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New American Funding Review

Donny Gamble
February 3, 2022
Personalincome rating

New American Funding offers some of the most unique loan packages that you can find, including the ability to choose your own repayment structure instead of just the average 15-year and 30-year fixed rates. Overall, it’s a great twist on typical financial products that we’re all used to.

New American Funding logo
on New American Funding's website
New American Funding

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Key Takeaways

  • Transparent process from start to finish
  • Everyone is done online; visiting an in-store branch is not a requirement
  • Plenty of loan types available
  • Excellent online reputation and an easy-to-use service (with a few minor hiccups on the site)

Pros & Cons

  • Available in all US states
  • Pleasant and positive customer service and representative help.
  • One of the few companies that show their current rates online with no barrier to entry.
  • Emphasis on lending to minority borrowers, living up to their new of New American Funding.
  • Website UI can be a bit of a mess for such a big company.
  • Lender fees can sometimes not represent what’s on the site.

What if a financial institution wanted to do more than just provide loans, but they wanted to provide a resurgence of the American dream? New American Funding is definitely a unique service, and they have a special mission in place that makes you love what they’re doing.

From fixed rate mortgage loans to some of the best mortgage refinancing options we’ve seen, as well as unique ways to repay your home loan, New American Funding definitely makes a splash in the financial world.

In this New American Funding review, we’re going to talk about rates, fees, transparency, and everything in between to help you determine if this is the right home mortgage company for you.

About New American Funding

It’s important to note that while we’ve talked about New American Funding and their mission statement throughout this review, that’s only accessible and at the forefront of their business because they are completely privately-owned.

New American Funding is a direct mortgage lender, so they have control over the entire process from start to finish.  That’s the reason that they’re able to offer the loans that they do, and make promises to the hispanic and black communities in their areas like they do.

Beyond simply providing financial products, they’re committed to improving the quality of life for families and allowing individuals to become homeowners that might otherwise be turned down by other financial institutions.

Beyond the mission, New American Funding has secured over $57 billion in home loans since they were founded in 2003. That may seem unimpressive to some, but considering that they’ve been privately-owned this entire time, it’s a fantastic level of growth and shows that they know what they’re doing.

Initially, they were a call center focused on selling refinancing products over the phone with a total of forty employees, founded by a husband and wife that wanted to do something more.

Now they’re a powerhouse entity with impressive financial power, and an impressive number of locations to make owning a home more accessible to everyone. New American Funding lives up to their name.

Loan Types

The following types of loans are available from New American Funding:

  • VA
  • FHA
  • 30-year fixed
  • 15-year fixed
  • Custom term fixed
  • ARM loan
  • Reverse mortgages

New American Funding Mortgage Rates

Using their website and app, you can find the consistently updated section called “Today’s Mortgage Rates” where they continuously keep you up-to-date on multiple loan rates from their catalog of financial products.

On average, you’ll see around a 3.375% APR, as low as 3.533% (at the time of writing in January 2022) for their 30-year fixed rate, which is competitive with everyone else in the market. 

Their mortgage rates for 15-year fixed loans, FHA loans, and others are all consistently competitive with today’s current market.

Who is New American Funding Best For?

New American Funding is best for minority borrowers who need assistance securing a loan that they may be denied elsewhere. Their emphasis on assisting impoverished communities for both hispanic and black families is an admirable trait, so if you’re going to buy a home (especially with one of their branches nearby), they’ll help guide you through the process. 

At the end of the day, it’s still a financial institution and a business, but having a mission statement and using their size for an admirable purpose is excellent.

New American Funding FAQ's

Is New American Funding trustworthy?

Yes. New American Funding is a trustworthy company that has helped secure tens of billions in loans since opening.

They host an impressive score on numerous review websites, and tons of free resources and information for you to consume on their website, giving you a knowledgeable and competitive edge over other lenders. They want you to succeed, even if it’s not with them.

How long does it take to get a loan?

The entire process from start to finish can take as few as 25 business days up to around 45 business days. 35 business days is the average from application to closing the loan, where you receive the funding 3-5 days later after closing.

It’s a relatively average process, with some loans being approved faster than others, but it’s all dependent upon the information you provide and how much it streamlines the process.

Is New American Funding a good place to refinance?

Yes, New American Funding offers competitive refinance options. Refinancing can be a tedious and difficult process, but thankfully their representatives and loan specialists make it a painless process and answer your questions at every step of the journey.

New American Funding does not offer the all-around best refinance rates, but they are competitive and the service you get and transparency of the entire process has value in its own right. You know they aren’t trying to nickel and dime you, and that’s important.

How long does it take to get approved for a loan?

Starting your journey on the phone or online, you can get information about your loan quickly, and walk through the application process with relative ease.

Approval can take from 5 to 25 business days, although the former is a rarity. After being approved for a loan, you’ll be given instructions on how the remaining process will go, and the remaining elements don’t take nearly as long.

What is the minimum credit score needed?

For New American Funding, you need a credit score of 620 or higher to be approved for a mortgage application. If your score is below 620, you may apply for an FHA loan through New American Funding.

Keep in mind that these are FICO scores. Your credit history factors in, so if you only now meet the minimum credit score required, the last few months or years may be looked at as your credit history and may provide an unfavorable outcome depending on the exact circumstances.

Compare to Other Lenders

Better Mortgage logo
figure logo
loandepot logo

New American Funding

New American Funding is a direct mortgage lender offering an array of mortgage loan options including purchase, refinance, and first time home buyer loans.

  • New American Funding
  • Rating: 4
  • Reviewed by:
  • On February 3, 2022
  • Last modified:February 5, 2022

Review Summary:

New American Funding is a direct mortgage lender offering an array of mortgage loan options including purchase, refinance, and first time home buyer loans.

Review of: New American Funding

Reviewed by:
On February 3, 2022
Last modified:February 5, 2022


New American Funding is a direct mortgage lender offering an array of mortgage loan options including purchase, refinance, and first time home buyer loans.

About the author 

Donny Gamble

I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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