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New American Funding Mortgage Review 2024

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At a glance

New American Funding
NMLS: 6606
Editor's take

New American Funding is a well-established name in the mortgage business, offering an array of loan options for borrowers’ diverse needs. Among the benefits: It can help you put up a cash offer on a home; promises no fees on refinances within five years for existing customers; and provides concierge and insurance services to build on an end-to-end experience for homebuyers.

Bankrate Score
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4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Customer Rating
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4.2
Rating: 4.2 stars out of 5

30 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

All U.S. states except Hawaii and New York

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

New American Funding

NMLS: 6606

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except Hawaii and New York

Credit Good

Min. credit score required

620 for conventional loans

New American Funding overview

New American Funding is a brick-and-mortar and online mortgage lender especially focused on “serving the underserved,” as its website says, aiming 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).

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Bankrate insight

New American Funding's Pathway to Homeownership initiative provides qualified borrowers in select areas with up to $8,000 — direct assistance that doesn't have to be repaid.

Pros and cons of New American Funding

Pros
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    Displays current mortgage rates online

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    Initiatives that focus on serving minority borrowers, including down payment grants

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    More than 170 branch locations

Cons
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    Not available in Hawaii or New York

Our Editor’s Take on New American Funding

New American Funding is a well-established name in the mortgage business, offering an array of loan options for borrowers’ diverse needs. Among the benefits: It can help you put up a cash offer on a home; promises no fees on refinances within five years for existing customers; and provides concierge and insurance services to build on an end-to-end experience for homebuyers.

How Bankrate scored New American Funding

  • Affordability: New American Funding’s rates are often below Bankrate’s averages (as of the time of this review).
  • Availability: This lender offers a comprehensive suite of loan products for borrowers in the majority of states.
  • Borrower experience: New American Funding routinely earns high marks from customers as it strives to offer a complete homebuying and moving experience.

Affordability: 10/10

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: 10/10

New American Funding operates in 48 states, providing conventional, government-backed and refinance loans. 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: 8.5/10

New American Funding was founded 20 years ago. The lender is Better Business Bureau-accredited with an A+ rating. On Trustpilot, the lender has a 3.7 out of five stars based on more than 250 customer reviews. In addition, J.D. Power rated the lender below average for customer satisfaction in 2023. Once you get your loan, you can use the New American Funding mobile app for payments and to keep track of your home’s value and your level of equity.

How to apply for a mortgage with New American Funding

You can apply for a mortgage with New American Funding in person at a branch location, online or by phone at 855-276-3747. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with New American Funding

New American Funding offers both rate-and-term and cash-out refinancing options. The lender won’t charge fees on refinances for existing customers if done within five years of the original mortgage.

FAQ about New American Funding

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

It’s a fact: If you’re buying a home now, you’re paying a higher interest rate. With New American Funding’s 5-Year Rate Protection Plan, you can still buy now with the ability to refinance, without fees, to a lower rate later, provided you do so within five years.

Compare New American Funding to other lenders

New American Funding
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Old National Bank
Rating: 4.6 stars out of 5
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4.6

Bankrate Score
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Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except Hawaii and New York

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

New American Funding customer ratings and reviews

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NMLS: 6606

4.2

Rating: 4.2 stars out of 5

30 ratings

Info

This lender has 2 recent reviews.

Knowledge
Rating: 4.3 stars out of 5
Level of service
Rating: 4.3 stars out of 5
Professionalism
Rating: 4.3 stars out of 5
Responsiveness
Rating: 4.3 stars out of 5
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1 star
80%
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80% of customers would recommend this lender.

of 2 reviews

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.

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