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New American Funding is a good fit for borrowers from minority communities or those who are looking for niche products.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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
Min. credit score required
620 for conventional loans
Nationwide availability
Available in all U.S. states except New York and Hawaii
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
NMLS: 6606
4.8
Bankrate Score
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
Min. credit score required
620 for conventional loans
Focus on lending to minority borrowers
Showcases current rates online
Doesn’t list lender fees online
New American Funding is a good fit for borrowers from minority communities or those who are looking for niche products.
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.
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.
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).
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.
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.
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.
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.
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Rating: 4.8 stars out of 5
4.8
Bankrate Score
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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 |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
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) |
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 600 for VA loans, 600 for USDA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability Available in all U.S. states except New York and Hawaii |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states except New York |
NMLS: 6606
4.3
29 ratings
This lender has 1 reviews.
83% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("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.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
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.
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?