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New American Funding (NAF)

New American Funding Reviews


bestfor-icon Flexible terms for low credit borrowers

Written by Steve Chen

About New American Funding | Read More


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  • Headquarters: 14511 Myford Road, Suite 100, Tustin, CA 92780
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New American Funding Mortgages Review

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 Highlight


Min Credit Score


APR. Fixed Rate

Max $2M

Mortgage Amount

8-30 years

Repayment terms


Soft Credit Pull


Lender Type


Underwriting Fee


Other Fees


Origination Fee


Prepayment Fee

14 Days

Funding Time



Mortgage Refinance


APR. Fixed Rate

Home Equity

Min 3.5%

APR. Fixed Rate

Pros & Cons

  • con-icon Manual underwriting available to evaluate credit
  • con-icon One of the few non-bank lenders offering equity lending and reverse mortgages
  • con-icon Can participate in the entire process online
  • con-icon English and Spanish-speaking loan officers available
  • con-icon Not available in Hawaii or New York
  • con-icon Doesn’t work with down payment assistance programs in all states

Mortgage Type

  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • Home Improvement
  • Home Equity Line of Credit
  • FHA
  • VA
  • Jumbo

New American Funding Mortgages Terms & Requirements

Mortgage 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.

Mortgage Terms

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.

Repayment Terms

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.

New American Funding Mortgage Loans Types

Borrowers can choose from these mortgage products:

  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed Rate Loans
  • Adjustable Rate Mortgage Loans
  • Home Improvement Loans
  • Home Equity Line of Credit (HLOC)
  • FHA – Federal Housing Administration loans.
  • VA – Veterans Affairs loans.
  • Jumbo
  • Cash-out refinance loans
  • Reverse mortgages

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.

Qualification Requirements

New American Funding Qualifying for Mortgage

The minimum criteria for a mortgage from New American Funding are the following.

  • Min. credit score: 620 for conventional loans, 580 for government loans
  • Debt-to-income ratio: Maximum DTI ratio of 50%
  • Citizenship: Available for US citizens only
  • Age: Minimum age of 18
  • Job Status: Must have steady employment and be able to provide proof of income
  • Bank Account: Proof of bank account is required during the onboarding process

New American Funding Qualifying for a HELOC

  • Equity: You should have at least 15-20% equity in your home
  • HELOC min credit score: HELOC loans require a minimum credit score of 620
  • A low debt-to-income ratio: The DTI should not exceed 43%, although some lenders will increase to 50%
  • Maintain a steady income: Income requirements vary by lender. You will need to provide proof that you have a consistent income
  • Consistent payment history: A lender will look for evidence of a borrower’s reliability
  • Insurance: Most lenders also require homeowner’s insurance

New American Funding Qualifying for cash-Out Refinance

  • Credit Score Requirements: Minimum 580, but 620 is often preferred for Conventional loans
  • Debt-to-Income Ratio: Maximum 50%. Lower DTI preferred for lower mortgage rates
  • Home Equity: At least 20% equity is required for Cash-Out Refinance. For a home worth $250,000 with a $150,000 mortgage, equity is $100,000. Typically, you can borrow 80-90% of your home equity.
  • Home Appraisal: Lenders may be required to assess home value for a Cash-Out Refinance.

Required Information

To start the process of obtaining a mortgage with New American Funding, you will need to provide the following information:

  • Name
  • Address
  • 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.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming,

Not Available - New York,

Written by Steve Chen linkedin-icon

Steve is an online marketing and publishing veteran with over two decades of experience in the financial sector. With a BSc in Business & Management from the University of Maryland and an MBA in Business Finance from the University of Pittsburgh, Steve went on to serve in various senior marketing and business development roles. Now specializing in online content creation, he writes about a wide range of financial topics.



Is New American Funding a good mortgage provider for first-time buyers?

New American Funding has several mortgage products suitable for borrowers with less than ideal credit ratings. You need a rating of above 620 to be eligible for a mortgage, making New American Funding a good option for first-time buyers.

How long does it take to get a New American Funding mortgage?

If you have all your documents to hand, approval can take a day or two. New American Funding also has a 14-day close guarantee, ensuring that your mortgage can be completed in this timeframe (presuming all documents have been provided).

The mortgage I want isn’t available online. Do I have any other options?

Yes, New American Funding has a massive amount of mortgages available. This includes products not available online. If there is a mortgage you want, it is likely New American Funding will have it in its portfolio.

Customer Support

New American Funding has English and Spanish-speaking customer advisors available seven days a week. You can also contact customer services via email or social media. The financial company is well renowned for meeting the needs of minority and underserved communities. As such, even if you don’t think you can get a mortgage, it is worth giving New American Funding a call.

Privacy & Security

The Better Business Bureau (BBB) gives New American Funding an A+ rating. Social Survey shows New American Funding as having 4.9 stars out of five from over 100,000 reviews. While New American Funding shares some information with third-party services for day-to-day operations, your private data will never be sold or given to third parties for marketing purposes.

New American Funding is a family-owned business that dominates the mortgage marketplace in Los Angeles and El Paso. It is a $30 billion lender that serves consumers in 48 US states (excluding Hawaii and New York).

In Conclusion

Ultimately, New American Funding has brought itself to the front of the US mortgage market with a flexible approach to mortgages. The company offers a wide range of mortgage products to those who may otherwise struggle to obtain a mortgage due to poor credit rating. Its growth from a 40-person operation in 2003 to a company with over 2,000 employees in 2022 shows that New American Funding is doing something right.

There are few adverse reviews about the company online. However, its rates are slightly higher than some competitors, which is expected due to the flexibility and wide range of products offered.

Brand Disclaimer

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.