New American Funding Mortgage Review 2022
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At a glance
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
Min. credit score required
620 for conventional loans
Pros and cons
Pros
- Focus on lending to minority borrowers
- Showcases current rates online
Cons
- Doesn’t list lender fees online
New American Funding overview
New American Funding is good for
Borrowers from minority communities or looking for niche products
Breakdown of New American Funding overall score
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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.
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Availability: This broker works with borrowers in all states. It has a diverse set of loan offerings for different kinds of borrowers.
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Borrower experience: The lender focuses on Black and Hispanic borrowers, and it lets borrowers choose repayment schedules ranging from eight to 30 years.
Methodology
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
4.3
28 reviews
About consumer ratings
Hover for moreCustomer service rating
82% of reviews would recommend this lender
1 of 5 rates honored
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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.
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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.