According to the FHFA House Price Index, U.S. house prices rose 1.7% from February 2025 to February 2026, with monthly prices holding steady in February after an upward revision in January.
In a market where home values continue to climb, choosing the right mortgage lender, like New American Funding, has never been more critical to your home-buying journey and long-term finances.
This guide covers New American Funding reviews and everything you need to know before applying.
What Is New American Funding?
New American Funding (NAF) is a direct mortgage lender, not a mortgage broker, headquartered in Santa Ana, California. Founded in 2003, the company has built a reputation for helping borrowers underserved by most lenders.
NAF provides a hybrid lending experience, allowing customers to apply online, over the phone, or in person at one of its 298 branches.
New American Funding Mortgage Details
| Feature | Details |
|---|---|
| Loan Types | Conventional, FHA, VA, USDA, Jumbo, Non-QM, Reverse Mortgages, Refinance |
| Minimum Credit Score | Minimum 580 |
| Loan Terms | 15, 20, 30 years; Adjustable-rate available |
| Loan Amounts | Up to conforming and jumbo limits |
| Availability | All 50 states |
| Down Payment | As low as 3% for eligible borrowers |
| Pre-Approval | Online, phone, in-person |
| Lender Type | Direct lender with in-house underwriting and servicing |
Loan Products Offered by New American Funding
New American Funding offers mortgages for a wide range of needs, including:
- Conventional Loans – Fixed- and adjustable-rate options for well-qualified borrowers.
- FHA Loans – Ideal for first-time buyers or those with not-so-good credit.
- VA Loans – No down payment for eligible veterans and military members.
- USDA Loans – Rural housing loans with no down payment required.
- Jumbo Loans – Designed for high-value new home purchases.
- Non-QM Loans – Suited for self-employed or 1099 workers.
- Reverse Mortgages – For homeowners aged 62 and older seeking to access equity.
- Refinance Loans – Includes traditional, cash-out refinance, and NAF Cash refinance programs.
Who Qualifies for New American Funding?
NAF works with a broader range of borrowers than other lenders:
- Credit Score: Minimum 580 (FHA); 620+ (Conventional); higher for Jumbo/Non-QM
- Income: W-2, 1099, or bank statements
- Debt-to-Income (DTI): Typically 43%, varies by loan type
- Citizenship: U.S. citizens, permanent residents, eligible visa holders
- Property Types: Primary homes, second homes, investment properties
Fees and Costs
While New American Funding does not advertise “no-fee” loans, its costs are competitive with national averages. Common charges include:
- Origination fees (amount varies)
- Underwriting and processing fees
- Appraisal and title fees
- Third-party service costs
Altogether, borrowers receive a Loan Estimate early in the mortgage process, allowing time to review and compare. Some fees may be negotiable, depending on your officer or sales manager.
How to Apply for a Mortgage with New American Funding
Getting started with New American Funding is easy, no matter your situation. Below, we’ll walk you through the steps to apply for a loan. You’ll learn what happens at each stage and how to stay updated along the way.
Apply Online
Borrowers can begin their application at newamericanfunding.com from the beginning of the home-buying process. The online platform is designed for convenience, allowing you to:
- Complete a secure digital application
- Upload initial documents
- Receive guidance from an officer assigned to your file
- Get prequalified with a soft credit pull that won’t negatively affect your score
Moreover, the online experience is intuitive and ideal for those who prefer to manage their mortgage digitally while still having access to human support when needed.
Apply by Phone
For borrowers who want to speak with someone directly, you can apply by calling a licensed officer to walk you through the process step by step. This is particularly helpful if:
- You have questions about different loan types (such as FHA loans, reverse mortgages, or NAF Cash refinance options)
- You’re unsure what documents are needed for your application
- You’re self-employed or have income that may require manual underwriting
Additionally, many potential customers find that speaking directly with a manager or officer helps clarify their options early on and builds trust from the start.
Apply In Person
If you prefer face-to-face support, New American Funding offers in-person applications at more than 298 branches nationwide. This can be especially valuable for:
- First-time buyers who want one-on-one guidance
- Borrowers with complex financial profiles
- Individuals who want help reviewing documents before submission
Meeting with a local loan officer in person can help you feel more confident and supported throughout the mortgage process, from application to closing.
What Happens After You Apply?
Submitting your application is just the beginning of the mortgage process. Whether you applied online, over the phone, or in person, New American Funding guides you through every stage with personalized support, clear communication, and modern digital tools.
From pre-approval to closing, here’s how the whole process typically unfolds, and what to expect at each step.
Step 1: Pre-Approval
Once your application is submitted, the first milestone is pre-approval. New American Funding will look at your basic financial info and check your credit.
Pre-approval gives you:
- A clear idea of how much you can borrow
- A head start in the home-buying process
- A stronger position when making offers on a new home
This stage is especially useful for first-time homebuyers who may not be familiar with how lenders assess risk and affordability.
Step 2: Documentation Upload
Next, you’ll be asked to submit documentation to verify the details provided in your application. Common documents include:
- Income verification (W-2s, pay stubs, or 1099s)
- Tax returns and bank statements
- Identification and asset documentation
Everything is uploaded securely through NAF’s online borrower portal. Borrowers who prefer assistance can speak with their officer or sales manager for help gathering documents.
Overall, this step is crucial in preventing delays and ensuring the process proceeds smoothly.
Step 3: Loan Consultation
Once your documents are received, your assigned officer will review your available options. This personalized consultation is where New American Funding stands out from other lenders and online platforms.
During this stage, you can:
- Review fixed and adjustable-rate options
- Explore special programs such as FHA loans, reverse mortgages, or NAF Cash refinancing
- Learn about down payment assistance for first-time buyers
- Discuss how your loan impacts monthly payments and affordability
This is also where you’ll clarify any concerns about origination fees, loan structure, and repayment timelines.
Step 4: Underwriting
The underwriting process is where your loan is formally evaluated for approval. New American Funding performs all underwriting in-house, which provides more control and responsiveness throughout the process.
Key features of this stage include:
- Full financial review by NAF’s underwriting team
- Potential manual underwriting for complex cases
- Additional verification if you’re self-employed or have non-traditional income
Manual underwriting is a big help for people with tricky finances or low credit scores. It gives more people a chance to get approved, even if other lenders said no.
During this step, the lender looks closely at your full financial picture. If there are any issues, they’ll come up here.
Staying in touch with your officer can help you avoid problems or delays.
Step 5: Closing
If your loan is approved, you’ll receive a Closing Disclosure outlining your final terms, including:
- Monthly payments
- Loan term and interest rate
- Final origination fees and closing costs
You can close your loan in person or online, depending on your state and preference. Altogether, this is the final step to officially finish your loan. Once it’s done, you’re ready to buy your new home or refinance your current one.
Benefits of Choosing New American Funding
These are some of the benefits of New American Funding:
Personalized Guidance from Start to Finish
Borrowers pick New American Funding because it provides one-on-one support from start to finish. From your initial application to closing, you’ll work with a dedicated officer who takes the time to understand your unique financial situation and goals.
- You won’t have to figure out portals by yourself or bounce between agents on long phone calls.
- Your loan officer acts as a single point of contact, answering questions, troubleshooting issues, and helping you compare loan options.
- If you’re facing hurdles like a dropped credit score, irregular income, or multiple income sources, your officer will guide you through strategies that may improve your approval chances.
This high-touch approach is particularly valuable for first-time buyers who require additional support throughout the home-buying process.
Flexible Credit Options and Manual Underwriting
Unlike most lenders, NAF takes a more inclusive approach to credit. Their flexibility is a significant benefit for borrowers who may not meet conventional lending standards.
- FHA loans are available for borrowers with not-so-good credit, with scores as low as 500 (with 10% down) or 580 to qualify for a 3.5% down payment.
- Lenders rely on manual underwriting for borrowers with unique profiles, such as self-employed workers, gig workers, or anyone rebuilding their credit after a temporary setback.
- Borrowers aren’t automatically disqualified for not fitting a traditional mold.
Support for Underserved Borrowers and Communities
New American Funding (NAF) aims to make homeownership accessible to more people. They focus on helping groups that have often been left out of the housing market.
NAF offers special programs for first-time buyers, minority communities, and those who need extra support. They focus on serving people often overlooked by big banks and online lenders.
- Educational resources walk new borrowers through every step of the process
- Access to down-payment assistance and grant programs in eligible areas
- Bilingual loan teams and outreach efforts to Latino, Black, and immigrant communities
- Specialized products like NAF Cash help buyers compete in competitive markets
Data transparency and solid customer results back NAF’s leadership and show its long-term commitment to housing equity.
Nationwide Presence with Local Expertise
With physical branches in over 298 locations and licensing in all 50 states and Washington, D.C., New American Funding offers the reach of a national lender combined with the personal touch of a community partner.
- Borrowers can meet with an officer in person, by phone, or online
- Local branches provide community-based insight and assistance with regional programs, taxes, and regulations.
- Their hybrid model enables you to start online and transition to in-person support when needed, providing maximum flexibility.
This combination of local presence and digital convenience makes the company especially appealing to borrowers who want control over their experience without sacrificing exceptional service.
Drawbacks and Considerations
While New American Funding offers many strengths, such as flexible credit options, support for first-time homebuyers, and a highly rated customer experience, it’s essential to weigh potential downsides. Like any lender, NAF may not suit every borrower.
From pricing concerns to processing timelines, here are a few key considerations to keep in mind as you evaluate whether this lender aligns with your financial goals.
Higher Than Average Fees for Some Borrowers
One of the most commonly mentioned concerns in recent loan experience reviews is that New American Funding’s pricing can be less competitive than that of some online-only lenders. While the company doesn’t charge excessive fees, specific borrowers report that origination fees and APRs were slightly higher compared to what other lenders offered.
- Depending on your credit profile, loan type, and location, you may find that lenders charge less elsewhere.
- NAF’s strong emphasis on personalized service may come with additional processing or underwriting costs.
- Some first-time buyers and rate-conscious borrowers may want to request Loan Estimates from multiple lenders to ensure they’re getting the best value.
Keep in mind, a lower rate doesn’t always mean a better deal, especially if the lender lacks the customer support or officer guidance that NAF is known for. Still, if minimizing costs is your top priority, this is worth comparing early in the home-buying process.
Longer Processing Times
Many borrowers value NAF’s willingness to work with complex income situations, use manual underwriting, and provide real human support. However, these very features can occasionally extend the timeline of the mortgage process.
Manual underwriting, while beneficial for borrowers with less than perfect credit or non-traditional income, requires more document verification and back-and-forth communication.
Some borrowers report the need to follow up multiple times with their officer or wait several days for updates.
During peak lending periods, these extended timelines may result in very disappointing experiences, particularly for borrowers trying to close quickly on a new home.
If you’re on a tight deadline, perhaps in a competitive market or with a rate lock about to expire, you may want to discuss potential timing challenges with your officer early in the process.
Rates Require a Personalized Quote
While New American Funding does publish general mortgage rates on its website, the rates displayed are not personalized to your financial profile.
New American Funding Reviews
When researching a mortgage lender, real borrower experiences can offer valuable insight into what the process is like beyond marketing claims. New American Funding (NAF) has received thousands of customer reviews across major platforms like the Better Business Bureau (BBB), Trustpilot, and Reddit.
Better Business Bureau (BBB) Reviews
New American Funding is BBB-accredited and maintains an A+ rating, which reflects a strong reputation for resolving complaints. However, reviews on the BBB site are mixed, and the platform tends to highlight both strong praise and serious concerns.
New American Funding holds a 4.6-star rating from over 1,000 customer reviews. However, recent reviews are overwhelmingly negative, citing poor communication and broken promises.
Many borrowers report loan officers going silent, missing deadlines, and leaving clients without stable housing temporarily.
There are 147 total complaints in three years, with only 21 resolved. Common complaints include appraisal fee disputes, changing loan terms, and mishandling of sensitive account situations.
Trustpilot Reviews
New American Funding has a 4.8-star rating based on 2,346 Trustpilot customer reviews. Many reviewers gave five stars, praising loan officers for professionalism and clear communication.
Borrowers frequently highlight smooth, stress-free processes and strong personalized support from their dedicated loan officers. However, negative reviews cite poor communication, undisclosed fees, and sales pressure from some officers.
Reddit Reviews
Is New American Funding bad?
by
u/Capital_Leadership78 in
Mortgages
Reddit discussions about New American Funding reveal mostly negative experiences, with communication and delays cited most often. Many borrowers and sellers report excessive processing times, with some FHA loans taking up to five months.
Loan officer quality is inconsistent, with some praised for being helpful and others criticized as incompetent. Positive reviews often credit specific loan officers rather than the company, and vary significantly by region.
Some users also report aggressive unsolicited calls, last-minute closing surprises, and broken promises on loan terms.
When Is New American Funding a Good Fit?
- You want personalized service from an officer at every step
- You’re a first-time buyer needing down payment help
- You’ve had a dropped credit score or have complex income
- You prefer a mix of online tools and in-person support
- You’re refinancing an existing mortgage and want cash-out options like NAF Cash
When to Consider Other Options
- You want the absolute lowest interest rate
- You need fast closing and minimal paperwork
- You prefer a fully digital, self-service mortgage experience
- You’re concerned about bad reviews or have had a very disappointing experience with manual underwriting
- You’ve seen red flags in communication or transparency
Is New American Funding Legitimate?
Yes. NAF is a fully licensed direct lender, regulated at both the federal and state levels. With a proven customer record, thousands of reviews, and active participation in community lending initiatives, the company stands out in the industry.
Comparison: New American Funding vs Other Lenders
| Lender | Loan Products Offered | State Availability | Min. Credit Score |
|---|---|---|---|
| New American Funding | Conventional, FHA, VA, USDA, Jumbo, Non-QM, Reverse Mortgage, HELOC, Refinance | Available in all 50 states + D.C. | 500 (FHA); 620 (Conventional) |
| Rocket Mortgage | Conventional, Jumbo, FHA, VA, Refinance, Home Equity Loan | Available in all 50 states + D.C. | 580 (FHA/VA); 620 (Conventional) |
| Veterans United | Conventional, FHA, VA, USDA, Jumbo, Refinance | Available in all 50 states | 620 |
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Frequently Asked Questions
Is the New American Funding good?
Like most large lenders, the quality of experience can vary depending on the loan officer assigned and the complexity of the loan.
Who is suing New American Funding?
Multiple lawsuits have been filed against NAF, including suits from Guaranteed Rate and FBC Mortgage over employee poaching and alleged violations of loan officer compensation rules.
A class action investigation was also launched in 2025 following a vendor data breach that potentially exposed sensitive information of up to 50,000 borrowers.
How do I check current mortgage rates?
You can view NAF’s current rates directly at newamericanfunding.com/mortgage-rates, where daily rates are published.
Final Thoughts
The vast majority of New American Funding customers describe a positive, even outstanding, experience, particularly in terms of officer support, loan product flexibility, and guidance throughout the entire process. However, consistent themes in negative reviews include delays, unclear expectations, and poor communication, particularly during the handoff between departments or at closing.
If you’re a borrower who values personalized attention, especially if you have a unique financial profile, NAF offers a solid chance at a successful outcome. However, suppose you’re on a strict timeline or seeking a fully digital, low-cost solution. In that case, you may want to compare options and ask direct questions upfront about communication and turnaround times.
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