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New American Funding Mortgage Review | 2022

New American Funding provides a high level of service to all its customers while recognizing the special needs of first-time and Latino American homebuyers.

Daria Uhlig Daria Uhlig Updated March 31, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Founded in 2003, New American Funding has since expanded to over 200 branches in 32 states. If you’re not in a state where New American has a physical branch, there’s an excellent chance that you can still manage your home loan process online — the lender is licensed in every state except Hawaii.

Over 120,000 New American Funding reviews from a number of popular sources are posted directly on the lender’s website. The company has earned a positive reputation for its personable and responsive loan officers and quick and easy closings. Read on to find out if New American Funding is the right lender for your purchase or refinance loan.

In this review:

  • New American Funding mortgage review
  • New American Funding mortgage refinancing review

New American Funding mortgage review

Best for:

  • First-time homebuyers
  • Latino Americans
  • Homebuyers looking for custom loan options

New American Funding has temporarily stopped offering some types of mortgage loans, such as jumbo loans, but it still boasts a robust selection of products. The lender currently offers the following loans:

  • Conventional
  • FHA
  • VA
  • I CAN

A buydown option is also available for conventional mortgages, VA loans, and FHA loans which lets you pay points up front, at closing, to reduce your interest and payments during the first three years of your home loan.

First-time homebuyers will find a lot of helpful resources on New American Funding’s website, including how to find grants that can provide down payment money and reduce closing costs. New American Funding also has an extensive library of educational video content, covering topics like mortgage pre-approval and cash-out refinancing.

Good to know: In its early years, New American Funding focused largely on underserved Spanish-speaking communities. Employing both English- and Spanish-speaking agents and establishing its Latino Focus Committee in 2013, New American remains committed to helping Hispanic consumers overcome the obstacles to homeownership.

Here’s a closer look at New American Funding’s mortgage purchase loans:

Mortgage
purchase programs
Conventional, FHA, I CAN loan. Buydown option available on conventional, FHA, and VA loans.
Fixed-rate
loan terms
15 and 30 years, or I CAN custom term of 8 to 30 years
Variable-rate
loan terms
5/1, 7/1, and 10/1 ARMs
Rates and feesAPRs and fees vary by loan and borrower’s qualifications. Points due at closing for buydown option.
  • VA funding fee: 1.40% with 10% down payment, 1.65% with 5% down payment, 2.30% with $0 down for first-time benefit users
  • FHA upfront mortgage insurance premium: 1.75%
Min. credit score
  • Conventional: 620
  • FHA: 580 for maximum financing; 500 for 90% LTV financing
  • VA: No minimum
  • I CAN: 620
Min. down payment
  • Conventional: 3%
  • FHA: 3.5% to 10%, depending on your credit score
  • VA: No minimum
  • I CAN: 5%
New American Funding isn't our partner, but you can use Credible to compare prequalified rates from other mortgage lenders all at once.

Find Rates Now

Check Out: How to Get the Best Mortgage Rate

New American Funding mortgage refinancing review

Best for:

  • Homeowners age 62 and older considering a reverse mortgage
  • Homeowners who prefer a home equity line of credit over a refinance
  • Veterans looking to finance into another VA loan

In addition to standard fare like conventional, FHA, and VA refinances, New American offers mortgage refinance loans that some other lenders don’t, including:

  • Cash-out refinance
  • Reverse mortgage
  • Home equity line of credit
  • Cash-in refinance
Tip: A reverse mortgage pays the homeowner a portion of their equity, either in installments or as a lump sum. The loan isn’t due until the homeowner dies or moves out of the home for a year or longer.

You’ll have to call New American Funding for mortgage refinance rates because not all loans are listed on the company’s website. And there’s no mention of no-closing-cost refinance loans.

Find Out: How to Refinance Your Mortgage in 6 Easy Steps

How New American Funding can improve

New American Funding holds its own against other tech-savvy non-bank lenders, but there’s still room for improvement.

Here are a few ways New American can improve the customer experience:

  • Offer lender credits: Credits similar to the one offered by other mortgage lenders — where you pay higher rates in exchange for closing cost credits — would round out New American’s already robust product line.
  • Add more bilingual features: Adding Spanish-language Apply Now buttons and subsequent Spanish-language pages to the website would make it easier for non-English speakers to start their online applications.
  • Remove inactive products: The website would benefit from the removal of links to loan products not currently offered.
  • Offer rates for all loan types: This would help customers compare their options.

See: How to Get Pre-Approved for a Mortgage

Compare multiple lenders first

New American Funding has a lot to offer homebuyers and homeowners planning to refinance their home loans. Although New American Funding isn’t one of our partner lenders, Credible makes it easy for you to choose the best lender. You can compare prequalified mortgage rates from multiple lenders on our platform at once — and in just a few minutes.

See what mortgage rates you qualify for from our partner lenders in the table below.

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.