By Sarah Pritzker
|Loan Types||Home purchase, refinance|
|Featured Loans:||FHA, VA, home improvement, HARP, interest-only|
|Repayment Terms||15-30 years for fixed, 5-10 years adjustable|
|Down Payment||0-20% minimums|
|Credit Score||620+ (or 580 for FHA loans)|
|Best For||First-time buyers and minorities|
New American Funding is an independent, family-owned lender headquartered in Orange County, California. Since its founding in 2003, it has issued more than $22 billion worth of home loans to buyers from around the country. It operates more than 160 physical locations in 25 states and offers its online service to residents of all states (except New York). It offers a large suite of mortgage products, including conventional fixed-rate and adjustable home loans, as well as government-backed FHA and VA loans.
New American Funding caters to all types of borrowers, but where it really stands out is with its assistance to first-time buyers and the Latino community. Its agents speak English and Spanish. More broadly, it is also active in addressing challenges Hispanic people face in achieving home ownership. New American has programs to help first time buyers and works with state down-payment assistance programs in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Missouri, Nevada, Texas, Utah, Washington, and Wisconsin.
Loan types include:
New American Funding offers: conventional fixed-rate, adjustable-rate, and jumbo loans; government-backed FHA, VA, and HARP loans; special home-improvement and interest-only loans; and cash-out refinances and reverse mortgages.
Interested borrowers can begin a loan application by requesting an online quote or contacting New American Funding by phone, email, or at one of its 160+ locations. Borrowers can get prequalified online but must be approved by a loan agent to get access to the online application. Home loans close in an average time of less than 30 days.
New American’s funding process involves 5 steps:
|Offers full suite of mortgage products||Not available in New York State|
|Physical locations in 25 states||No rates without entering contact details|
|Bilingual customer support in English and Spanish||Must speak to loan officer to get the link to online application|
New American Funding has physical locations in 25 states and an online platform, giving buyers in a large chunk of the country a choice between applying and closing their home loan face-to-face or over the internet. As an independent lender, it prioritizes good customer service. In particular, it prides itself on helping Latinos and other minorities get into the housing market.
On the downside, New American doesn’t operate in New York State, and doesn’t operate physical locations in all states. One catch with the online application is that it’s only available after first speaking to a loan officer. Unlike some internet-only lenders, there’s no way of just logging straight in and applying without spending at least a couple of minutes on the phone.
Loan amounts range from small mortgages to super jumbo loans of up to $15 million. The minimum down payment is 20%, although it’s lower for government-backed programs such as FHA and VA loans, or when special assistance is granted to first-time home buyers.
New American doesn’t reveal any rates on its website. To find out what rate you prequalify for, borrowers may request a rate online or speak to a loan agent in person, by phone, or by email.
Loan lengths vary from 15-30 years for fixed-rate loans, to 5-10 years for adjustable-rate mortgages.
The Better Business Bureau gives New American Funding an A+ rating for the overwhelmingly positive feedback it has received from customers.
Loan agents can be contacted by the following methods:
New American Funding offers a full suite of conventional and government-backed mortgages, with extra support for:
It started out as a family business and has stayed true to its roots, maintaining its independence and prioritizing a high level of customer service. Customers can apply for and manage their loans online, by phone, or in person, for maximum convenience and flexibility.
Broker Solutions, Inc. DBA New American Funding
14511 Myford Road, Suite 100
Tustin, CA 92780