New American Funding Mortgage Review 2025

New American Funding overview

Pros and cons of New American Funding

How Bankrate scored New American Funding

Affordability: 5/5

New American Funding scores the full 5 stars for affordability, thanks in part to a program that helps certain buyers cover a portion of down payment and closing costs.

• Interest rates: New American Funding’s advertised rates appear much lower than Bankrate’s mortgage rates, but to obtain those offers, you’d need to be able to pay for points and make a large down payment.
• Down payment: In addition to offering no-down payment options like VA loans and USDA loans, New American Funding’s Pathway to Homeownership program grants eligible borrowers up to $8,000 in down payment and closing cost help.
• Closing costs: New American Funding doesn’t list its fees online. Most lenders charge an origination fee, at minimum.

Availability: 5/5

New American Funding scores the full 5 stars for availability due to its nationwide footprint and large branch network. It also offers one of the most expansive lists of loan options among any major lender.

• Home loans offered: New American Funding has 18 different mortgage programs for purchases (along with refinancing options), including tougher-to-find options like USDA loans, non-QM loans and construction loans. No matter what type of borrower you are, you’ll likely find a loan that fits your needs here.
• Footprint: New American Funding works with borrowers in all 50 states and Washington, D.C.
• Where to find: You can apply for a mortgage with New American Funding by phone, online or in person at a branch location.

Borrower experience: 3.8/5

New American Funding scores 3.8 out of 5 stars for borrower experience. The lender earns high marks for several customer service options, but it doesn’t offer custom rate quotes on its website — you’ll have to contact a loan officer first to learn your options.

• Preapproval and application process: You can begin a loan application with New American Funding on its website — a process that takes about three minutes, according to the lender. It also offers a 14-business day closing guarantee. Once you get your loan, you can use the lender’s mobile app for payments and to keep track of your home’s value and level of equity.
• Transparency: New American Funding displays current mortgage rates online. If you want a personalized quote tailored to you, however, you’ll need to get in touch with the lender directly.
• Customer service: You can reach New American Funding’s customer service team at 800-890-1057.

Images courtesy of New American Funding as of 4/3/2024. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

New American Funding reputation

New American Funding had an “excellent” rating on Trustpilot as of this review. It’s also accredited by the Better Business Bureau, with strong ratings. However, the lender scored below industry average in J.D. Power’s 2023 customer satisfaction ratings for mortgage origination (the process of applying for the loan). Still, on the servicing side (the process of paying the loan), J.D. Power in 2023 rated the lender very highly.

What consumers say about New American Funding

While some borrowers on Bankrate praise New American Funding for its responsiveness, others were less than pleased in this area, with one first-time homebuyer calling the lender’s response time “awful” and another borrower reporting it was difficult to get in touch with a loan officer at first. Notably, the majority of complaints on Bankrate seem to relate to refinances and home equity loans.

New American Funding special offers

NAF Cash

New American Funding has an affiliate program, NAF Cash, that helps homebuyers make more competitive, all-cash offers.The program could also help anyone looking to sell and buy a new home at the same time.

Refinancing with New American Funding

New American Funding offers both rate-and-term and cash-out refinancing options. For FHA and VA loan borrowers, the lender also offers streamline refinancing that reduces paperwork and processing timelines. If you’d rather not refinance, the lender has home equity options, as well, with low or no origination fees.

How to apply for a mortgage with New American Funding

You can apply for a mortgage with New American Funding in person at a branch location, online or by phone at 855-276-3747. If you prefer, you can get your application started online, then schedule an appointment with a loan officer at a branch location.

• Methodology

  To determine a mortgage lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.