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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 ...
rdw.boog
7/21/2022
New American’s customer service is unprecedented. We felt like we were the only custumer they had. Always answered when we had questions. Reviewed requested documents extremely fast and always made themselves available when we needed them.

M
maxwell.z.torres
7/20/2022
New American Lending was easy to navigate and extremely helpful. They made home buying a joy and we would use them again.

J
Jason
7/20/2022
Will definitely use in the future! Outstanding people will a lot of knowledge and we’re very helpful!!

B
bennie m
7/20/2022
NEW AMERICAN FUNDING WAS FAIR ,HONSET,AND WAS VERY UP FRONT ABOUT WHAT THEY WE'RE DOING AT ALL TIMES

mimartinezesq
7/20/2022
New American is fantastic. Jay Sedrowski is fantastic. I couldn’t ask for better service.

M
Mardell L
7/20/2022
We had initially started a refinance with another company whom did not do what they stated and no follow thru, Randy and New American were very friendly, knowledgeable and if I had questions or concerns due to our fear they addressed it immediately.

S
Star G
7/19/2022
Amazing company and staff. Incredibly helpful made the process as easy as possible

M
Michael B
7/19/2022
Locked rates long term and rates dropped a little in the meantime. Would love to have had an option to be able to lock a lower rate if rates dropped. I have heard of other lenders having that option and even if it were something that would have been extra, we would have been willing to pat extra for that. All in all, working with David Kooner now for the third time personally and having personally recommended him to friends and family, I will continue to give David the first option to help us with our mortgage needs.

r3ginald25
7/19/2022
Braxton is professional, courteous. More importantly he follows up on matters that we discussed.

tstone3900
7/19/2022
The relationship that Steve built with us is amazing. It felt like we were his only customers. We look forward to working together again in the future.

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