On This Page
On This Page
- At a glance
- New American Funding Overview
- Pros and cons of New American Funding
- How Bankrate scored New American Funding
- How to apply for a mortgage with New American Funding
- Refinancing with New American Funding
- FAQ about New American Funding
- Compare New American Funding to other lenders
- New American Funding customer ratings and reviews
At a glance
NMLS: 6606
Editor's take
New American Funding is a well-established name in the mortgage business, offering an array of loan options for borrowers’ diverse needs. Among the benefits: It can help you put up a cash offer on a home; promises no fees on refinances within five years for existing customers; and provides concierge and insurance services to build on an end-to-end experience for homebuyers.
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
4.8
Rating: 4.8 stars out of 5
Bankrate Score
Customer Rating
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
3.8
Rating: 3.82 stars out of 5
34 ratings
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans
Nationwide availability
All U.S. states except Hawaii and New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
Recent customer reviews
The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, thePrivacy Policy, or the Terms of Use.
Rating: 1 stars out of 5
Irresponsible
Contacted Domenick about a potential home loan. I only authorized a soft credit pull as I was just gathering information and he did a hard credit pull anyway claiming it was a "glitch." Then he said he could reverse that in 24 hours but then his supurior said it will take two weeks to 30 days and I...
Nathalie A.
New York, N.Y.(Jun 13, 2024)
Rating: 1 stars out of 5
Their mistake is now my problem
They forgot to have us sign some paperwork with the notary at closing. Now my wife and I have to take off work because they can only have a notary meet us between 9-4 Monday through Friday at a location of their choosing. Poor management.
James P.
Texas(May 24, 2024)
Read 5 customer reviews for New American Funding
New American Funding overview
New American Funding is a brick-and-mortar and online mortgage lender especially focused on “serving the underserved,” as its website says, aiming to provide $25 billion in loans to Hispanic borrowers by 2024 and $20 billion in loans to Black borrowers by 2028. One notable option is its “I CAN Mortgage” program, which allows borrowers to choose any repayment period between eight years and 30 years. The lender also offers loans not advertised on its website, including jumbo loans and non-qualified mortgages (non-QM).
Bankrate insight
New American Funding's Pathway to Homeownership initiative provides qualified borrowers in select areas with up to $8,000 — direct assistance that doesn't have to be repaid.
Pros and cons of New American Funding
Pros
Displays current mortgage rates online
Initiatives that focus on serving minority borrowers, including down payment grants
More than 170 branch locations
Cons
Not available in Hawaii or New York
How Bankrate scored New American Funding
- Affordability: New American Funding’s rates are often below Bankrate’s averages (as of the time of this review).
- Availability: This lender offers a comprehensive suite of loan products for borrowers in the majority of states.
- Borrower experience: New American Funding routinely earns high marks from customers as it strives to offer a complete homebuying and moving experience.
Affordability: 10/10
New American Funding’s rates are generally lower than Bankrate’s averages; you’ll find the lender’s latest APRs for various loan programs on its website. Note that these rates assume that a borrower has a credit score of 740, so if your credit score is lower than that, your rate will likely be higher than what’s advertised. The lender doesn’t disclose its fees online, so be sure to ask for a breakdown of your anticipated closing costs.
Availability: 10/10
New American Funding operates in 48 states, providing conventional, government-backed and refinance loans. It’s also equipped to work with borrowers in unique credit or financial circ*mstances, offering access to non-qualifying (non-QM) loans, plus reverse mortgages and home equity lines of credit (HELOCs).
Borrower experience: 8.5/10
New American Funding was founded 20 years ago. The lender is Better Business Bureau-accredited with an A+ rating. On Trustpilot, the lender has a 3.7 out of five stars based on more than 250 customer reviews. In addition, J.D. Power rated the lender below average for customer satisfaction in 2023. Once you get your loan, you can use the New American Funding mobile app for payments and to keep track of your home’s value and your level of equity.
Images courtesy of New American Funding as of 4/3/2024. Note: Depending on method of contact, your individual credit profile and other circ*mstances, your experience might differ.
How to apply for a mortgage with New American Funding
You can apply for a mortgage with New American Funding in person at a branch location, online or by phone at 855-276-3747. Here are some tips to prepare for the process:
Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)
Refinancing with New American Funding
New American Funding offers both rate-and-term and cash-out refinancing options. The lender won’t charge fees on refinances for existing customers if done within five years of the original mortgage.
FAQ about New American Funding
What is New American Funding’s 5-Year Rate Protection Pledge?
It’s a fact: If you’re buying a home now, you’re paying a higher interest rate. With New American Funding’s 5-Year Rate Protection Plan, you can still buy now with the ability to refinance, without fees, to a lower rate later, provided you do so within five years.
Compare mortgage lenders
Rating: 4.8 stars out of 5 4.8 Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. | Rating: 4.6 stars out of 5 4.6 Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Read full review | Rating: 4.9 stars out of 5 4.9 Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Read full review |
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Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more | Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more | Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing |
Min. credit score required 620 for conventional loans | Min. credit score required 620 for conventional loans, 600 for FHA loans, 620 for VA loans | Min. credit score required 620 for conventional loans, 620 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans | Down payment Undisclosed | Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states except Hawaii and New York | Nationwide availability All U.S. states | Nationwide availability All U.S. states |
New American Funding - CPC customer ratings and reviews
NMLS: 6606
3.8
Rating: 3.82 stars out of 5
34 ratings
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
This lender has 5 recent reviews.
Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 3.9 stars out of 5
Professionalism
Rating: 3.9 stars out of 5
Responsiveness
Rating: 3.9 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
71%
0%
0%
0%
29%
71% of customers would recommend this lender.
of5 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?