New American Funding Summary
New American Funding Pros & Cons
Pros
Cons
Overview
New American Funding operates 200+ physical locations in 31 states and offers its online service to the rest (except for New York and Hawaii). It offers a large suite of mortgage products, including conventional fixed-rate and adjustable home loans, as well as government-backed FHA and VA loans.
Suitable For?
New American Funding caters to all types of borrowers, but where it really stands out is with its assistance to first-time buyers and the Latino community. Its agents speak English and Spanish. More broadly, it is also active in addressing challenges Hispanic people face in achieving home ownership. New American has programs to help first time buyers and works with state down-payment assistance programs in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Missouri, Nevada, Texas, Utah, Washington, and Wisconsin.
Loan Features
Loan types include:
New American Funding offers: conventional fixed-rate, adjustable-rate, and jumbo loans; government-backed FHA, VA, and HARP loans; special home-improvement and interest-only loans; and cash-out refinances and reverse mortgages.
Features include:
- Option of paying only interest each month for a fixed introductory term of up to 5-10 years. This gives the borrower the flexibility of being able to pay toward the principal loan amount at a time of their choosing rather than being obligated to pay a fixed monthly amount.
- Cash-out refinance and reverse mortgage both offer ways to tap into home equity to get cash. A reverse mortgage is a special government-backed program for borrowers aged 62 or older. A cash-out refi involves retiring your existing mortgage and taking out a new one for an amount larger than you currently owe. The excess between your old loan’s outstanding balance and new balance is paid to the borrower in cash.
The Application Process
Interested borrowers can begin a loan application by requesting an online quote or contacting New American Funding by phone, email, or at one of its locations. Borrowers can get prequalified online but must be approved by a loan agent to get access to the online application. Home loans close in an average time of less than 30 days.
New American Funding’s process involves 5 steps:
- Pre-approval, in which the borrower provides documentation on income, assets, expenses, and credit. A loan officer then decides if the borrower can be approved for a specific loan amount.
- An official offer is sent to the borrower, detailing purchase price, down payment, loan amount, deposit, and terms and conditions.
- The borrower hands over a deposit or opening escrow.
- The application moves to the underwriter, who reviews the file and decides whether to give a final stamp approval.
- New American wires the funds.
Rates and Terms – The Bare Basics
Loan amounts range from small mortgages to super jumbo loans. The minimum down payment varies depending on type of loan. Government-backed programs such as FHA and VA loans offer lower down payments, as well as loans for first-time home buyers who receive special assistance.
Borrowers must:
- Be aged 18 or more.
- Be U.S. citizens or permanent residents.
- Have good credit for a conventional loan, or fair credit for some government-backed loans.
Repayment Terms
New American doesn’t reveal any rates on its website. To find out what rate you prequalify for, borrowers may request a rate online or speak to a loan agent in person, by phone, or by email.
Loan lengths vary from 15-30 years for fixed-rate loans, to 5-10 years for adjustable-rate mortgages.
Help & Support
The Better Business Bureau gives New American Funding an A+ rating for the overwhelmingly positive feedback it has received from customers.
Loan agents can be contacted by the following methods:
- Toll-free number
- At any of the 200+ branches in 31 states
Summary
New American Funding offers a full suite of conventional and government-backed mortgages, with extra support for:
- First-time buyers
- Minorities
- Retirees
- High-net worth buyers.
It started out as a family business and has stayed true to its roots, maintaining its independence and prioritizing a high level of customer service. Customers can apply for and manage their loans online, by phone, or in person, for maximum convenience and flexibility.
Physical Address
Broker Solutions, Inc. DBA New American Funding
14511 Myford Road, Suite 100
Tustin, CA 92780
Sarah Pritzker is an insurance expert at BestMoney.com, specializing in pet, life, and home insurance. With years of experience covering online consumer products, she leverages her in-depth knowledge to help readers navigate today’s complex financial landscape.