Home Buying » Mortgage Lender Reviews » New American Funding Mortgage Review 2021
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New American Funding Mortgage Review 2021

New American Funding prides themselves on being a family-owned business despite having thousands of employees. What do they offer and is it for you?

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

In this Review

New American Funding prides themselves on being a family-owned business despite having thousands of employees. As a newer company, only 15 years old, they have grown and offer a variety of home financing options available in 48 states. They lend, sell, and service Fannie Mae, Freddie Mae, and Ginnie Mae loans. Loans can be started in person or online.

How Does New American funding Work?

New American funding is a truly unique company due to their family start up. Through their passion, knowledge, and attitude towards their community they have become a major player in the mortgage world. New American Funding has mortgage product for all buyers. First time home buyers, Veterans, those looking to refinance, or a retirees looking for a reverse mortgage can all qualify for a loan with this company.

Their website is easy to navigate and contains easy to understand information about their products. If you are looking for customer service, look no further than New American Funding. You will have friendly and knowledgeable staff there to answer all of your questions and guide you through the application process.


On New American Secure Website

Funding Options

– Fixed / Variable Mortgage
– Mortgage Refinancing
– Government Loans

Minimum Credit Score




Reputation - Customer Ratings & Complaints

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 3.58/5  on BBB customers reviews (218 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
  •  J.D Power: New American Funding wasn't rated in the 2020 research, but you can get an overall view of top lenders in the mortgage market. We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey.
  •  J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms,  communication, transparency and more.

J.D. Power U.S. Consumer Satisfaction Study 2020

New American Funding Mortgage Products

New American Funding offers many mortgage products and we are sure that everyone will be able to find one that fits. They do not discuss their rates on their website, so if you want to learn more about a specific product, you can contact a lending professional for more details.

Insured by the Federal Housing Administration. These loans are backed by the government and are geared towards those who may not qualify for a conventional loan. If you have a credit score of less than 580 or don’t have a lot of money to put down, FHA loans help home ownership be attainable and affordable. New American Funding offers this type of loan in 15 or 30 year terms. They also have a 203K option that allows you to buy a fixer upper and do improvements.

Offered to eligible service members and eligible family members. VA loans offer low fees, low rates, lenient credit score requirements, and little to no down payment. New American’s website does not specify what the VA loan terms are, just that they offer better terms than a conventional mortgage.

15 or 30 year fixed rate mortgages are available and typically the most popular home loan. These types of mortgages are best for those who have a good credit score and roughly a 20 percent down payment. Fix rate meaning the interest rates stays the same throughout the life of the loan. This also means your payment will always stay the same. The 15-year option features a lower interest rate to help pay off your home sooner, but typically a higher payment than the 30-year mortgage. New American Funding charges about $1,600 in fees for a fixed rate mortgage.

Mortgages that have a set interest rate for a certain amount of time and then the interest rate will go up or down each year after that. They usually have a great introductory interest rate during the initial term.
New American Funding offers ARMs in 5, 7, and 10 year terms. Adjustable rates mortgages would be a great fit for someone who only plans on staying in the home for a few years. With the lower interest rates for the initial term, it is most common to sell the home before the adjustment period begins or refinance for a fixed rate mortgage.

This is a loan option for homes exceeding Fannie and Freddie conforming loan limits of $424,100. New American Funding offers Jumbo loans with flexible terms and down payment options for homes up to $15 million dollars. Jumbo loans are an option for those who are buying a home for more than $424,100. The loan terms are not mentioned on the website so you will have to contact them for more details.

For those wishing to pay only interest payment of their mortgage. You have the option to pay more of course. The typical terms are between 5 to 10 years. Interest rate only loans are ideally for investors looking to flip a home quickly or buyers who only plan on owning a home for a few years. These loans can be a little tricky, so your best bet is to contact a New American Lending professional for more details.

Typically for older homeowners who want to convert some of the equity from their home into cash. These loans are most popular with retirees or those living on a fixed income.

If you are looking to get a better loan term, interest rate, doing home improvements or cash out; New American Funding offers a variety of refinancing options for many types of loans. You can refinance your fixed rate mortgage, FHA, VA, Jumbo, and ARM loans. To learn more about refinancing and which type of refinancing is best for you, you need to speak with a lending professional.

You can use our extensive set of calculators determine which of the loans are better for you, whether to apply for ARM or fixed rate mortgagewhether to refinancewhether to make extra payments and more.

New American Funding Mortgage Pros & Cons



Application Process

You have a couple of options how to start your process, depend on your personal situation:

The first thing you can do if you are buying a home is get prequalified.

With some general income verification, New American Funding will issue you a prequalification letter.

This will let seller’s know you are a serious buyer and may give you an edge on other buyers. You can typically get approved in less than 48 hours.

You will need to provide: two years of federal tax returns, two years of W-2’s, one month of a pay stub and two months of bank statements.

If you are self employed you won’t need to provide paystubs or W2’s, you may be required to provide tax returns instead.

If you have found a home you have the option of calling and speaking with someone at New American Funding, filling out some questions on their website, or going into one of their branches. They will ask you some basic contact information, what the price of the home is, and what type of credit you have. Once you entered everything in, they will send you a quote and contact you.

You can start the process online as well, but they will have to provide you with a link. Expect to close on your mortgage within about 30 days from the start of your application. If you are refinancing, the process is very similar. You will need to fill out some general information about what you want to do and someone from New American Funding will be in touch with you. They will discuss with you best products for your needs and the requirements.

Alternatives Lenders

We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the New American Funding mortgage:

LendingTree’s concept is unique but should be understood for what it is – a referral source for lenders. The consumer will not get their loan directly from LendingTree.

Due to the variety and depth of its financing and related options, one can find virtually every type of loan, as well as the lenders which fund those loans, without having to sort through hundreds of lenders.

Their proprietary Mortgage Rate Competition Index makes it easy to see which lender offers the lowest cost financing. This can save tens of thousands of dollars over the lifetime of the loan and may be worth extra credit pulls and incessant calls and texts.

LendingTree bills itself as an online exchange or marketplace for financing and it is, in that it makes the process of finding a lender simpler for the consumer, by aggregating the lenders suited for their request and their profile in one place.

Consumers would be advised to read all the fine print and ask about everything before providing their information. This is easily done by calling them at 1-800-813-4620. 

LoanDepot is a physical and online lender with over 150 branches and is available in all the 50 states nationwide. The Bank also gives an end-to-end online product, Mello smart loan program, which enables the borrowers to have a completely online experience when obtaining a loan. For individuals that value speed, the Mello smart loan program makes use of proprietary digital technology that speeds up the online application and closing process.

They provide a robust range of refinancing products and Mortgage, which include conventional mortgages, Federal Housing Administration Loans, Veterans Affairs Loans, Jumbo Loans, 203k loans, adjustable-rate mortgages and ARMs. However, LoanDepot does not currently offer home equity loans, USDA Loans, and home equity lines of credit. At LoanDepot, the lender fees vary by the loan type. Also, origination fees is between one to five percent.

To be eligible for a loan at this Bank, borrowers must have a good credit score. A minimum credit score of 700 for Jumbo Loans, 620 for both VA and Conventional Loans and 580 for Federal Housing Administration Loans. Also, depending on the loan type, the borrower will need a minimum down payment of at least 3%.

LoanDepot is one of the top-rated lenders. The Bank has an A rating with the Better Business Bureau and rated 3 0ut 5 stars in J.D. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study. 

Guaranteed Mortgage is one of the top-rated lenders in the industry. With the headquarter located in Chicago and licensed to lend in all the 50 states, this Bank provides a superb online mortgage experience with a unique digital application process. The Bank has an excellent reputation for an outstanding competitive rate and good customer service.

Guaranteed Mortgage offers both governments backed-up loans and conventional loans for purchase and refinance. Some of the loan products this bank offer include; Federal Housing Administration Loan, Jumbo Loan, Fixed-rate mortgage, Adjustable-rate mortgage, USDA mortgage, VA loans, and interest-only Mortgage.

To obtain a loan at Guaranteed Mortgage, you need to have a good credit score. However, Guaranteed Mortgage has a very flexible credit score requirement. For Federal Housing Administration and Veteran Affairs Loan, a minimum credit score of 580 is sufficient. Borrowers who want to obtain a Conventional Loan will need at least a credit score of 620 or higher, while for a USDA loan, the borrower must have at least a credit score of 640.

New American Funding – About The Lender

With branches all over the country, convenient hours, bilingual staff, and an easy to navigate website; you will have no issues finding support. New American funding encourages their employees to be involved in the community and support organizations such as Big Brothers Big Sisters, Mercy House, Toys for Tots, and WHW. They have 145 branch locations and fund about $900 million loans monthly. In 2016 New American Funding was named the #1 place to work in Orange County.

New American Funding headquarters is located in Orange County, California. In 2003 founder’s Rick and Patty started their family owned business as a 40 person refinancing call center. With Rick’s passion for technology and background in Marketing and Patty’s considerable knowledge in Mortgages they grew into a national lender.

In 2013 they formed the Latino Focus Committee which concentrates efforts to help the Latino community achieve their dream of homeownership. New American Funding uses a motto called NAF360, which is their idea of a nurturing atmosphere of 360. It seems their idea has paid off, landing their company to be named a top place to work in Orange County for four years in a row.

Mortgage Reviews Methodology

The Smart Investor’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. We also look at types of loans and what specific products are available. Finally, we look at the ability to get information online and to carry out online processes as well as customer service, rate information and complaints that have been filed.