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New American Funding Mortgage Review 2023

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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 except New York and Hawaii

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, Calif., with more than 170 branches across the country, New American Funding is especially focused on “serving the underserved,” as its website says: It aims to provide $25 billion in loans to Hispanic borrowers by 2024 and $20 billion in loans to Black borrowers by 2028. One notable option is its “I CAN Mortgage” program, 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).

In February 2023, New American Funding announced its Pathway to Homeownership initiative, which provides qualified borrowers in select areas with up to $8,000 — direct assistance that doesn’t have to be repaid.

Our Editor’s Take on New American Funding

New American Funding is a good fit for borrowers from minority communities or those who are looking for niche products.

How Bankrate scored New American Funding

To determine New American Funding’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors.

  • Affordability: New American Funding’s rates are often below Bankrate’s averages.
  • Availability: New American Funding offers a comprehensive suite of loan products nationwide.
  • Borrower experience: New American Funding is an experienced lender with positive customer reviews.

Affordability: 5/5

New American Funding’s rates are generally lower than 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 your anticipated closing costs.

Availability: 4.5/5

New American Funding operates in 48 states, providing conventional, government-insured and refinance loans. Notably, it’s also equipped to work with borrowers in 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.

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

Compare New American Funding to other lenders


New American Funding

AmeriSave Mortgage Corporation


Bankrate Score:




Best for:

Borrowers from minority communities and those who seek niche products.

Borrowers interested in less common loan types, including non-QM mortgages

Borrowers looking for a quick closing and a wide variety of loan and service ( online and in-person) options

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

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term & cash-out refinancing; construction and renovation loans

Min. credit score required:

620 for conventional loans

620 for conventional loans; 700 for jumbo loans; 600 for FHA loans; 600 for VA loans; 600 for USDA loans

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans

Down payment:

3 percent for conventional loans, 3.5 percent for FHA loans, 0 percent for VA loans, 0 percent for USDA loans

3 percent for conventional, 3.5 percent for FHA, 0 percent for USDA, 0 percent for VA

3.5 percent for FHA loans; 0 percent for VA loans


Available in all U.S. states

Available in all U.S. states except New York

Available in all U.S. states

Read full review:


AmeriSave Mortgage Corporation Review

LoanDepot Mortgage Review

To compare additional lenders, learn more about the Best Mortgage Lenders of 2023.

How to apply for a mortgage with New American Funding

You can apply for a mortgage with New American Funding in person: The lender has more than 170 branches nationwide. You can fill out a form online to get a quote — the website has some helpful calculators — but you can’t complete the application process entirely online. You can also call (800) 450-2010 to get started.

  1. Run the numbers. Estimate how much you can afford in a monthly home loan payment, taking into account payments on the principal balance as well as insurance, taxes and interest, and homeowners association fees if applicable.
  2. Review loan and rate options. New American Funding offers a wide array of loan products. If you’re eligible, learn about programs like the “I CAN Mortgage,” for minority borrowers, or the Pathway to Homeownership homebuyer assistance program.
  3. Get preapproved. To get preapproved with New American Funding, you should gather detailed information about your financial life, including tax returns and proof of employment. Unlike some lenders, New American Funding manages loan processing and underwriting in-house. Your preapproval will be fully underwritten, which expedites the closing process.
  4. Choose a home and close on the loan. New American Funding advertises that its fully underwritten preapprovals will make your offer more attractive to sellers. The lender guarantees that most of its purchase loans close in 14 business days. If your loan doesn’t close within this timeframe, the lender will give you a credit of $250 to put towards your closing costs.

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.

Frequently asked questions about New American Funding

What is New American Funding’s 5-Year Rate Protection Pledge?

If you’ve found the home of your choice but are deterred by the high interest rates of the current environment, you can buy now under New American Funding’s 5-Year Rate Protection Plan and refinance to a lower rate later. If you tap into this program within the next five years, you can refinance if rates drop with no repeat lender fee or appraisal fee from New American Funding.


Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories: 

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.

New American Funding consumer reviews


NMLS: 6606


Rating: 4.3 stars out of 5

28 reviews

5 stars
4 stars
3 stars
2 stars
1 stars

About consumer ratings

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

0 of 4 rates honored

Review this lender

Write a review of your experience with New American Funding.

of 4 reviews

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

Jeff Ostrowski

Senior mortgage reporter

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor