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New American Funding Mortgage Review 2022

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At a glance

New American Funding

NMLS: 6606


Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC); investment property; flex-term; non-QM; reverse mortgages


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans

Pros and cons

Checkmark Pros

  • Focus on lending to minority borrowers
  • Showcases current rates online

Close X Cons

  • Doesn’t list lender fees online

New American Funding overview

Headquartered in Orange County, California, New American Funding has more than 170 branches across the country. The lender is especially focused on minority communities, with a goal to provide $25 billion in loans to Hispanic borrowers by 2024 and $20 billion in loans to Black borrowers by 2028. One notable option of the lender’s loan programs is its “I CAN Mortgage,” which allows borrowers to choose any repayment period between eight years and 30 years. The lender also offers loans not advertised on its website, including jumbo loans and non-qualified mortgages (non-QM). (For additional information on these products, you’ll need to contact a loan officer.)

New American Funding is good for

Borrowers from minority communities or looking for niche products

Breakdown of New American Funding overall score

  • Affordability: New American Funding isn’t especially transparent about fees until you apply for a loan, but the lender clearly lists latest rates on its website.

  • Availability: This broker works with borrowers in all states. It has a diverse set of loan offerings for different kinds of borrowers.

  • Borrower experience: The lender focuses on Black and Hispanic borrowers, and it lets borrowers choose repayment schedules ranging from eight to 30 years. 


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Affordability: 5/5

New American Funding’s rates are generally below Bankrate’s averages; you’ll find the lender’s latest APRs for various loan programs on its website. Note that these rates assume that a borrower has a credit score of 740, so if your credit score is lower than that, your rate will likely be higher than what’s advertised.The lender doesn’t disclose its fees online, so be sure to ask for a breakdown of any origination, administrative or underwriting fees to get a sense of what you’ll need to cover at closing.

Availability: 4.5/5

New American Funding operates in all states, and it provides conventional loans as well as government-insured loans through the FHA, VA and USDA programs, along with options to refinance your existing mortgage. Notably, it’s also equipped to work with borrowers with unique credit or financial circumstances, offering access to non-qualifying (non-QM) loans, plus reverse mortgages and home equity lines of credit (HELOCs).

Borrower experience: 4.7/5

New American Funding was founded 20 years ago and has since funded $60 billion in mortgages. The lender is Better Business Bureau-accredited with an A+ rating. On Trustpilot, the lender has a 3.1 out of five stars based on more than 80 customer reviews.

You can apply for a mortgage on New American Funding’s website and upload all of your information electronically. If you secure a loan through the lender, you can use its mobile app for payments and to keep track of your current equity and home value. Additionally, the lender’s website has some helpful calculators, along with a blog about real estate trends.

If you have questions about a mortgage, New American Funding maintains customer service hours between 8 a.m. and 5 p.m. PT.

Refinancing with New American Funding

You can refinance your mortgage with New American Funding; the lender offers cash-out refinancing and other options like streamline FHA 5/1 ARMs and VA Interest Rate Reduction Refinance Loans (IRRRLs). If you qualify as a low-income borrower, you might be able to take advantage of the Freddie Mac Refi Possible program, which can come with a $500 credit toward your appraisal cost. As part of a five-year promotion, the lender won’t charge “repeat fees” to refinance.

Alternatives to New American Funding

  • Allied Mortgage Group review – Not as widely available, but doesn’t charge lender fees
  • Rocket Mortgage review – One of the biggest names in the mortgage business; also offers a choose-your-term “YOURgage” program that allows you to pick any range from eight years to 29 years
  • Wells Fargo Home Mortgage review – A lender with a national presence, plus the flexibility to consider alternative credit data on an application

New American Funding consumer reviews


NMLS: 6606


Rating: 4.3 stars out of 5

28 reviews

5 stars
4 stars
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1 stars

About consumer ratings

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Customer service rating

Rating: 4.4 stars out of 5
Level of service
Rating: 4.4 stars out of 5
Rating: 4.3 stars out of 5
Rating: 4.3 stars out of 5

82% of reviews would recommend this lender

1 of 5 rates honored

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The consumer reviews posted on ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor