New American Funding Mortgage Review

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New American Funding

rating: 5
  • Strong VA and FHA mortgage policies
  • Quick mortgage application
  • Rapidly growing national customer base

New American Funding Mortgages


New American Funding does their best to provide adequate mortgage requirements and terms to as many citizens as possible.

By Aleksandar Spasov | 17th December 2018

New American Funding differs from the giants in the mortgage industry by one important factor – they are one of the few famous lender establishments to be owned by a family rather than a massive corporation. And while there are a lot of small lender providers across the US, New American Funding is in the top of the table, standing shoulder-to-shoulder to established mortgage vendors.

The platform was established back in 2003 and has since grown to be an $11 billion lender so far. Their main target, both at the beginning and now, are the minority borrowers – they try to compete with interest rates across the board and present customers with the lowest possible percentages. And those efforts have certainly paid off as they continue to expand their customer base, especially in high Hispanic population states.

What kinds of Mortgages does New American Funding offer?

New American Funding covers a wide variety of loans ranging from fixed-rate FHA to HARP refinancing. They also pack jumbo loans and interest-only options. We can also benefit from home improvement, cash-out, and adjustable-rate loans.

FHA Mortgages

FHA mortgages are suited for customers who can’t afford that much to purchase a property. They are separated in a few categories and we will quickly go over them. The 15-year Fixed Rate loan saves us thousands of dollars along the way, enabling faster house payout and equity building. The 30-year counterpart of it has no prepayment penalties, lower down payments, and a possible Streamline Refinancing. The 203k FHA Loan even lets us fix an existing house or even improve our own, too.

The Adjustable Rate FHA mortgages at New American Funding lets us keep a fixed interest rate for 5 years before moving onto an adjusted rate for the remaining period. Introductory rates here are lower than fixed-rates loans and let moving buyers to pay off their house before selling or refinancing it.

Conventional Loans at the institution pack the lowest down payments in the industry standing at only 3%. They have almost no restrictions compared to USDA or VA loans and don’t need a mortgage insurance up front. Even after acquiring PMI (Private Mortgage Insurance), we can still cancel it after reaching 20% equity. Customers with higher credit scores here can benefit from lower interest fees as Conventional Loans are less strict than other mortgage types. A minimum FICO score of 620 is required, however, so keep that in mind.

VA loans are saved for army veterans and military members. They come without a down payment, much lower interest rates, no insurance premium payments, no prepayment penalty, reduced funding fees, financing options, poorer credit scores accepted, and a 100% cash-out refinancing in action. Requirements here are at least 90 days of military service (in times of war), 181 service days in peacetime, 6+ years of National Guard/Reserves service, or having a spouse which covers the requirements.

Mortgage Eligibility

The main eligibility requirement for a mortgage with New American Funding is our FICO score. The minimal number here is 620 as higher rates result in lower fees and higher loan limits. FHA and VA loans accept 580 as a satisfactory value while USDA-guaranteed needs 640 to grant eligibility. The minimum down payment on all mortgages (except VA) is 3%.

Customer Support

New American Funding customer support can be contacted in the 7 AM – 7 PM time-frame PST, available during weekends, too. Support can be gained in English and Spanish by telephone and email. There is also a traditional mail option, with the first two being faster and more reliable for quick resolutions. Regarding any pre and after-mortgage signing questions and issues, the customer support here acts swiftly and efficiently.


New American Funding stands as a minority in the mortgage field. Not because of poor success or limited customer base but due to their family-originating nature. They strive to provide any sensible individual with a suitable mortgage loan, providing low-interest rates and small fees during the process. They carry a sense for excellence in the industry with a lot of mortgage options, a nice customer support, and the idea of helping as many people as they can.

Reviewed by
Aleksandar Spasov
Aleksander is a freelancer from Bulgaria. He's travelled and is still travelling around the the world and has been writing and studying as he goes. He describes himself as a bit of a word freak and this is clear from his studies in English and Journalism.Although he is knowledgeable in a lot of areas, he has been researching and writing about anti-virus as his most recent interest. Read more.
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