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New American Funding Review

New American Funding is now one of the most important direct mortgage lenders in the United States that is privately owned and has been at the top of the game since its inception back in 2003. It is currently available in almost the entire country (apart from Hawaii and New York) and has about 200 physical locations where you can also apply for loans, besides the online and phone options.

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Types of Loans & Products

As we have already mentioned, New American Funding offers the most important mortgage loans and even allows clients the possibility to pick either a fixed or adjustable-rate loan. Some of the other products it has in its portfolio include VA, FHA, and USDA loans along with conventional, reverse, jumbo, refinance, renovation, home equity lines of credit, and investment property loans. What this company doesn’t offer are home equity loans and construction loans.

What’s interesting is the unique product called "I CAN Mortgage" which allows clients to pick a repayment term that goes from 8 to 30 years. The minimum down payment for this mortgage is 5% and the minimum required credit score is 620, depending on what type of loan you choose. New American Funding also aims to help underserved communities.

Application Process

  • You can apply for a loan in person, online, or via phone;
  • Create a personal account on the website;
  • Fill out an application form with your personal and financial details;
  • Allow for a credit profile verification;
  • Getting a quote will require a hard credit check;
  • You can sign your documents online and upload them on the platform;
  • Usually, the closing time is below 35 days.

Repayment Terms & Fees

As we have already discussed, the repayment terms for the fixed-rate loans are flexible from 8 to 30 years. When it comes to down payments, this depends on the type of loan you take. Plus there might also be closing costs to be considered. These can be made up of a $1,629 origination fee, an appraisal fee, and some title fees. Take these fees into account when balancing your mortgage lender options and see whether or not you will be comfortable with them.

When it comes to adjustable-rate loans, you can select from 5/1, 7/1, and 10/1. For FHA loans, you can choose from a fixed-rate term of either 15 or 30 years. For VA loans, a VA funding fee will be required and you will be able to pick from a fixed-rate or a 5/10 ARM. There is also a lender’s fee for when you get your mortgage. Again, New American Funding can have a lot of fees involved and it’s best to know about them from the get-go and not be surprised later.

It’s worth mentioning that there is no rate-lock fee for a period of up to 60 days and no prepayment fees either. In case you want to extend your rate lock, then you may need to pay a fee.

Contact Information

There are multiple ways in which you can get in touch with New American Funding. The easiest one would be to find a physical branch near you or to call:

(880) 890-1057
Monday to Friday - 7 AM to 7 PM CT

There are also two more numbers for customer service and loan servicing which you can easily find on the website. You can also go to their customer care portal in case you need help with managing your loan.

In case you want to make physical payments, you can do so by sending them to:

650076 Dallas
TX 75265-0076

You can also send them e-mails at either:
customercare@nafinc.com or customerservice@nafinc.com.

Last but not least, the New American Funding corporate headquarters can be found at:

14511 Myford Road, Suite 100
Tustin, CA 92780

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