1. New American Funding
error This company may not service all states.

New American Funding was founded in California in 2003 as a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer. Since the start of New American Funding, growth has accelerated year after year with its business operating in 205 nationwide branches while servicing over 137,000 loans for a total of over $33.6 billion.

New American Funding appeals to all types of homebuyers, but also caters to individuals who are either first-time homebuyers or those who need some extra financial assistance through government programs and grants. It has a variety of resources and services that make homeownership possible for many who normally do not qualify.

In addition, New American Funding further sets itself apart from the competition by implementing streamlined technologies. Through its customized softwares, apps, and processes, New American Funding is able to cut down on costs and time.

Check out New American Funding Reviews to see what borrowers are saying about their experience.

The Good

  • Variety of Loan Types
  • Financial Calculators and Tools
  • Affordable APR Rates
  • First-Time Home Buyer Assistance

Variety of Loan Types

New American Funding has a loan option for nearly any situation. Borrowers will be pleased to find a wide variety of home loan services available. These loan services include:

  • 30-year fixed rate mortgage
  • 15-year fixed rate mortgage
  • Conventional loan
  • VA loan
  • FHA loan
  • USDA loan
  • Jumbo loan
  • Non-QM loan
  • Cash out refinance
  • ARM loan
  • HELOC
  • Reverse mortgage
  • Interest only loan
  • Customizable loan from 8–10 years
  • Buydown loan

It is rare for a mortgage company to have so many options in addition to the traditional services that are provided by most mortgage lenders. This shows that New American Funding truly is dedicated to making the home buying process accessible to nearly any kind of borrower in any circumstance.

The fact that New American Funding provides services for refinancing, HELOC, cash out refinancing and more should give potential and current homeowners peace of mind knowing that they can turn to New American Funding in the future if loan conditions and terms need to be reevaluated. It is not typical for a non-bank lender to provide such services, making New American Funding a great option for those in need of these services in the future.

Financial Calculators and Tools

New American Lending offers a variety of tools that make the home buying process easier. Its online set of tools allow you to estimate many of the associated costs with mortgages. These tools include:

  • Mortgage calculator
  • Refinance calculator
  • Affordability calculator
  • Amortization calculator
  • Housing market updates
  • First-time homebuyer help

These tools dive deeper compared to other resources offered by mortgage lenders. For example, these calculators will show you extra details such as your principal versus interest over time, your remaining balance over time and more. These tools help you decide as a borrower if you should move forward with being pre-qualified or if you should continue comparison shopping for another loan. This sort of transparency resonates well with many in the home buying process.

Affordable APR Rates

New American funding aims to make loans more affordable through its advanced technologies. It is difficult for a mortgage lender to give a set Loan APR rate range because rates will fluctuate based on the overall housing market, general location of the home, credit score, and more.

With that being said, New American Funding updates its current APR rates on its website frequently. As of July 2020 its advertised rates are as follows:

  • 30-year fixed — 2.94% APR*
  • 15-year fixed — 2.6% APR
  • FHA 30-year fixed — 2.62% APR
  • VA 30-year fixed — 3.228% APR

Once again, these rates are subject to change, but some other lenders don't offer rates this low, nor are they transparent enough to keep rates updated on its site. New American Funding is a great place to look into if you are searching for a fair, well priced mortgage rate. 

First-Time Home Buyer Assistance

New American Funding has a number of programs in select states that are designed to help first-time homebuyers afford a home. These programs offer down payment assistance, grants, low interest rates and more. This assistance makes qualifying and paying for a loan easier. The states that currently qualify for some sort of assistance include:

  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Iowa
  • Maryland
  • Nevada
  • Utah
  • Texas
  • Washington
  • Wisconsin

Assistance is subsidized by a number of different organizations such as the federal government, states, cities, private companies, and even nonprofits. If you think that you may qualify for any sort of assistance, New American Funding is more than willing to work with that entity to make homeownership possible.

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The Bad

  • Not Available in Select States
  • On-Time Closing Guarantee Exclusions

Not Available in Select States

New American Funding does not offer its services to borrowers in the state of New York or Hawaii as of July 2020. In the future, licensing may change and New American Funding may be able to serve New York and Hawaii borrowers, but in the meantime, New York and Hawaii residents should look into other mortgage lenders for a home loan.

On-Time Closing Guarantee Exclusions

New American Funding is ahead of the curve when it comes to technology, allowing closing times to be faster for many borrowers. It offers an on-time closing guarantee; however this guarantee does not cover a wide variety of its loan programs and services such as:

  • USDA loans
  • Mortgage revenue bond programs
  • Bank-owned properties and short sale transactions
  • Brokered loan transactions
  • Refinance transactions
  • Reverse mortgage transactions
  • Renovation loan transactions
  • Jumbo loans
  • NAF employee loans
  • Non-warrantable condominiums
  • All properties located in a flood zone
  • Manufactured homes

In addition, New American Funding is able to terminate the agreement at any time. The on-time closing agreement is great for those who are in need of a conventional loan, but keep in mind that all other loan types do not have the same priority.

The Bottom Line

New American Funding is a great option for those that value a streamlined online process, affordable interest rates, and a wide selection of mortgage services. First-time home buyers who are in need of government grants and compliance especially can benefit from New American Funding.

In addition, be sure to utilize the tools and resources on the New American Funding website. It will be able to give you accurate estimates and pricing to help you in your home buying journey.

Make sure to check out New American Funding reviews below to see what other borrowers have said about their experience.

*The advertised loan is a 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 2.750% for 360 months. The disclosed APR is based on the payment of 2 discount points. For a $510,400 loan, there is a 2.940% APR with a monthly principal and interest payment of $2,084 for 360 months. Interest rate quoted assumes a purchase or rate-term refinance with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 7/6/2020 and are subject to change without notice.

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User Reviews

Star Rating

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24 Reviews

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FB

September 23rd, 2020 North Las Vegas, NV DETAILS arrow_drop_down
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Applied and received a mortgage. The process is never easy but the New American Funding support staff made it as easy as possible

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Omar Al-Mashhadany

August 27th, 2020 Houston, TX DETAILS arrow_drop_down
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very helpful, Good communications, very smooth processing, best rates, he was available all the time , always taking care of my concern,really glad to work with alex you are the best . Thanks

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Adam R

August 27th, 2020 Eagle Mountain, UT DETAILS arrow_drop_down
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Very professional and solution oriented. Effective communications skills

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Bryan McClatchie

August 27th, 2020 Franklin, OH DETAILS arrow_drop_down
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I got a very good rate from New American funding and they were fast, responsive, and professional

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Yvonne Fink

August 21st, 2020 Frederick, MD

This company will go above and beyond to help you with your needs. Everyone is very informative and can answer any of your questions. Great company

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Dani

August 19th, 2020 Deltona, FL DETAILS arrow_drop_down
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Things went a little slow but that's to be expected during this pandemic. Other than that, I am thrilled with the service I experienced and would recommend NAF to anyone!

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Abby Sherman

August 15th, 2020 Battle Ground, WA

My experience with New American has been the best of all my interactions with mortgage finance companies. The process was swift, phone calls were returned, the three people i ultimately dealt with were courteous and always followed up so that i knew exactly where my application had landed as it soared through the system. Would definitely recommend.

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Scott Kaplan

August 14th, 2020 Bala, PA

Easy to deal with, competitive rates, very responsive.

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Martirosyan

August 6th, 2020 Chatsworth, CA

Was nice to have a business with this team. Very responsive and quick. Much appreciated their support and help on my new loan!

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Kisha Bacon

August 6th, 2020 Virginia Beach, VA

Excellent company! They were efficient and professional. I was always well informed on what was going on in the loan process.

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Carolyn Stout

August 6th, 2020 Grand Prairie, TX

We had an outstanding experience with New American Funding. Their mortgage staff is customer-driven and goes above and beyond to make the customer experience as stress-free and informed as possible. The staff is consistently available and communicative. This is our second mortgage with New American Funding and we will continue to use them in the future. We have already referred a friend who has become a new customer at New American!

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KL

August 6th, 2020 Susanville, CA DETAILS arrow_drop_down
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This is the second home loan refinance that Andrew E has helped us with, and working with Andrew on both loans was a pleasant experience! Andrew is well versed in his field as well as such a polite and helpful individual! In my opinion Andrew got me the best interest rate that was available to me each time! I highly recommend Andrew E to anyone looking to refinance! My wife and I thank you Andrew for working with us! KL

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Tom Tilbury

August 4th, 2020 Dana Point, CA DETAILS arrow_drop_down
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Very easy to work with, they guided us through the process stress free.

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Aaron Cox

August 3rd, 2020 Mason, OH

Very helpful, responsive and I put all of my trust into them throughout the whole buying process. Great for FHA loans. Kellie T was so patient with us as she guided us through the buying process and answered all of our questions! She was great!

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CharleneAndJushua

August 2nd, 2020 Saint Michael, MN DETAILS arrow_drop_down
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Great team work, communication was wonderful and the process with our refinancing was excellent.

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Amanda Aguerro

July 31st, 2020 Dallas, TX DETAILS arrow_drop_down
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I love everything about american funding! It has been a smooth journey and both of the reps I've had shevellamd tracey have been so good to me being very patient and informative. Just AWESOME!!!

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Larry Shepard

July 31st, 2020 Dewey-Humboldt, AZ DETAILS arrow_drop_down
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New American funding made the whole process very easy and followed through with all their promises.

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C Kontz

July 30th, 2020 Denver, CO DETAILS arrow_drop_down
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My original loan was completed from offer to closing in only 26 days. Everyone on the team worked together seamlessly to make sure I knew what was going on every step of the way. The refinance went just as smoothly; communication was clear and they worked within my schedule. I'm glad my home loan is with New American.

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RAJ K JOLLY

July 27th, 2020 Suffolk, VA

If all of New American Funding employees are the caliber of Michael Z ,then I can not ,honestly ,expect or ask for more.

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Shawn Conley

July 27th, 2020 Hampton, GA DETAILS arrow_drop_down
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Easy to work with, great customer service

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EdwinKaren Gadd

July 26th, 2020 Chicago, IL DETAILS arrow_drop_down
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Never before has a mortgage holder been this easy to work with. Recommend NAF to all our friends.

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Dante Meza

July 25th, 2020 Bay City, TX DETAILS arrow_drop_down
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Easy to deal with. Professional people.

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Anointed One

July 24th, 2020 Parrish, FL DETAILS arrow_drop_down
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Refinanced our home this year with New American funding for second time. Great smooth transaction, I would definitely recommend to friends and family. Very easy and quick process. Closed in less than thirty days.

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Brian Gibb

July 23rd, 2020 Portsmouth, NH

Very good rate. Loan process was relatively easy with both automation and human support. People I worked with through start to close were knowledgeable and friendly. My one minor feedback recommendation would be to remain a little better engaged during the underwriting process. Once we entered that phase, several weeks went by with me having less than desirable insight into what was happening and when we might close. Overall, quite pleased with NA and would do another loan and recommend them to others!

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