New American Funding, the leading direct lender, can take prospective borrowers from the early stages of mortgage qualification to closing a loan, even if they require non-traditional credit evaluation methods. The company offers loans for purchasing a home and refinancing your current mortgage. Also, New American Funding will work with you to get a cash-out refinance. You can pick from any type of government mortgage, and the company even provides down payment assistance programs.
New American Funding Mortgages Terms & Requirements
- Minimum age of 18
- History of steady job and income is required
- 580 minimum credit score for government loans
- 620 minimum credit score for conventional loans
- Debt-to-income ratio maximum of 50%
New American Funding offer non-qualified mortgages, and will consider lower than average credit scores as well as non-traditional income verification. The maximum loan for a non-qualified mortgage is $2.5 million.
New American Funding are one of the most flexible mortgage providers in the US. They specialize in bespoke mortgages tailored to your needs, so a wide range of mortgages terms can be available to cover specific needs.
As with every other aspect of New American Funding mortgages, the repayment terms can be tailored to your needs. Terms range from short term up to 30 years. Short term loans include adjustable rate mortgages (ARM) and interest only loans.
How to Apply
New American Funding mortgage applications can be made online or in one of the 180 branches across 32 states. We chose to apply for our mortgage online. After selecting ‘Buy a House’, we were directed to the primary mortgage application interface.
There were several questions about the type of buyer we are alongside the value of the house and the estimated loan required. The interface was easy to use and straightforward, even for non-technical individuals.
Finally, we had to provide our personal details, including employment status and earnings, at which point a soft credit pull was performed. New American Funding then invited us to create an account so that we could check our application.
After creating the account, we had to further populate personal details for our full application. This included all personal details, income, employment, and assets. We also had to provide details of the house we wanted to buy. After completing all of this information, we submitted our declarations and were sent for a hard credit check. This returned quickly, and we could finalize the mortgage product we wanted.
The process was efficient and took 30-40 minutes in total. It was a simple process to follow with easy-to-follow instructions.
The following are the minimum criteria considered for a mortgage from New American Funding.
|Min. credit score
620 for conventional loans
580 for government loans
||Maximum DTI ratio of 50%
||Available for US citizens only
||Minimum age of 18
||Must have steady employment and be able to provide proof of income
||Proof of bank account required during onboarding process
To start the process of obtaining a mortgage with New American Funding, you will need to provide the following information:
- Date of birth
- Social Security Number
- Phone number
- Email address
- Monthly income details and proof of income (e.g. pay stub, W-2 form)
- Employment history
- Details of your current house and the house you want to purchase
Application Steps & Time Frames
The application process took about 45 minutes from start to finish. We had all our necessary documents to hand when applying, which reduced the processing time. New American Funding has a 14-day funding guarantee in place from the loan closing, meaning we didn’t have long to wait for the funds to arrive for us to purchase our home.
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