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New American Funding
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New American Funding

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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

  • 5 stars
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  • 3 stars
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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?
  • 3,481,218 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.

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

We'd planned to simply refinance our existing mortgage, before rates rose, then do a HELOC in a few months, when we were ready to begin renovations. However, when we were told about the ability to do a cash-out refinance now, with the ability to repay any money (above $5,000, at any time in the future) that we didn't use for our renovations, and do a recast of the mortgage at the SAME new rate, we were blown away. This option gives us the cash-in-hand to tackle all our renovations at once, at an interest rate lower than a standard HELOC (whose rates often flux with prime rate rises.) And since our Structural Engineer just told us we don't have to do major structural work, we'll be able to return a large chunk of our cash-out, recast, and reduce our monthly mortgage payments, once we're done with all the renovations in a few months.

And in the meantime, mortgage interest paid on our cash-out will be tax deductible, whereas HELOC interest isn't deductible. It's a fantastic option for us, and we had absolutely wonderful guidance from Nathan **, our loan officer. Within one month of first talking with Nathan, we had our cash in hand. We highly recommend working with Nathan and with New American.

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

    I came to know about NAF thru the HARP program. I can say that my experience with NAF has truly been an enjoyable one. My 1st mortgage lender sold the mortgage to another lender after a year but NAF have kept mine for the past 7+ years. Making life so much easier as I don't have to worry about transferring documentations or who to contact when tax season rolls around.

    On both occasions that I have to do business w/NAF i.e. refinance, the people are just a joy to work with. They kept me updated all throughout the process. They are very efficient and obviously knows what they are doing. This time I have the privilege to work with David **. I can say that he is one of the best if not the best. He provided me with all the rates and gave me advices as to which would work best for me. He stays late to answer my questions as we are in different time zones. Isaiah ** picked up where David left off, and same experience. Best service anyone can ask for. Working on my loan even on his birthday -- that I think sums up everything anyone needs to know about people who works at NAF. Meeting people like them is truly a blessing.

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

    Daniel was absolutely amazing every step of the way, from our application all the way up to closing. His communication was perfect, frequent and thorough, but not too frequent, and also as succinct as it needed to be. He checked in with us often, answered all of our questions, sometimes over and over again. He always made sure we understood everything and felt very supported. We had some unusual struggles on our end, due to waiting for our sellers' new home to be finished and then dealing with the sellers' having problems with their loans. The whole process took 6.5 months, and Daniel was supportive and amazing the entire way.

    I simply could not imagine having a better experience anywhere else, with anyone else. Daniel is incredible at his job, he's a cool person, and he takes care of his clients. He deserves the highest praise, and whatever he is being paid, he deserves a hefty raise on top of that. I hope my husband and I have the opportunity to work with Daniel specifically again (and NA) should we have financial needs in the future. I will recommend him to everyone, and have already told one friend to get his info from me when they're ready to buy. Recognize this dude! Make him happy. Y'all can't afford to lose such an amazing person.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 10, 2021

    I have a house that I have been renting in Missouri and I live in Tennessee. I needed to refinance it in order to get cash back to replace the AC unit. I first tried the mortgage company I had, not only did they deny me but the loan officer would not take my calls or return my call, he just sent an email informing me. So I called New American Funding. My loan officer, Matt, was great. He went over all my options and figured out that although my credit score was good, my debt to income was too high, so he worked with me on consolidating all my credit cards and my car payment into my mortgage and still giving me the cash back I needed to replace the AC and have some extra left over as well. He helped me understand and get through the whole process, especially as I am technologically handicapped. And the whole process only took 34 days from first contact to closing. The other company was telling me up to 70 days. So Thank you very much Matt and New American Funding.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 9, 2021

    We had a wonderful experience for the most part. Our loan specialist, Jon D., was amazing and went above and beyond in every aspect. Markia L. was impossible to get ahold of and was constantly asking for paperwork we already sent. She was honestly no help and made the whole situation more stressful, so we opted to go through Jon whenever possible. On closing day there was a paperwork error that was found and NOT CORRECTED on Wednesday when we closed on a Friday. We were livid that no one brought this to our attention and our title company told them about it ahead of time.

    We ended up waiting 2 hours for Markia to even acknowledge us and 4 more hours for their error to he fixed. We had so much trouble getting any answers from Markia and she even ignored our desperate calls for affirmation. The phone would ring twice and go to voicemail which was full every time. She never called us back or acknowledged us. We ended up calling Jon who was done with work and he helped us get all paperwork sent and squared away. Jon was absolutely wonderful and deserves to be commended, but Markia did nothing to help us and left us livid.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2021

    David Is a really hard working dedicated man who tried everything possible to get me through the process and had good communication and I definitely recommend him. He will walk you through everything, and you will find it easier to work with him.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2021

    First time home buyer. I really had great experience and doing business with. I actually made new friend along my process. My loan officer Jack ** and processor Crystal ** made sure of having smooth process. Jack made sure and helped me in picking the right numbers starting from the estimate till the day of closing. Great service: All stars to my man. Thank you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2021

    The service and hard work of Nataley and Bilal were great! They were so committed to help us move into a new home by a short deadline. It wouldn't have been possible without them!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2021

    Overall was great experience and very helpful. Took the time to explain the process and was very friendly and would responded very quickly to us when we needed help with anything we had trouble with understanding.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2021

    Chris went above and beyond what is expected of a Loan Officer. Being a real estate agent myself and knowing how the loan process works; without a doubt, Chris is truly amazing in what he does. Not only did he keep me updated, but also responded to all my questions immediately. I would definitely recommend Chris!

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    New American Funding Company Information

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