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Key Facts
- Mortgage Types: Purchase, Refinance, Home Equity
- Min. Credit Score: 620
- APR: Varies
- NMLS#: 6606
Pros
Manual underwriting available to evaluate credit
One of the few non-bank lenders offering equity lending and reverse mortgages
Can participate in the entire process online
English and Spanish-speaking loan officers available
Cons
Not available in Hawaii or New York
Doesn’t work with down payment assistance programs in all states
New American Funding Disclaimer:© 2020 Broker Solutions, Inc. DBA New American Funding. All Rights Reserved. Corporate Office: 14511 Myford Road, Suite 100, Tustin, CA 92780.†14 business day guarantee only applies to purchase transactions. This guarantee does not apply to Reverse Mortgages, FHA 203k, VA, Bond, MCC, loans that require prior approval from an investor, or brokered loans.
The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that cannot be met by any party.
The 14 business day trigger begins when the borrower’s initial mortgage application (including income and assets documentation) is complete, and the borrower has authorized credit card payment for the appraisal. If New American Funding fails to perform otherwise, a credit of $250 will be applied toward closing costs.
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Offers a manual underwriting service
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Customized quotes for home equity loans
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Dedicated to serving minorities