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You can apply for a mortgage with New American Funding from anywhere in the US except Hawaii and New York.
New American Funding; Alyssa Powell/Insider
The bottom line: New American Funding is a strong mortgage lender overall, and its buydown loan and I CAN loan make it easy to customize a mortgage to your specific needs.
Overall lender rating
FeatureInsider rating (out of 5)Loan types3.5Affordability5Customer satisfaction3.5Trustworthiness5Total4.25
Pros and cons
Pros Cons
Offers conforming, jumbo, FHA, VA, or reverse mortgage options
Can get a specialized mortgage, like a buydown loan or I CAN loan
Can apply with alternative forms of credit if you have a low/no credit score
Doesn’t have a home equity loan, HELOC, or construction loanCan’t apply for a loan if you’re a resident of Hawaii or New York
New American Funding mortgage interest rates
New American Funding shows rates for conforming 30-year and 15-year fixed mortgages, FHA 30-year fixed mortgages, and VA fixed-rate mortgages on its website. You can also plug in information, like your credit score and down payment amount, to see a personalized rate by clicking “get quote.”
Right now, New American Funding’s rates are a little lower than the national averages on the Federal Reserve’s website. You may be able to lock in a competitive rate.
New American Funding vs. Rocket Mortgage
New American Funding
Quicken Loans
Availability
Unavailable in Hawaii and New York
Availability
Available in all 50 states
Types of home loans
Conforming, jumbo, FHA, VA, USDA, reverse, specialized mortgages
Types of home loans
Conforming, jumbo, FHA, VA
Alternative credit data
Yes
Alternative credit data
No
New American FundingRocket Mortgage by Quicken Loans
New American Funding is probably the better choice if you have a low credit score. New American Funding lets you apply with alternative credit data, whereas Rocket Mortgage strictly looks at your credit score.
But you might like Rocket Mortgage if you’re looking for a quick, smooth online application process. New American Funding’s online process is also pretty easy, but Rocket Mortgage is known for its online features. Rocket Mortgage ranked as the top lender for customer satisfaction from J.D. Power for 11 consecutive years, and it ranked No. 2 in 2021.
New American Funding vs. Guild Mortgage
New American Funding
Guild Mortgage
Availability
Unavailable in Hawaii and New York
Availability
Unavailable in New Jersey and New York
Types of home loans
Conforming, jumbo, FHA, VA, USDA, reverse, specialized mortgages
Types of home loans
Conforming, jumbo, FHA, VA, USDA, renovation, reverse, manufacturing, specialized mortgages
Alternative credit data
Yes
Alternative credit data
Yes
New American FundingGuild Mortgage
You’ll prefer Guild Mortgage if you want a renovation loan or manufacturing loan, because New American Funding doesn’t offer these types of loans. (Although you could use an I CAN loan from New American Funding for home renovations.)
Your choice between the two could come down to their specialized mortgage options. New American Funding’s I CAN loan is a good option for customizing your mortgage term, and the buydown loan gives you a lower rate for the first few years.
Guild Mortgage’s bridge loan is a good choice if you need to move but haven’t sold your home yet. It also has down payment assistance for people with low-to-moderate income levels.
How New American Funding works
New American Funding has branches in 32 US states, but you can also get a mortgage online. It provides loans to residents of every state except Hawaii and New York.
New American Funding offers the following types of home loans:
ConformingJumboFHAVAUSDAFixed-rateAdjustable-rateReverse mortgageBuydown loan: Pay a fee at closing to get a lower interest rate for the first one, two, or three years of your mortgage.I CAN mortgage: Get a fixed-rate mortgage with terms ranging from eight to 30 years. I CAN loan requirements differ slightly from regular conforming mortgages.
You can choose between a rate-and-term refinance or cash-out refinance. You may also streamline refinance your FHA or VA mortgage.
New American Funding doesn’t offer construction loans, home equity loans, or HELOCs.
You might like New American Funding if you have a low credit score, or none at all. Most lenders pull your credit score to decide whether to preapprove you for a loan. But New American Funding allows you to apply with alternative credit data, such as proof that you pay bills on time.
You can call the general customer support line Monday through Friday, 5 a.m. to 7 p.m. PT. Or call Saturdays until noon.
Is New American Funding trustworthy?
The Better Business Bureau gives New American Funding an A+ rating. The BBB evaluates companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. New American Funding doesn’t have any public scandals.
New American Funding FAQ
Is New American Funding a good company?
Overall, New American Funding is a good company with an A+ rating from the Better Business Bureau. You’ll see the Equal Housing Opportunity logo on its website — this means that the US Department of Housing and Urban Development (HUD) holds New American Funding to certain standards regarding discrimination in the lending process.
What type of company is New American Funding?
New American Funding is a direct lender. This means it originates its own mortgages, whereas a mortgage broker connects you with multiple lenders to find the best fit.
Who owns New American Funding?
Husband and wife Rick and Patty Arvielo founded New American Funding in 2003. Today, Rich acts as CEO and Patty is president of the company.
Does New American Funding sell their loans?
Not all lenders service the loans they originate. This means that when you get a mortgage with one company, you might end up making your monthly payments to a different company after you close because your lender sold the servicing rights.
New American Funding does service its own loans, but it doesn’t say whether it services 100% of the loans it originates, so your loan could still be sold after closing.
How long does it take to get approval from New American Funding?
It takes just a few minutes to start an application with New American Funding, and you can get preapproved within a day or two as long as you submit your documents on time.