blog, instructional videos, mortgage calculators and a glossary of mortgage terms.

Cons

Potential drawbacks of New American Funding include:

  • 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.

Does New American Funding offer a 14-day closing guarantee?

It’s unclear. In the past, the company offered a 14-day closing guarantee. But while fine print about the guarantee’s exclusions are still on the company’s website as of October 2019, it’s no longer advertised on the site.

Finder called to find out if the guarantee is still active. But after talking to three representatives at the company who didn’t know and getting put on hold several times, we were told we’d get a call back with an answer — and that hasn’t happened.

Compare New American Funding to other mortgage lenders

Name Product Min. credit score State availability Loans offered
620
Not available in: HI, NY
Purchase, Refinance, Jumbo, HELOC, FHA, VA, USDA, Reverse
Loan officers work with you to find the right mortgage to fit your lifestyle and budget.
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
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
620
Not available in: AZ, HI, IN, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo, Home Equiity, FHA, VA, USDA
Get personalized rates in minutes and then choose a home loan offer from several top online lenders.
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, 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, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.
620
Available in all states
Purchase, Refinance, Jumbo, HELOC, FHA, VA, USDA
A national lender that offers the full selection of mortgage products.

Compare up to 4 providers

How to get a home loan with New American Funding

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.

What is New American Funding?

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. And in 2018, it ranked among Inc. magazine’s list of the 5,000 fastest-growing companies in the US.

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.

Frequently asked questions.

Home loans ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

Expert review

Amy Stoltenberg

Review by


Amy Stoltenberg writes about lifestyle and money for finder.com, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

Expert review

New American Funding offers a wide variety of mortgage types, making it a smart option for homebuyers who want to explore all options, including both conventional and government-backed loans. But while customer reviews are mostly positive, a handful of negative reviews from frustrated customers suggests that how smooth the application process is depends on which loan officer you work with — and not necessarily the company itself.

And if you have poor credit or live in New York or Hawaii, you’ll need to compare other mortgage options to find the best fit for your needs.

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