Quick Look at New American Funding
- Options: Refi, Purchase, or Prequalify
- Over 137,000 loans served
- Customer Rating: 4.8 out of 5
- Min. Down Payment: 3%
New American Funding has received an exceptional 4.9/5 stars from customers because of their affordable rates, variety of loan types, and highly praised friendliness/company culture.
NAF’s loan officers are highly experienced and past customers agree. In fact, most New American Funding reviews specifically thank their loan officer for the excellent service that was provided.
As well as being one one of the most used mortgage brokers in the country, they have won #1 Place to Work for Women and serve the largest amount of loans to minority borrowers. As a transparent, esteemed, and reliable home mortgage service, NAF has earned their #3 spot on TopMortgageLenders.
We highly recommend New American Funding.
Do Customers Like New American Funding?
The short answer is yes, customers very much like New American Funding.
New American Funding has one of the highest customer ratings in the industry. Customers gave the #4 ranked lender 4.8 out of 5 stars and highlighted customer service and ease of the mortgage process as the company’s best qualities.
Best Company asks each customer to rank each company according to four categories: Value, Quality, Service, and Trustworthiness. New American Funding was rated 4.5/5 in all four categories.
With over 140 customer reviews (as of April 2021), New American Funding is setting a trend within the mortgage industry by focusing on customer experience throughout the loan process.
New American Funding Rates & Fees
To give you an idea of how much it will cost to get a mortgage through New American Funding, we rank each company's fees and mortgage rates on a four point scale: bad, average, excellent. New American Funding's origination fees have received a 'good' ranking. Though the amount will fluctuate, customers can expect their origination fees to be around or under 1% of the total loan amount. As for mortgage rates, New American Funding has received an 'average' ranking. Because these numbers change daily, we offer these mortgage rates as estimates (as of April 2021):
- 30-Year Fixed Rate: 2.990%
- 15-Year Fixed Rate: 2.250%
- FHA 30-Year Fixed Rate: 2.625%
- VA 30-Year Fixed Rate: 2.625%
These monthly payment rates are a typical mortgage payment for the industry. You can find an up-to-date interest ratefor each loan type on their website.
New American Funding Mortgage Requirements
Mortgage requirements will depend on the type of loan you’re looking to get. And remember, the mortgage rate will follow suit.
New American Funding can help with the following mortgage options: home purchase, loan refinance, home equity, reverse mortgage, jumbo mortgage, fixed-rate mortgages, adjustable-rate mortgages (ARM loans), FHA loans, VA loans, and USDA loans.
To qualify for any of these loan options, customers must meet the loan requirements:
Conventional Loan Requirements
Requirements for a conventional loan include:
- 620 min. FICO credit score.
- Conventional loan limit: $510,400 (-$765,600 for higher-cost areas).
- Proof of income, assets, and down payment source.
FHA Loan Requirements
There are also some unique requirements for self-employed borrowers:
- Two years of tax returns.
- Up-to-date balance sheet.
- Profit and loss statements.
- Good income history in the two years prior to self employment.
VA Loan Requirements
Borrowers are also required to move into the new home in less than 60 days after purchase and it must be a primary residence (some exceptions apply).
VA Loans from New American Funding cannot be used for investment properties or second homes.
ARM Loan Requirements
Buydown Loan Requirements
I CAN Mortgage Requirements
I CAN mortgages apply only to primary residence loans and include single-family homes and one-unit houses (townhouses and condos).
Reverse Mortgage Requirements
You should also have enough cash on hand to pay the ongoing property fees and all borrowers (and their spouses) must undergo independent counseling.
30-Year Fixed Rate Mortgage Requirements
A good FICO credit score for a 30-year fixed rate mortgage is between 670 - 739. If your credit score is below these numbers it can be more difficult to get preapproved and may result in higher-than-average mortgage rates.
You should also be aware of your debt-to-income ratio. Lenders like to see lower debt-to-income ratios — do what you can to stay below 43%.
Other documents you may need include:
- Homeowner’s Insurance
- Proof of Income
- Asset Information (investments, 401k documents, and bank statements)
15-Year Fixed Rate Mortgage Requirements
We recommend that you research whether a 15-year or a 30-year mortgage works best for your goals.
New American Funding Customer Service
As is proven by the many positive customer reviews, New American Funding has excellent customer service. Both its online application process and the customer representatives (including loan officers) give excellent care and attention to every customer.
New American Funding Company Background
New American Funding is a home mortgage lender in the United States founded in 2003. Patty Arvielo and Rick Arvielo co-founded it as a husband and wife team. As a first-generation latino woman, Patty Arvielo's background has inspired her to empower women and minorities. As a result, at New American Funding, women make up 58% of employees and minorities make up 43% of employees. They prioritize creating an inclusive environment and won Best Workplace of the Year for Women from Great Places to Work. The company is also known as Broker Solutions Inc and is a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender. Their current SVP is Sam Ellsworth.
New American Funding has earned the #1 spot on TopMortgageLender.com for its dedication to a positive customer experience. Though prices are fair or average, customers attest that the value of service for the price is well worth it.
We would recommend this company to friends, family, or any other researching customer.