New American Funding Mortgage Review 2023: Diverse Offerings For Home Buyers & Underserved Communities

Wendy Wilson

New American Funding Mortgage could be a suitable choice for self-employed borrowers, who are seeking non-qualified mortgages that are often not available from all lenders. It is also dedicated to helping underserved communities in becoming future homeowners. This is a mortgage lender that works with borrowers to accommodate most of their needs.

Overall rating


Summary: New American Funding will work with your current finances to offer a personalized loan, whether you’re self-employed, a first-time home-buyer, or from an underserved community.

New American Funding Mortgage

new american funding logo
NMLS #6606


Min. Credit Score


Min. Down Payment



Mortgage Application


Mortgage Products


Mortgage Fees & Rates


Customer Service


Safe & Secure


  • Highly qualified loan officers
  • Robust support center
  • Online mortgage application
  • Transparency
  • Wide range of mortgage options
  • Improving credit score
  • Self-employed


  • No automatic quote or online approval 
  • Not available in New York and Hawaii

Best For

  • First-time homebuyers
  • Customizable loan terms
  • Underserved communities


HQTustin, California
Min. Loan AmountVaries
Max. Loan AmountVaries
Cash-Out LimitVaries
Min. Credit Score620+
Min. Down Payment3%
Min. Yearly IncomeVaries
Fixed-Rate Terms15, 30 years
Adjustable-Rate Terms5/1
Loan TypesPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA
State RestrictionsOperates in 48 States

In depth review on New American Funding Mortgage

Founders, Rick and Patty Arvielo, started New American Funding in 2003 in Orange County, California. Their vision has grown to a national profile as they continue to place importance on serving underserved communities. 

The lender uses innovative technology to provide highly reliable and efficient lending services. This is designed to save time by increasing productivity with mortgage loan officers to accelerate your mortgage application process. With over 5000+ employees, the company has a robust support staff that offers personalized services to understand your individual mortgage needs. 

New American Funding launched its Latino Focus Committee to eliminate the language barrier and help the Hispanic community achieve their homeownership dreams. The HDMA 2019 statistics revealed that 19% of New American Funding loans are borrowers are from the Hispanic community.

The platform not only offers mortgages but also creates homeownership awareness through its New American Dream program. These education programs build confidence with potential borrowers and help them realize they can also own a home. 

New American Funding Mortgage is best for 

  • First-time homebuyers: Potential homeowners are led by the lender’s informative guide and resources, which allows homeowners to explore their next big step in the process.
  • Customizable loans: If you have a limited down payment or low credit score, you can customize your loan to meet your financial situation.
  • Underserved communities: The company aims to bring mortgage education to underserved communities, while broadening their knowledge of mortgage resources. New American Funding is dedicated to helping all prospective homeowners. 

New American Funding Mortgage benefits

  • Highly qualified loan officers: Once you submit your application, a loan officer will help guide you through the homeownership journey. The lender has excellent customer support staff and a wide range of mortgage related information. 
  • Online mortgage application: The lender offers an optimized mobile platform that borrowers can use to submit their applications and track their loan status. A loan officer will contact you after filling in your details online. 
  • Transparency: It offers a free mortgage calculator that helps borrowers to estimate total mortgage costs before they begin their application process. The lender does not have any hidden charges like traditional mortgage lenders. 
  • Wide range of mortgage options: The lender offers a wide range of conventional and government-backed loans to consumers. 
  • Improving credit score: New American Funding recognizes the obstacle of a lower credit score, and offers a variety of loan products to meet its clients needs. 
  • Self-employed: If you are self-employed and do not have income on your W-2, consider New American Funding’s non-qualified mortgage loan products. With a team of knowledgeable loan officers, they can guide you throughout the process and assist you with your application. 

New American Funding Mortgage drawbacks

  • No automatic quote or online approval: Once the applicant(s) has completed their online application, they must speak to a loan officer directly either by phone or email to receive a quotation. At this time, there is no automated system that can provide an immediate quote to the user.
  • Not available in New York and Hawaii: It operates in 49 States except for New York and Hawaii. 

Factors contributing to the overall rating

Mortgage application


Simply visit the official website and select the type of loan from purchase to refinance. The lender redirects you to the type of property you wish to purchase. If you want a single-family home, multi-family home, townhouse, or condo, you need to select from the wide range of options displayed. You will be required to state whether you need the home for a primary residence, secondary home, or investment property. 

If you would like to learn more about whether you meet the requirements for a specific loan, you will need to make a request via online or by speaking directly with a lender. Speaking to a representative can help you pinpoint the most suitable options for your needs. The common requirements for a mortgage include:

  • Two years of continuous employment.
  • A minimum credit score of 620.
  • No history of bankruptcy for at least two years. 

When you request a quote online, you will be required to provide your standard personal information and loan requirements. After a licensed loan professional contacts you, you will be asked to provide the following documentation:

  • Tax documents
  • Pay stubs or W-2s
  • Government-issued ID
  • Your housing/renting history
  • Proof of any gifted funds or stated assets. 

Mortgage products


New American Funding Mortgage loans have different interest rates and requirements. 


Conventional loanNew American Funding has two options available to its borrowers. They can either choose to pay the same monthly payment over a period of 30 years or consider the 15-year option. With a 5/1 ARM, you would make the same payment for 5 years until the option to switch to a market-adjusted rate becomes available to you.
VA loanVA loans are backed by the U.S. Department of Veterans Affairs (VA). Former and current military members are eligible for this type of loan. Additionally, they provide the rare benefit of a no down payment requirement and offer lower interest rates compared to conventional loans. 
FHA loanBorrowers can use FHA loans to purchase a home or refinance. The lender allows borrowers to put down as low as 3.5% with limits ranging between $331,760 and $765,600. Loan terms range between 8 to 30 years. 
Jumbo loanIf you need a larger loan that exceeds the conforming mortgage limit, New American Funding can assist you. 
USDA loanNew American Funding has helped people in rural areas realize their homeownership goals through USDA loans. 
Interest-only loanIf you need lower monthly payments and your income is going to increase in the next few years, consider an interest-only loan as it can help you purchase a house sooner. 


Cash-out refinanceCash-out limits will depend on your loan amount.
Rate and term refinance You can choose a fixed rate or an adjustable-rate to refinance. If you plan to renovate your home, New American Funding offers the FHA 203K loan for this process. This can also be used to refinance your FHA 203K.
FHA streamline refinance The lender refinances your mortgage up to 96.5% with minimal documentation and turnaround time. 
VA refinance The lender permits up to 100% LTV on VA refinances..  


Reverse mortgageAuthorized homeowners that are over the age of 62 may be eligible to tap into their home’s equity with a reverse mortgage.
Home equity loanThe lender allows you to secure a second mortgage while maintaining your terms for the existing loan. You can use the funds to do home improvements and repairs. 
Home equity line of credit (HELOC)This loan type allows borrowers to obtain funds when they need them. The lender requires you to pay interest only on the funds used. 

Special programs

I CAN Mortgage
Exclusive to New American Funding, the “I CAN Mortgage” is a fixed-rate loan. This loan is applicable to those with both a primary residence and are a single-family. Keep in mind the top features of this mortgage, such as a down payment as low as 5% and the option of choosing your loan term between 8 to 30 years.

Fees and rates


Before going ahead with a mortgage with New American Funding, consider speaking with your loan officer about any potential fees you may be required to pay prior to signing the agreement. Also, think about any questions you may have in regards to the details in the agreement. This can help minimize concerns and surprises. 

Common fees associated with a new mortgage include:

  • Application fee
  • Origination fee
  • Underwriting fee
  • Rate lock fee
  • Ongoing fees
  • Third party fees

To receive a quote and rate, you need to apply through their website as New American Funding personalizes loans according to your circumstances.

Customer service


The lender offers robust customer support that provides personalized services to address your individual concerns. During your mortgage application, a certified mortgage advisor will guide you through the prequalification process and help you customize your loans to match your financial situation and homeownership goals. In addition, New American Funding has several branches in over 30 states for an in-person visit. 

You can contact their customer support through (855) 276-3747. You can also use the email address [email protected] provided on the website to reach the support staff. 

Safe and secure


New American Funding has set up a privacy policy that guides it on information collection and usage to ensure your data is safe. The platform stores consumers’ financial information with Plaid Technologies, Inc., which has an A rating in security. It also uses end-to-end encryptions to ensure your data is secured.

The lender also monitors your account to identify unauthorized login attempts and protects your data. New America Funding is licensed by relevant authorities in the respective states and adheres to the regulations underwritten by the US Financial Privacy Notice.  

Is New American Funding Mortgage right for you?

New American Funding is a lender that works with buyers who have lower credit scores, lack W-2s, and are unable to prove their income. This lender is a great choice for self-employed individuals, underserved communities, first-time home buyers, seasoned buyers, and borrowers that are interested in improving credit while building wealth through homeownership.