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New American Funding Mortgage Rates Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
349 Customer Comments & Reviews - see all comments
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The bank offers competitive rates for conventional loans as well as refinance options.

Some of the many loans options available through this lender include fixed-rate, VA, FHA, ARM, and home improvement loans, HARP loans, home equity loans and interest-only home loans.

The company serves most states with only two exceptions: New York and Hawaii.

 
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How is New American Funding rated?

Breakdown

5.0/5
Lender Types
5.0/5
Available Mortgage Types
4.5/5
Customer Experience
5.0/5
Reputation & Transparency

Overall Rating: 4.7 / 5 (Excellent)

With a broad selection of mortgage products and a comprehensive library of educational resources for consumers, New American Funding is a great option for borrowers in any phase of the home purchase process.

As a smaller regional lender, the company also offers in-house loan servicing, competitive rates, and flexible terms.

Getting pre-approved with New American Funding is a straightforward process.

Customers can complete their loan application online or request a call from an agent at their convenience.

Once they have completed their loan application, prospective borrowers can track the status of their loan, make payments, and adjust payment options through the company’s convenient online portal.

This lender is an excellent choice for freelancers and self-employed borrowers, as the company’s manual underwriting takes into account alternative credit histories to determine creditworthiness.

It also offers government-backed VA. FHA, and USDA loans with more lenient credit and down payment requirements.

Another benefit to working with New American Funding is the company’s excellent reputation for customer service.

This is evidenced by thousands of positive online customer reviews and an A+ rating from the Better Business Bureau.

Complaints against the company are also minimal when compared to high number of loans it originates as one of the top 30 lenders in the United States.

New American Funding Loan Specifics

Available Mortgage Types - 5 / 5

New American Funding offers a broad range of mortgage solutions for consumers interested in purchasing a new home or refinancing their current one.

First-time buyers may be interested in the company's fixed- and adjustable-rate offerings, as well as the government-insured VA and FHA loans, which are great, low-down payment solutions for members of the military and people with less-than-perfect credit histories who need assistance qualifying.


The company’s website has a section with information on mortgage rates and loan terms, boiling down the different options available to three types of loans: 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and 5/1 adjustable-rate mortgages.

However, New American Funding’s suite of loan products appears to be comprehensive, offering options for all types of borrowers, particularly first-time homebuyers with limited credit history or insufficient down payment amounts.

This lender doesn’t offer home equity loans or lines of credit.

Neither does it set a minimum loan amount, and maximum loan amounts vary by program.

Applicants can receive pre-approval from New American Funding by requesting a quote on the company’s website.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/5 ARM
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • 15/15 ARM
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • Interest-only

New American Funding Customer Experience

Customer Experience - 4.5 / 5

To get a quote from New American Funding, applicants must fill out a short form with general information about themselves and the home intended for purchase.

They will receive a call from a customer service representative shortly thereafter with more information about their loan options.

Although not as exact as other mortgage calculators on the web, New American Funding's website also provides free mortgage calculators and a large database of blog posts and instructional videos on mortgage-related topics.

Online Features

Online Application
No
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Videos
SSN Required for Quote
No

New American Funding Qualification Requirements

Qualification Requirements - 4.8 / 5

Mortgage requirements vary depending on the type of mortgage the applicant is interested in obtaining.

Fixed-rate mortgages, for example, have basic requirements such as proof of income, homeowners insurance, and documentation on other assets.

A good debt-to-income ratio is also needed, though the c0mpany doesn’t specify the maximum DTI ratio for any of their loan products.

New American Funding also extends alternative loan products other lenders fail to offer, such as their Non-QM loan, which allows borrowers to qualify using alternative methods of income verification.

This type of product could be of particular interest to self-employed borrowers and freelancers.

Finally, in broad strokes, the minimum FICO score set by New American funding will depend on the loan program the prospective borrower selects.

Generally speaking, most lenders require a minimum credit score of 620 for conventional loan products, while FHA loans typically require a minimum score of 640.

New American Funding Lender Reputation

Reputation & Transparency - 5 / 5

New American Funding has been accredited by the Better Business Bureau since 2004 and holds an A+ rating with the organization.

Despite its excellent grade rating, the company has received only two out of five stars in the customer reviews section.

On the other hand, the number of reviews and complaints filed against this lender are minimal when compared to its size and the number of loans it originates.

The single regulatory action found in the Nationwide Mortgage Licensing System (NMLS) database against New American Funding is related to the company originating loans without a license in Washington.

Looking at the bigger picture, New American Funding sets itself apart from the competition by offering a truly in-house loan process from start to finish.

The company handles everything from origination to funding, something that allows them to offer more competitive rates and flexible terms.

Given the company relatively small size when compared to other competitors, its position among the nation’s top 30 lenders, and it’s low complaint ratio across a number of consumer review websites like the BBB and regulatory agencies like the Consumer Financial Protection Bureau, New American Funding is an excellent lender for most borrowers, particularly new homeowners and freelancers.

If you want more info about great mortgage rates, read our review of the top 8 companies of 2019.

Key Facts

Lender Type
Direct Lender
Year Founded
2003
BBB Rating
A+
BBB Positive Reviews
61
BBB Negative Reviews
17
Trustpilot Rating
4.0 out of 5
Collection Date
2018-04-05

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
6606
The Nationwide Mortgage Regulatory Actions
1
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
New American Funding Mortgage Rates
Company Website
https://www.newamericanfunding.com/
Headquarters
14511 Myford Road, Suite 100, Tustin, CA, 92780

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349 Customer Comments & Reviews

Loading Reviews ...
Jason S
1/20/2019
Heather did a wonderful job for our mutual client. There’s no reason to go anywhere else when she does such a great job.

P
Polly C
1/20/2019
Great Company I highly recommend them! Excellent Communication! Great teamwork! My clients are exstatic!

Jose C
1/20/2019
from the beginning he had an excellent treatment, good communication, he helped me in everything I needed, all the doubts he answered me and if he did not understand I was looking for the best way to do it. He was always aware of what was needed. Excellent experience in during the purchase process. Thank you so much!

Steven A
1/20/2019
Jenn was always on top of the loan, letting me know what to expect. Top notch service

McKinley J
1/20/2019
Chris Cifuentes and Steffany Moreno worked hard to get my loan done.

maevecrommie
1/20/2019
Ron and his team go the extra mile to make the entire process seamless and successful. They exceeded my expectations with their level of patience, the information provided and terms of my loan! Sincerely, Lifetime client, Maeve

Jacob S
1/20/2019
Jonny Moore from NAF is highly recommended because of quick responses, enthusiasm optimism, thorough experience, realistic goals, comprehensive advice, and relentless persistence with a positive attitude.

Alejandro G
1/19/2019
Everything. Great. Thank you. Hope this help others. Greta service and professionalism.

Dale K
1/19/2019
Heather is an excellent lender. She makes every transaction smooth and enjoyable! I highly recommend her!

Tom B
1/19/2019
5.0-star response from Thomas B for Tom Sinak at SocialSurvey - We all worked together, Tom Sinak and his crew, Christie Lewis our realtor and her crew and myself given past experience of knowing what to do. This enabled us to close in 28 days, even when some of those days included Christmas and New Years holidays. If you want a successful team experience with your mortgage, I suggest using Tom Sinak as I have for the last 4 home loans I have needed. Thanks Tom!!!!

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