New American Funding Review

BySarah PritzkerMay. 04, 2020

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In a Nutshell

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.


  • Offers full suite of mortgage products
  • Physical locations in 25 states
  • Bilingual customer support in English and Spanish


  • Not available in New York State
  • No rates without entering contact details
  • Must speak to loan officer to get the link to online application

New American Funding at a Glance 

Loan types
 Home purchase, refinance
Featured Loans
FHA, VA, home improvement, HARP, interest-only
Repayment terms
15-30 years fixed, 5-10 years adjustable
Best for
First-time buyers and minorities

New American Funding New American Funding Visit New American Funding


New American Funding 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.

Best For?

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 Features

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.

Features include:

  • Option of paying only interest each month for a fixed introductory term of up to 5-10 years. This gives the borrower the flexibility of being able to pay toward the principal loan amount at a time of their choosing rather than being obligated to pay a fixed monthly amount. 

  • Cash-out refinance and reverse mortgage both offer ways to tap into home equity to get cash. A reverse mortgage is a special government-backed program for borrowers aged 62 or older. A cash-out refi involves retiring your existing mortgage and taking out a new one for an amount larger than you currently owe. The excess between your old loan’s outstanding balance and new balance is paid to the borrower in cash.

The Application Process

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 Funding’s process involves 5 steps:

  • Pre-approval, in which the borrower provides documentation on income, assets, expenses, and credit. A loan officer then decides if the borrower can be approved for a specific loan amount

  • An official offer is sent to the borrower, detailing purchase price, down payment, loan amount, deposit, and terms and conditions

  • The borrower hands over a deposit or opening escrow

  • The application moves to the underwriter, who reviews the file and decides whether to give a final stamp approval

  • New American wires the funds

Pros and Cons

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.

Rates and Terms – The Bare Basics 

Loan amounts range from small mortgages to super jumbo loans. The minimum down payment varies depending on type of loan. Government-backed programs such as FHA and VA loans offer lower down payments, as well as loans for first-time home buyers who recieve special assistance.

Borrowers must:

  • Be aged 18 or more.

  • Be U.S. citizens or permanent residents.

  • Have good credit for a conventional loan, or fair credit for some government-backed loans.

Repayment Terms

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.

Help & Support

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:

  • Toll-free number

  • Email

  • At any of the 160+ branches in 25 states


New American Funding offers a full suite of conventional and government-backed mortgages, with extra support for:

  • First-time buyers

  • Minorities

  • Retirees

  • High-net worth buyers. 

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.

Physical Address

Broker Solutions, Inc. DBA New American Funding

14511 Myford Road, Suite 100 

Tustin, CA 92780

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New American Funding customer testimonials

AverageReviews 1
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  • author
    Kimberly Smith-Stewart
    Aug 09, 2019

    LIARS AND SCAMMERS!!!!!! New American Funding was chosen for me after another company I was initially mortgaged with sold my interest to New American. I went through a terrible divorce and lost my business and credit in the process. All that remained was my home. I called New American and they suggested I do a modification, since I was two payments behind. Over the phone they seemed like they wanted to help me keep my home and were willing to assist me any way possible. They sent me the paperwork to fill out which was grueling and by this time I found out that I had breast cancer and I decided to move back to NJ to be with my family and friends and rent my home for a year and then return to permanently live in GA after my treatment was over. New American Funding sent me a letter stating that I was approved for the modification and to sign the documents and send everything back to them with signatures and certifications requested. I let them know on numerous occasions to send all of my correspondence and mail to my POB in NJ because I would be in NJ. Several associates took the address information and added the info to my file. I immediately sent the documents back and spoke with someone over the phone to confirm they received the documents and that all was good to go. They assured me everything was fine and when to start making the new payment. almost three months go by and I think all is well so I call to make a payment over the phone for my new payment and was left on hold and then transfered to another department for collections. They told me they could not accept payment because the modification was denied. I was like WHAT THE HELL IS GOING ON? Then my neighbor tells me she sees the mailman ring the doorbell for a signature for a mail item. My tenant has not informed me or my property manager about any mail, they just keep dropping it off at post office, letting them know the address was incorrect. In addition, I change my address with the post office so that all mail would come to NJ before I moved. I asked my neighbor to pick up envelope and send it to me. Once I received it it was a letter stating that my modification had been denied because they weren't able to reach me by mail about the fact that one signature was missing from the paperwork and they were going to start foreclosure proceedings unless I paid all arrears to make account current. When I called them, I ask them why my case worker didn't reach out to me by phone and why didn't ANYONE have the courtesy or common sense to call me and leave a message. I mentioned the conversation I had with the employee that told me they received the paperwork and it was good to go but they didn't seem to care about playing back that recorded conversation. Now I am forced into bankruptcy to save my home and then ultimately forced into selling it because New American Funding was forcing me through the trustee to pay the arrears which now amounted to 22,000 to keep my house or they could still push for foreclosure or worse auction. I even spokw with one employee that told me they could easily mail me the page missing the signature and this whole thing could be easily rectified. He told me, he would have a supervisor call me back that evening and everything would be ok. I NEVER got a return call. Now I am forced to sell my home, the home I loved and wanted to return to after my chemo was over. I am now living with friends, trying to rebuild my life and dignity. New American could have made a major positive impact in my life but instead they added to my stress and did everything within their power to steal my home from me. Even when my house was finally sold, they gave the incorrect payoff amount to the attorneys and they requested an additional $500 or they would hold onto the deed. They did that for spite because I told them I was going to write a horrible review about their company a week earlier. STAY AWAY FROM THIS COMPANY, THEY ARE NOT TO BE TRUSTED. THEY NEVER INTENDED TO GIVE ME THE MODIFICATION AND EVEN MY BANKRUPTCY ATTORNEY STATED WHAT THEY DID WAS TERRIBLE BUSINESS PRACTICES AND WOULDN'T HOLD UP IN COURT..Truly they don't deserve any stars but i couldn't start the review with one.


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