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New American Funding
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New American Funding

 4.8/5 (28 ratings)
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New American Funding

About New American Funding

New American Funding is a California-based mortgage lender with branches in 32 states. The company serves 49 states and offers nine types of mortgages, including FHA, VA, conventional, adjustable-rate, 30-year fixed-rate, 15-year fixed-rate, buydowns, reverse mortgages and I CAN loans. It promises competitive interest rates.

Overall Satisfaction Rating

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  • 1 stars

Pros

  • Accepts FICO Scores as low as 620
  • Nine types of mortgages
  • Online payment option

Cons

  • Select fees
  • Branches in just 32 states

Bottom Line

New American Funding provides nine types of mortgages to homeowners with a wide range of credit scores. It has regional branches in 32 states.

Top New American Funding Reviews

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Rated with 5 stars
Verified

Our lender was incredibly responsive to our calls and questions. They provided lots of information but were also accommodating when we need to provide different information. They ...

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Rated with 5 stars
Verified

I absolutely love New American Funding. This is my first mortgage with them, but I love how everything is in-house. Makes the whole process easier to do. Their customer service is...

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What is New American Funding?

Based in Orange County, California, New American Funding is a family- and minority-owned direct mortgage lender. It offers nine different types of loans, including:

  • 30-year fixed-rate mortgages
  • 15-year fixed-rate mortgages
  • Conventional loans
  • FHA loans
  • VA loans
  • ARM loans
  • Buydowns
  • I CAN mortgages
  • Reverse mortgages

Through the website, borrowers can apply for loans, determine a budget, calculate payments or educate themselves on home financing through the New American Funding blog. Though it is a family-owned company, New American Funding’s reach is wide, covering most of the U.S. and servicing over $46 billion in loans.

How does New American Funding work?

Borrowers can apply for a loan by clicking “Request Quote” on the company’s webpage. After entering some basic information, customers receive an email with an invitation to create an application. After your application is received, you will be contacted by a loan specialist who will tell you what your borrowing options are.

New American Funding will not run a credit check until a loan specialist speaks directly with you. Customers can have FICO Scores as low as 620, depending on the loan. Customers with scores lower than 620 may still qualify for FHA loans in some specific cases. Applicants with questions can call to speak with a live customer care representative.

New American Funding rates

Though mortgage rates can change daily, New American Funding mortgage rates range from 2.606% to 3.487% at the time of publishing. The highest APR is for an FHA fixed-rate mortgage at 3.487%. The lowest rate, 2.606% APR, is for a 15-year fixed-rate loan.

Veterans and members of the armed forces can select a VA mortgage at 3.094%. A 30-year fixed-rate mortgage has an APR of 3.180%.

New American Funding fees

Some of New American Funding’s fees for a mortgage include:

  • Origination fee: New American Funding customers should plan on paying an origination fee, which averages 1% of the total amount of the loan. With charges ranging from zero to 4%, New American Funding offers a relatively low origination fee.
  • Assumption fee: The company charges a $250 assumption fee.
  • Recast fee: Borrowers who want to adjust their monthly payment must pay a $300 recast fee.
  • Extra document fee: Customers who need additional copies of documents pay $10 to $20 per document.
  • Reconveyance fee: Reconveyance fees are part of every loan; rates vary from state to state.

Additionally, there are some payment-related fees associated with New American Funding loans. For example, customers who pay by phone are charged $7.50. Wire payments cost $15. There is a $25 fee on returned checks, and late fees for mortgage payments are different for every loan and outlined in each contract.

Closing costs can vary greatly from state to state, but New American Funding encourages its customers to plan on paying $1,230 to $2,100 in closing costs. This figure does not include title fees, insurance, escrow, points paid to the lender, realty transfer tax or impounds because these prices vary according to the conditions of each loan and the location of the property.

New American Funding FAQ

Who owns New American Funding?
New American Funding is a family-owned company founded by Orange County husband and wife Rick and Patty Arvielo. Rick Arvielo acts as CEO and Patty Arvielo is the president of the company.
Where is New American Funding?
New American Funding’s headquarters are in Orange County, California. It has regional branches in 32 states.
What kind of loans does New American Funding offer?
New American Funding offers nine different types of loans. Borrowers can choose from a 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, conventional loan, FHA loan, VA loan, ARM loan, buydown loan, I CAN mortgage and reverse mortgage.
Can I pay my New American Funding mortgage online?
Yes, by clicking the “My Loan” tab, New American Funding borrowers can pay online as soon as they set up a Customer Care Net account. Customers can also pay via the New American Funding app.

Is New American Funding legit?

New American Funding is a legitimate company that offers low fees and fair rates compared with national averages. It promises the attention to customer care borrowers expect from a family-owned business. The company also offers options for those with bad credit. Request a quote online for more information.

New American Funding Reviews

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How do I know I can trust these reviews about New American Funding?
How do I know I can trust these reviews about New American Funding?
  • 3,302,366 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 22, 2021

JT hit the ground running when we first discussed refinancing options, and decided to go with the FHA Streamline. My siblings and I are all under the mortgage title, so you can imagine what it's like having to go back and forth between emails and calls to get all our documents and signatures in sync (we all live in different cities and states!). JT and Charisse have been nothing but very communicative throughout the process. Thank you for helping us get a low rate in the middle of a pandemic!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 11, 2021

    I recently obtained a loan from New American Funding. I was contacted by Adrien ** based on a Lending Tree inquiry. Adrien was very helpful and New American Funding offered the lowest rate for my refinance. Adrien helped make the online application process simple and I was able to refinance my home with great terms. There were no "surprises", the loan was made as quoted. I would definitely recommend New American Funding for a new mortgage or refinance.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 1, 2021

    We have had a fantastic experience with New American Funding. We would not have been able to close on our dream home without the advice and support from our loan consultant, Erik. One day before closing we had a major hiccup with selling our old home, and needed urgent help restructuring our loan. Eric gave us excellent advice and helped getting us to closing less than a week later. Eric even proactively reached out to the seller’s agent to assure them, giving us the extra time to close.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 28, 2021

    Everyone sees the ads for refinancing and I am sure some are true, but if you are not a prime customer, you don't get good service, you get abused, you get ignored and they put their trainees on your account. After two big lenders took us through the process only to drop us at the final stage, we found New American Funding. These are honest, sincere people who are really interested in you, how to educate you, honestly tell you what they can do and then do it. They listen to you; discuss your options and keep you focused and on target. When things happen and problems arise, they are there to explain why, fix it OR give you another option and always helping you keep your eye on the goal - getting the refi done. I am glad to share my experiences with you and tell you the horror stories that the big guys don't want you to hear.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 27, 2021

    We had called several other loan companies but were unsuccessful, then I happened to see New American Funding and thought I would give them a try. That was the best decision I ever made. They were so supportive and the experience they have in what they do is the best I have seen. They were very friendly and polite at all times and would explain everything to you. One terrific company!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 26, 2021

    We had a very pleasant experience with New American Funding and Christopher **. Christopher and his team were awesome in guiding us through the process. It went so smoothly and quickly. It really was the best experience we have ever had in dealing with a loan. Christopher kept in touch from start to finish and we would whole heartedly recommend New American. Everyone was so helpful.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 21, 2021

    I had a great experience working with loan officer, Scarlett **, and processor, Tina **. They are very patient and answered the many questions I had. Lucy ** was also helpful. I would definitely recommend New American Funding to others.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 20, 2021

    Carlos **, a broker with New American Funding shepherded an exceptional refinance process for us. The team was efficient, responsive to all questions, and ultimately achieved an excellent result. The terms of the loan were the most competitive I could find, and my interaction with everyone along the way was pleasant and easy. I'm completely satisfied and grateful, and will recommend New American and Carlos ** to everyone.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 20, 2021

    New American, particularly Michael ** and Diana **, were outstanding throughout the process of getting our loan funded. Without their quick responses, willingness to work with corporate management, and their professionalism, we would have lost the contract on our bid.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 11, 2021

    I have a great experience refinancing two mortgages with New American Funding. The process was seamless and quick. The information were well organized and detailed. They answered my questions in a timely manner.

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    New American Funding Company Information

    Company Name:
    New American Funding
    Website:
    www.newamericanfunding.com