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New American Funding

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465 User Reviews

9.9

Overall Score

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LAST UPDATED: September 20th, 2021

New American Funding was founded in California in 2002 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 a servicing portfolio of over 197,000 loans for a total of over $51.4 billion. The company is licensed in 49 states and has branches in 32 states.

New American Funding appeals to all types of homebuyers by offering traditional and specialty loan options. It also 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 software, apps, and processes, New American Funding is able to cut down on costs and time.

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Customer Review: Cheri Chenoweth from Pylesville, Maryland

"I have been working with New American Funding for about a year now. The loan officers I have worked with were very professional and always available. They followed the loan process throughout the entire transaction. I would strongly recommend working with New American Funding."

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

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The Good

  • Fully Online Mortgage Process
  • Manual Underwriting
  • Variety of Loan Types
  • On-Time Closing Guarantee
  • Mortgage Refinance Options
  • Mortgage Assistance
  • Mobile App
  • Financial Calculators and Tools
  • Positive Customer Reviews

Fully Online Mortgage Process

While you can begin the mortgage loan process in person or over the phone, New American Funding offers a streamlined, online mortgage application that can reduce stress and save you more time.

On the New American Funding website you can complete get rate quotes, begin and complete your mortgage application, upload documents, and track your loan. Through the My Mortgage App, provided by New American Funding, you can easily manage your loan on the go with your mobile phone.

Manual Underwriting

To evaluate creditworthiness and whether or not you will qualify for a mortgage, New American Funding uses manual underwriting in some cases. 

Manual underwriting involves an actual underwriter analyzing your finances and documents, resulting in more personalized rates and service. Compared to automated underwriting, manual underwriting may take longer and typically requires more paperwork, but with New American Funding's On-Time Closing Guarantee you can rest assured that you will get to closing quickly.

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
  • Adjustable rate mortgage (ARM) loan
  • Reverse mortgage
  • I CAN Mortgage (Customizable loan from 8-30 years)
  • Buydown loan

The variety of loan products offered by New American Funding shows that it is truly dedicated to making the home buying process accessible to nearly any kind of borrower.

The most unique loan that New American Funding offers is its I CAN Mortgage. This loan allows you to customize the length of the loan with options to refinance in the future.

On-Time Closing Guarantee

Upon pre-approval, New American Funding provides an on-time closing guarantee, getting you to a home purchase faster (average closing time is less than 35 days).

The New American Funding On-Time Closing Guarantee only applies to home purchase loans. It does not apply to the following loan types, programs, transactions, or properties:

  • 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
  • Non-QM Loans
  • Down Payment Assistance Loans

Additional terms and conditions may apply. If you are interested in New American Funding's On-Time Closing Guarantee, speak with a company representative to see what options are available to you.

Mortgage Refinance Options

If you are looking to lower your monthly payment, increase cash flow, pay off debt, or get a better mortgage loan, New American Funding offers a variety of refinance loan options:

  • Cash Out — Tap into your home's equity and receive cash in return. Cash can be used for nearly any project or purchase you choose.
  • Rate and Term — Adjust your existing mortgage rate and loan term, lowering your monthly payment and allowing you to save more money.
  • Cash In — Bring cash to closing and pay down your mortgage loan balance.
  • Home Equity Line of Credit (HELOC) — Borrow cash against your home equity and use when needed.

It is important to note that although mortgage refinancing could save you more money overall, New American Funding charges additional fees to complete the process. The following fees will apply:

  • Application fee
  • Title insurance and search fee
  • Lender's attorney fees
  • Loan origination and other fees

To determine whether or not refinancing is a good option for you, you can speak with a New American Funding representative or loan officer, or crunch some numbers with the company's online refinancing calculator.

Mortgage Assistance

If you are having trouble paying your mortgage, New American Funding offers a variety of options/solutions to help you make or modify your payments and remain in your home:

  • Refinance — lower your monthly payment and/or improve your loan terms
  • Reinstatement — avoid foreclosure by demonstrating that you have funds that will become available at a specific date in the future
  • Repayment Plan — catch up on late payments without having to come up with a lump sum
  • Modification — permanently modify your loan so that your payments are more manageable

New American Funding also has options if you'd prefer to leave your house, but not foreclose:

  • Short sale — sell your home and pay off a portion of your mortgage balance; relocation assistance may be available
  • Mortgage release (deed-in-lieu of foreclosure) — transfer property ownership to New American Funding

To find the best solution for you, New American Funding will work with you based upon your specific needs.

Mobile App

New American Funding offers a mobile app through which you can make payments, easily view and manage your home loan information, and view updated information about your current home equity and estimated property value (if this information is available in your area).

The New American Funding My Mortgage App is available for both Android and iOS devices.

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.

In addition, New American Funding has a number of resources that help educate first-time homebuyers. These resources offer information about down payment assistance, grants, specialty loans and more. It also offers actionable tips to help first-time homebuyers feel more confident throughout the whole buying process.

Positive Customer Reviews

The majority of New American Funding reviews are positive, with 95 percent of customers awarding the company 5 stars. 

These reviews frequently highlight reliable customer service with great experiences with specific loan officers. In addition, customers are quick to mention a quick and easy application process, and competitive rates, saving customers more money overall.

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Customer Review: Ty Brooks from Charlotte, North Carolina

"We initially chose New American because they offered us the best rate for our home loan, but their service ended up being great and out loan officer took great care of us."

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The Bad

  • Not Licensed in Hawaii
  • High Mortgage Rates

Not Licensed in Hawaii

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

High Mortgage Rates

Compared to the government-reported mortgage rate median of all lenders, New American Funding's rates are high. While the company's offered rates may not differ more than a few percentage points, even the smallest fraction of a point could save you thousands of dollars over the life of your mortgage loan.

New American Funding provides daily updated rates on its website, allowing you to more easily comparison shop for a mortgage.

Please note, the lowest advertised interest rate for any loan type is not guaranteed with any mortgage lender. The most competitive rates are generally only available to borrowers with an excellent credit score, a low debt-to income ratio (DTI), and healthy finances overall*. 

*Additional assessment factors may be applied to determine your mortgage rate.

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The Bottom Line

New American Funding is a great option for those that value a streamlined online process and a wide selection of mortgage services. Those that are in search of more flexible loan terms will especially benefit from New American Funding, in particular, its I CAN Mortgage product, which provides a more customizable experience with loan terms ranging from 8 to 30 years.

In addition to online application convenience, New American Funding is committed to getting you to closing fast and provides an On-Time Closing Guarantee. While certain restrictions may apply, this guarantee may get you to home purchase much faster than competing mortgage lenders.

Be sure to utilize the tools and resources on the New American Funding website, such as its mortgage calculator, refinance calculator, and mortgage assistance options if needed. It will be able to give you accurate estimates and pricing to help you in your home buying journey.

New American Funding reviews are overwhelmingly positive, outlining great experiences with customer service, and a process that wasn't only easy but saved people a lot of time and money. Thus, if you are looking for a mortgage company that focuses on providing an excellent customer experience, we would recommend New American Funding.

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Star Rating

4.9

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465 Reviews

Review Breakdown

5 grade

97%

4 grade

1%

3 grade

0%

2 grade

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1 grade

2%

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Brad Houston Exeter, NH

I worked with New American Funding to refinance my mortgage. Overall I was very pleased. I found New American Funding through a link from my Credit Karma account, and because of that it made the process even easier. I was able to lock in at a very competitive interest rate, and Kalee B the loan consultant I was working with helped me through each step of the refinance and was very experienced and knowledgable. New American Funding provided good and timely communication throughout the process, and even though sometimes I had to wait a little while due to time differences and weekends etc., I always got my questions answered. I highly recommend New American Funding if you are thinking about refinancing your mortgage.

1 month ago

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Bart K Abicht Santa Cruz, CA

Loved the loan officer. David brought an expert command to the process. He was always careful to listen to the specific question and concern I had, and responded with a great balance of detail and clarity. When he didn't have an answer handy, he would tell me, go find the right info from the right people, and communicate it back to me clearly and quickly. What's more, his demeanor was always very pleasant and super helpful. He focused on my needs and plans, gave me options, and never tried to pitch anything. I'd recommend him in a heartbeat!

1 month ago

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Todd Lytle Littleton, CO

We've worked with John W for nearly a decade... We first met John at a 'really big' National Bank. He did our Primary Loan, a Home Equity Line & a full refinance and he did a great job. We moved 4 years ago and we 'moved' with John when he joined New American Funding. Again... John did our new Primary Loan and now 4 years later we just completed a refinance with New American. This was the Easiest, Fastest & Best of the loan experiences we've ever had in the past 30 years of home ownership.

1 month ago

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kikaidalibre St Louis, MO

Jim B and his team were so supportive and helpful during this home buying process. He was on our side and was always available to answer questions from us and our realty team. We appreciate the personal service and great attention to detail. God is Good and we know that he put Jim B and New American Funding in our path! Thank You Again! The Hites Are Finally Home!

1 month ago

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Wonderful Lender Oceanside, CA

We have closed two purchase money mortgages with Lisa I of New American Funding, and refinanced twice. Absolutely fantastic service - knowledgeable, professional, and friendly. New American has been fantastic to work with as they set realistic expectations, communication exceptionally well, and follow up with performance. I've been very happy with the customer service from the loan servicing team as well. I highly recommend New American Funding.

1 month ago

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Judy Calhoun CA

From the beginning of our transaction Miguel A did an amazing job communicating. I have worked with many lenders I can honestly say his communication exceeded my expectation. Miguel's professionalism and determination to close out our file was evident. Thank you again Miguel, I look forward to working with you in the future. Judy Calhoun

1 month ago

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Duane Cooper Monroe, LA

They were there with me every step of the way. There were kind , patient, and very help helpful. They answered my questions and answered my calls . Now my family and I are in our new home and enjoying every minute . Thanks to the staff at new American funding.

1 month ago

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Jenna LeFever CA

Our refinancing wasn't the smoothest process because of misfiled paperwork on our end but Shari and her team worked hard to make it work and got our home refinanced. We're grateful to this team sticking it out with us and for keeping us informed the whole way through because this was our first refinance. Big thanks!

1 month ago

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Mitchell Teague Burlington, NC

I would highly recommend this company to anyone. My refinance went flawless and the people were very knowledgeable and quick to respond to emails and questions. The percentage rate was by far lower than what any of the credit unions had to offer.

1 month ago

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Terry Smith Dallas, TX

Jack was exceptional at every aspect of my mortgage experience. He guided me through it all with excellent communication and expertise. I will be talking to him and New American first for any future lending needs. Great job Jack and thank you so much!

1 month ago

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Daniel Lardaro West Orange, NJ

Our experience as first-time homebuyers was an extremely easy one, due in large part to the effort of our Agent and New American Funding. Our agent, C.J., was able to answer all of our questions and always made himself available to us! All in all, our experience was a great one!

1 month ago

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Diane Marron Santa Fe, NM

This was a long process over seven months because of some bumps in the road, however, Michael S, my loan officer, was with me from beginning to end answering my concerns in a very timely and pleasant manner. The teamwork between Michael and Zack H, my loan specialist who was also very pleasant and responsive to my concerns, was excellent.

1 month ago

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Vyshakh Nambiar Los Angeles, CA

Loan officer Anabel was wonderful and gracious to me during the entire process! I can only thank her from the bottom of my heart for all the help to get the loan and for assisting me with all of the paperwork’s . Underwriter was a bit stringent but the loan officer handled it very well. It has been a pleasure to work with New American funding

1 month ago

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Aida Balanag Fairfield, CA

What I like with New American Funding is they are fast in responding to your request and they are thorough and completeness in what they do. All who helped us were so responsive and answered our questions without wasting time . Our loan was closed fast without delay.

1 month ago

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Terry Stamper Anaheim, CA

Our loan advisor, Lisa I was just amazing. Very efficient, professional, timely and friendly service is so hard to find these days. There were no hold-ups, not a million questions to answer, just very straight-forward process.

1 month ago

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CRYSTAL ESTRIDGE OK

The service we received from NAF was amazing, we are real happy with everything they did you give us the best rate and discounts available. I definitely recommend their services to anyone looking to switch loan providers or just finance a new home!

1 month ago

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Sandra K Caron San Tan Valley, AZ

In the past I have found this whole process complicated and somewhat intimidating but with the guidance of Antonio from Nations Lending everything went smoothly. To be honest, I am pleasantly surprised at the speed and ease with which we were able to navigate this experience and appreciate the quick response to all our concerns.

1 month ago

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Carole Geckle Stanwood, WA

Refinancing is a scary process sometimes but New American Funding handled it so well. The team filled us with confidence and made each step understandable. And their technology works! We are very pleased with the process and the outcome. Thank you!

1 month ago

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Christopher Henry Brooklyn, NY

Karen and the team made me feel like a VIP client. This was the best outcome and the smoothest process I've been part of. I thought buying a house would be very stressful. Working with Karen helped me alleviate any anxiety that I had through open lines of communication.

1 month ago

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The4tun81 Hendersonville, TN

With only a couple of weeks (at most) to get the loan package approved for closing, Amanda worked tirelessly to make it happen. I received emails late on Saturday and Sunday evening, so I know she was working hard to get our needs met. She was pleasant to work with in that her demeanor was polite and calm under the stress of our deadline. I will recommend NAF to all my family and friends.

2 months ago

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Carl Bisciglia Saint Paul, MN

Kara took the time to create multiple scenarios for us when loan limits changed. She also walked us through our options when the uncertain rate environment had us concerned. When it came time to lock our rate, she contacted us immediately upon hearing news that rates were going up and got us locked before the increase hit. We were very happy with our experience working with Kara and New American.

2 months ago

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Angela S. Coplay, PA

Garry S and his team work miracles!! He does not let obstacles get in the way of fulfilling someone’s dream of home ownership. I highly recommend New American Funding to anyone, especially if there are issues getting approved by other lenders. I am a nurse and have an usual pay structure but Garry understood completely and got the job done. I now have a beautiful new home and I will be forever grateful to Garry and his team.

2 months ago

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Lmoore San Jose, CA

ABSOLUTELY AMAZING!!!!!PROFESSIONAL,PERSONAL, EFFICIENT, handled our EVERY concerns with compassion! Original lender had our docs/pre-approval letter for over 35 days and 9 days before closing advised their underwriter would not accept our package. Moving from California to Florida = A LOT OF STRESS and to have our original lender 'drop the ball' was not fun. Enter Amy and her team - we provided her the same docs - she and her team closed us in 7 days!!!!!!!! If you are looking for an AMAZING team to help you through this stressful process - CALL AMY!!!!!!!!!!!!!!!!!!!!!!!!

2 months ago

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Wendy Van Bramer Minneapolis, MN

Pam M took the stress out of buying my first home off the table. Making my dreams come true! One of the very few people I've seen go so above and beyond to help someone in every step of the way. She's extremely personable, humble, and I felt really comfortable talking with her. She explains everything in detail, and makes sure that you understand everything before preceding to the next step. Pam works tirelessly for her clients, top notch service, I couldn't recommend a better loan officer.

2 months ago

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JayADub San Clemente, CA

Our original loan with New American came at a time when we really needed assistance purchasing a home after retiring. The staff kept us informed of the process, and managed all of the matters effectively. It was a pleasure working with New American at a time when other companies refused us because we were no longer employed. We hold New American Funding in very high esteem.

2 months ago

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Krista Provenzano Marion, IL

New American Funding has been great to us! We did a VA refinance and they walked us through the process without any issues. Everyone from Terri to Cindy were so knowledgeable and accommodating. We never felt lost in the process and our questions were answered promptly. I cannot say enough about how wonderful of a team we had helping us and I would recommend New American Funding to anyone wanting to purchase or refinance.

2 months ago

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Withers Colorado Springs, CO

Ben and his team are outstanding. We have completed multiple purchases/refinances using he and his team over many years. Would never even consider going anywhere else. Ben is super-responsive to calls, messages, emails, and always takes the time to make sure we completely understand every part of the process and documents (even if I've asked the same questions in the past). Highly recommended for all your financing needs!

2 months ago

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Chuck Martin Ooltewah, TN

In this case, My wife and I were taking advantage of the interest rate and refinancing our home. Jennifer obtained the best rate for us and we were closed within 30 days of beginning the process. She charged me one flat fee for the refinance and not a percentage of the amount. This is important when looking for a company to refinance with. I'm sure you have or will get letters saying you qualify for unbelievable rates from other mortgage companies, but, that is just what they are, unbelievable. Jennifer was easily reachable during the entire process and talked me through all of the anxiety that goes along with underwriters.

3 months ago

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D. Pepper Mobile, AL

Quick, efficient and professional service. Friendly and supportive throughout the process. Cissy Bacon was just delightful to work with and I highly recommend her and this company.

1 month ago

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Tara Miles Dayton, NV

Heather C was fantastic! She worked with us and our budget to get us our dream house in this crazy market. She helped us with debt payment plans and improving our credit along with helping customize our loan

1 month ago

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Samantha Sandoval Santee, CA

I had a great experience overall with New American Funding. Their professionalism and help made this a positive process that I wouldn't hesitate to recommend to family and friends.

1 month ago

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Robert Higgins Leslie, MO

New American Funding made the process of our cash out refinance easy from the start. I would highly recommend this company. A+service from the moment we contacted the company. Thanks again for a smooth transaction.

1 month ago

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Yaakov Menken Baltimore, MD

They work to get you a great rate, and the electronic signing makes everything fast and easy up until the notary comes to finalize everything. Sadly there's not much to be done about that.

1 month ago

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Ashley Keller Grovetown, GA

The entire process with New American Funding was extremely easy. The team was professional, organized and on top of every step. The loan process through them was painless and easy and I can’t thank them enough!

1 month ago

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Arthur Salazar Houston, TX

Super friendly and very professional. They went above and beyond to make sure we received the best customer service, and even worked later to push everything forward for closing day.

1 month ago

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Ricky K Warren Elgin, SC

Terrell S and Lorrie T are at the top of their game for New American Funding. The process was simple and stress free for me as a borrower. I will strongly recommend New American Funding to anyone.

1 month ago

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Mario Solano Los Banos, CA

Refinancing with New American Funding was fast, easy, and stress free. They had great customer service, and very good and competitive interest rates compared to other lenders. Will definitely recommend to others.

1 month ago

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Micheal Long Winnemucca, NV

Noel was great to work with because he was able to answer all my questions in a timely manner and also provided advice when needed. Overall Noel made the the whole process of buying our new home seem easy!

1 month ago

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cody tharp Tucson, AZ

How it is for me I can say that Lindsey was amazing to work with and has the best customer service skills and attitude there is no one better to have helped me with my mortgage and my refinance

1 month ago

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Dennys Lopez Dinza Jacksonville, FL

🌟Thanks to New American Funding Team, Miguel M, Luis M, Juliana O and the rest of the team for having the dedication and patience to follow the process and having a successful closing. I have been proud of working with you.

1 month ago

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L. Alvey LA

Roger effectively communicated throughout the entire process and made it a pleasant experience. Roger in my opinion went above and beyond in customer service and made it a personal experiance and not a cookie cutter project.

1 month ago

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Jess Mast Orrville, OH

Amazing service! My lender Vy was the best! I always knew what to expect and she communicated with me every step of the way! Always returned my calls almost immediately!! Outstanding company!!

1 month ago

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Lacie Romano Encino, CA

The process for refinancing my house was extremely smooth and seamless. Sean was very clear and up front about everything and was able to get me a great rate. I am so glad he was recommended to me!

1 month ago

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Desiree Butts Stafford, VA

Mr. M and his team made it possible for me to purchase my first home. It was a seamless and expedient process. Through this process, I became a homeowner and my quality of life has improved exponentially.

1 month ago

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Melissa Melnick Gonzalez Saint Paul, MN

I have worked with Tom M and Doug K on two home loans now. I have found them to be dedicated and communicative. They have worked hard to make sure I've received a really good loan for my home purchases.

1 month ago

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Kasey S. Knoxville, TN

Every time I reached out with questions Halston with New American Funding was there. Awesome company to work with everyone was very helpful. Easiest part about buying my home. Very quick and easy.

1 month ago

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Robert Alberoni Grants Pass, OR

Maria at Nations Lending did a wonderful job keeping me informed on our progress and what I needed to do to keep moving forward to complete my refinance. A pleasure working with her!

1 month ago

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Tammy McDonald Granite Falls, NC

They did an amazing job with handling everything. They were able to achieve everything that I was hoping for. They were easy to work with and and they walked me through the whole process. I would highky recommend them.

1 month ago

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Steve Flanagan Los Angeles, CA

Low rates. Extremely great communications. Proactive in informing us of the lender needs & concerns. Loan closed in 40 days, despite several hurdles we had to overcome. Great job!

1 month ago

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stephanie Tackett Kendrick, ID

We had a very unique situation. We thought this will never happen for us but we applied anyway. They see you as people with unique situations, not a number. I would work with this company and Dillon again.

1 month ago

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