The New American Funding Mortgage 2021 Review

Are you in search of a flexible and easy registration mortgage option? Then you should look at the New American Funding mortgage. In this review, I will be showing you why it should be your one and only option. And also what it has to offer to you and your household.

The New American Funding Mortgage 2021 Review

In this article, the following points are discussed;

New American Funding offers deals for borrowers who need to be evaluated on the basis of nontraditional credit.

It also offers all government loans, works with down payment assistance programs, and helps borrowers whose credit histories don’t fit the mold of traditional banking.

New American Funding Mortgage Overview

New American Funding is among the very few national mortgage lenders that can claim to be family-owned. Sure, there are small mom-and-pop lenders in communities across the nation that can make the same claim.

But New American has grown into a top-30 national lender, based on 2017 origination volume. That puts it in the company of large regional banks, national credit unions and other major mortgage lenders.

Full-service mortgage lender New American Funding is headquartered in Tustin, California but holds lending licenses in just about every state, aside from Hawaii and New York.

The lender’s large portfolio of loan variations includes; fixed-rate and adjustable-rate mortgages, VA loans, FHA loans, USDA loans, jumbo loans, its proprietary I CAN Mortgage, and more.


  • Uses manual underwriting to evaluate creditworthiness.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.
  • Home equity lending sets it apart from most non bank lenders.


  • Services available in all states except New York and Hawaii.
  • The full range of fees you’ll face isn’t disclosed beforehand.

Common fees associated with a new mortgage includes:

  • Application fee
  • Origination fee
  • Underwriting fee
  • Rate lock fee
  • Ongoing fees
  • Third-party fees

Application and Requirements

You can fill out your application on New American Funding Mortgage website. But you should note that there are some basic requirements, which you will need to provide when processing your application.

To learn whether you qualify for a specific loan, you’ll need to request a quote online or talk directly with a lender. A representative can help narrow down an option that best meets your needs.

Basic eligibility for a traditional mortgage includes:

  • Two years of continuous employment.
  • A FICO credit score of 620 or higher.
  • No history of bankruptcy for at least two years.
  • Listed assets in your bank account for at least 60 days.


To request a quote online, you’ll provide basic personal information and your potential loan requirements.

After a licensed loan professional contacts you, you’ll likely provide such documentation as:

  • Bank statements
  • Proof of stated assets
  • Tax documents
  • Pay stubs or W-2s to prove your income
  • Government-issued ID
  • Your housing or renting history
  • Proof of any gifted funds

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Types of New American Funding Loan Offers

Types of New American Funding Loan Offers

This lender offers a variety of mortgage types, including;

1. Fixed-Rate Mortgage

Loan customers looking for extreme reliability when it comes to monthly payments need to look no further than fixed-rate mortgages.

These are by far the most popular style of home loans, as they come with a fixed interest rate for the entirety of the loan’s life. At New American Funding, you can get these in 30- and 15-year forms.

2. Adjustable-Rate Mortgage

Adjustable-rate mortgages, more commonly referred to as ARMs, adhere to a very different interest schedule from their fixed-rate counterparts.

Mortgagors will receive a short fixed-rate period at the start of the loan. As soon as this passes, your rate will be updated on an annual basis, until 30 years have passed. At New American, you can select from 5/1, 7/1 and 10/1 ARMs.

3. Jumbo Loan

As its name indicates, a jumbo loan is reserved only for homebuyers that are purchasing homes that call for a loan higher than the conventional loan limit.

For most places in the U.S., this is $453,100, though some high-cost areas carry a $679,650 limit. These are available as both fixed- and adjustable-rate loans and can be had for as much as 90% loan-to-value (LTV) and $15 million.

4. I CAN Mortgage

The “I CAN Mortgage” is a fixed-rate loan offer exclusive to New American Funding. The institution created this new loan to help satisfy the needs of customers who have fallen between loan types.

The top features of this mortgage are down payments as low as 5% and the ability to choose your loan term from eight to 30 years. You can only apply for this loan if your new home is both a primary residence and single-family.

5. FHA Loan

Offered in conjunction with the Federal Housing Administration (FHA), FHA loans will allow you to escape the need for a large down payment.

Besides its low 3% minimum down payment, even home buyers with a checkered credit past can get approved. You can pick between a 30- and 15-year fixed-rate term for this loan.

6. VA Loan

VA loans are backed by the U.S. Department of Veterans Affairs (VA) and aim to help current and former members of the military purchase a home with their family.

They provide the seemingly impossible benefit of no down payment requirements, and their interest rates are almost always better than conventional loans.

You will need to pay a VA funding fee, though. These come in 5/1 ARM and fixed-rate variations.

7. USDA Loan

USDA home loans were created by the U.S. Department of Agriculture (USDA) for the sole purpose of getting Americans to move to more rural parts of the country.

You will not be obligated to make a down payment, and even those with a lower credit score can achieve approval. What’s the catch? To qualify, you must be purchasing a home in a designated rural area.

8. Home Improvement Loan

Mortgages aren’t solely reserved for new homes. If you want to renovate your home in some way, New American Funding offers loans to help you do so.

There are two types of these loans: the FHA 203K Home Improvement Loan and the FHA 203K Home Improvement Refinance Loan.

9. Refinance Loan

Customers who want to lower their monthly mortgage payments can consider refinancing through New American Funding.

This lender provides most of its mortgage options as a refinance loan, including the cash out refinance, which allows mortgagors to cash out on the equity they hold in their home.



1. When is New American Funding customer service available?

Get help weekdays from 7 a.m. to 9 p.m. CT or Saturdays from 10 a.m. to 2 p.m. CT.

2. Can I finance a second home through New American Funding?

Yes. New American Funding finances primary homes, secondary homes, and vacation properties, along with select mobile homes. Talk with a representative about the property you’re interested in to learn whether you can get financing.

3. Would You Qualify For a Mortgage From New American Funding?

In most instances, New American Funding calls for a minimum FICO® credit score of 620 to qualify for one of its mortgage options. But if you’re applying for a government-backed loan, such as a VA, FHA or USDA mortgage, you may receive approval even if you’re below that mark.

4. What Can You Do Online With New American Funding?

New American Funding definitely fits the bill of a new-age, internet-based mortgage lender, even though it still operates a large, nationwide in-person branch network. To get a rate quote, all you need to do is enter the estimated price of your new home, the home’s location, your credit score, your name and some other information on the New American Funding website.

5. What’s the Process For Getting a Mortgage With New American Funding?

New American Funding utilizes a fairly standard mortgage application and approval process. First and foremost, you and possibly your real estate agent will contact one of its loan officers to figure out exactly what type of loan best fits your personal financial situation.

Your monthly income and expenses, your credit report and your savings are just some of the factors that the lender will take into account during this time. Your loan officer will also look to get you pre-approved, if possible.

Finally, New American Funding’s goal is to help you save money on your mortgage. And also help you find out how much home you qualify for, crunch the numbers on your refinance, or simply learn about what it takes to get a mortgage.

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