1. New American Funding

New American Funding is a privately held mortgage banker in Tustin, California. It is a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer. VA loans offered include cash-out refinance and IRRRL Streamline Refinance.

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The Good

  • Mortgage Types
  • Financial Tools
  • Self Employed Mortgage

Mortgage Types

The lender provides these VA loan types:

  • VA Interest Rate Reduction Refinance Loan (IRRRL), also called VA Streamline Refinance
  • VA Cash-Out refinance, which can be used even if the borrower is currently in a different type of loan, like FHA or USDA
  • Fixed-rate VA loan
  • ARM (adjustable-rate mortgage) VA Loan

Veterans may also qualify for a conventional loan or a different mortgage loan type.

Financial Tools

New American Funding is a complete information hub for all things mortgage-related, including a mortgage payment calculator, affordability calculator, and refinance calculator. All variables are defined and explained in detail. Plus, prospective borrowers can view today’s mortgage rates according to loan type.

Self Employed Mortgage

New American Funding helps self-employed would-be borrowers get qualified with non-traditional income verification with a Non-Qualified Mortgage (Non-QM) Loan. This unique verification system includes a one-year tax return, 6–12 months of bank statements, asset depletion income, and Profit and Loss statements.

The Bad

  • Ads Reflect Points

Ads Reflect Points

Lender disclosures explain that some of the advertised loans on the New American Funding website are based on the payment of discount points or a lender-paid buy-down situation. So if you’re not using points, your rates will likely be higher than those advertised. Also, the payments shown do not include taxes or insurance, so your actual payments will be greater. To get an accurate quote for your VA loan, you’ll need to provide detailed information to the lender.

The Bottom Line

New American Funding’s goal is to help borrowers save money on a new home purchase, crunch numbers on a refinance, and learn what it takes to get a mortgage. And the lender is achieving that goal. Just be aware that your personalized loan rates may be higher than those advertised.

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