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New American Funding mortgage review

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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.

Details

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.
Available States Not available in: HI, NY

Pros

  • Manual underwriting.
  • Online flexibility.
  • Free calculators and tools.

Cons

  • 48 states only.
  • Undisclosed fees.
  • No online preapproval or automatic quote.

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.

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. A Resources page features an educational blog, instructional videos, mortgage calculators and a glossary of mortgage terms.

Cons

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.

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How to get a home loan with New America 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.
    New American Funding application process screen 2
  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.
    New American Funding application process screen 3

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.

And online reviews are generally positive, with past customers praising the lender’s personable loan officers and organized process. As of September 2019, the company has an A+ rating with the BBB and an average of 4/5 stars. The small handful of negative reviews focus on borrowers who have had trouble with paperwork or misunderstandings with their loan officer.

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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