New American Funding Mortgage Review 2021
New American Funding is a national mortgage lender offering a variety of home loan options to homebuyers homeowners. The company was founded in 2003 is headquartered in Tustin, California. The lender has originated more than $50 billion in mortgage loans to date.
- The company has multiple mortgage options, including low- no-down-payment loans.
- You can choose between fixed- or adjustable-rate loans.
- Fees aren’t disclosed unless you’re applying for a mortgage.
- New American Funding is not available in Hawaii.
New American Funding offers the following mortgage products:
- Conventional loans
- Federal Housing Administration loans
- Veterans Affairs loans
- U.S. Department of Agriculture loans
- 5/1, 7/1 10/1 ARM loans
- Interest-only fixed-rate loans
- Jumbo loans
- Cash-out refinance loans
- Reverse mortgages
- Home equity lines of credit
- Buy-down loans
You can get a quote by filling out an online form that takes just a few minutes. After that, you’ll fill out the full application work with a loan officer to lock in your interest rate. Preapproval offers can arrive in as little as 24 to 48 hours if you have all your documents in order.
New American Funding doesn’t disclose its loan fees. Borrowers will need to get a quote to review estimated mortgage fees their loan’s annual percentage rate.
The company allows lenders to purchase discount points, which is an upfront fee that lowers your interest rate. This saves you money over the long term.
The maximum debt-to-income ratio allowed for mortgages is 45%. Only residents of Hawaii are excluded from applying for a mortgage with this lender.
New American Funding’s I Can mortgage program allows borrowers to choose any mortgage term from eight to 30 years for qualifying primary residences. Borrowers with a FICO credit score as low as 620 may qualify for this program depending on the loan type. The minimum credit score required for other types of mortgages offered through New American Funding varies based on the loan.
New American Funding operates in 49 states the District of Columbia but not in Hawaii.
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New American Funding has an A+ rating with the Better Business Bureau is BBB-accredited.
In 2020, the Consumer Financial Protection Bureau received 71 complaints about New American Funding parent company Broker Solutions. Most of the complaints related to:
- Applying for a mortgage or refinancing an existing mortgage.
- Closing on a mortgage.
- Trouble during the payment process.
- Problems paying the mortgage.
- Improper use of borrowers’ credit reports.
The company gave a timely response for 59 of the complaints closed all of them with an explanation.
New American Funding received an overall 4.2 stars out of 5 rating from U.S. News.
New American Funding’s customer service phone number is 800-450-2010, hours are 9 a.m. to 6 p.m. Pacific Time, Monday through Friday.
Prospective borrowers can get an initial mortgage quote online. A New American Funding mortgage specialist can then provide a link to the full application. There is an online mortgage calculator that shows monthly payments interest. Once a borrower is approved, you can manage payments view your balance other loan information through your online account.