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New American Funding

4.5 Stars (2 Reviews)
Updated: February 3, 2023
By: Jonathan Trout
Jonathan Trout
Content Manager
Jonathan is a former product and content manager for Retirement Living. His background spans sales/marketing, finance, and telecommunications. Jonathan’s expertise in consumer wellness and research-backed data stories helped educate seniors on financial planning, retirement, and community resources. Jonathan graduated from Oklahoma State University with a B.S. in Environmental Sociology.
Content Manager
Edited By: Jeff Smith
Jeff Smith
Sr. Content Manager
As Retirement Living’s senior content manager, Jeff oversees the product and publishing of all retirement, investing, and consumer wellness content on the site. His extensive expertise in brand messaging and creating data-driven stories helps position Retirement Living as a top authority for senior content and community resources.
Sr. Content Manager

New American Funding got its start in 2003 as a refinance call center with 40 employees. Fifteen years later, New American Funding is a national, full-service, tech-driven mortgage banker with over 2,500 employees in approximately 165 branches. The company maintains a servicing portfolio of more than 100,000 loans worth $26 billion and funds roughly $910 million in loans per month.

New American Funding

Editorial Breakdown

Account Options 4.5 Stars
Resources 4.3 Stars
Customer Service 4.8 Stars
Mobile Banking 4.5 Stars

Overall Rating 4.5 Stars

Bottom Line

New American Funding is a full-service, technologically advanced mortgage banker offering multiple home-loan products. They specialize in VA loans, making sure their VA loan rates are competitive. Check out our top picks for the best VA lenders below.

New American Funding Review

As a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer, New American Funding also operates builder and real estate lending divisions and offers competitive rates on VA loans, FHA loans, HARP loans, fixed-rate loans, Adjustable Rates Mortgages (ARM) and jumbo loans.

New American Funding tries to make sure every client is treated with dignity and respect, and the company frequently gives back to the community at events held by charities like Habitat for Humanity, Mercy House and Grandma’s House of Hope.

New American Funding also strives to provide clients with a large variety of mortgage options. For those that want to pay off their loan faster, New American’s I CAN loan has flexible terms from 8 to 30 years.


  • New American Funding offers nearly every type of mortgage loan and refinancing option available
  • The company has high customer reviews across the board
  • The website offers several financial and mortgage calculators to help with planning


  • No branches in some states, so in-person transactions aren’t always possible

New American Funding VA Loans

For active duty military personnel and veterans, VA loans are the most popular type of mortgage. VA loans have helped more than 22 million service members become homeowners since 1944. According to the U.S. Department of Veterans Affairs, New American Funding issued over $61 million in VA mortgage loans last year. If you are eligible for a VA loan with New American Funding, you will enjoy advantages like competitive interest rates, no down payment requirements and less stringent credit requirements.

New American Funding has three VA loan options:

  • Purchase: A fixed-rate or ARM loan used to buy a home.
  • Interest Rate Reduction Refinance Loan (IRRRL): Also known as a VA Streamline loan, an IRRRL is a simplified mortgage refinance.
  • VA Cash-out: Refinance to pull cash out of the equity in your home.

New American Funding is knowledgeable on how active military members can use the Basic Allowance for Housing (BAH) to get a VA loan. BAH is a military entitlement for active duty personnel meant to help provide housing for them and their families. BAH housing compensation is equal to local civilian housing markets.

New American Funding I CAN Mortgage Option

Whether you’re looking for a VA loan or a traditional mortgage, New American Funding gives you the option to pay off your mortgage faster with their I CAN mortgage benefit. I CAN lets a borrower choose terms from eight, 11, or 16 years in addition to the traditional 20, 25 or 30-year terms. I CAN mortgage requirements include:

  • Offers repayment terms from eight to 30 years
  • FICO score can be as low as 620 depending on the type of loan
  • The home must be your primary residence
  • Must be a single-family or one-unit house, including townhouses and condos.

I CAN loan options can be a fixed-rate purchase or a refinance loan up to $453,000 with a downpayment as low as five percent.

Other New American Funding Mortgage Loan Options

Along with conventional mortgages, reverse mortgages, home equity loans, equity lines of credit and jumbo loans, New American Funding offers other flexible financing options:

New American Funding Loans
Loan Type Benefits Required Options
FHA Low down payments, which can be entirely from gifts Credit stipulations can be lenient, but with stricter home inspections -15 or 30 years fixed rate
– 5/1 ARM
– Streamline 30 year
– Streamline 5/1 ARM
Home IMPV FHA 203k Fixed rate or ARM that combines a mortgage with renovation costs Same needs as a standard FHA mortgage. Closing costs are limited – Up to $35,000 in repairs, or minimum $5,000 often with no structural repairs limit
I CAN Mortgage Loan term anywhere from 8 to 30 years, down-payment starts at 5% Can be used for primary residence only – Fixed rate purchase or refinance loan up to $453,100. Refinance later with terms from 8 to 30 years
Interest Only Lower monthly mortgage payments, possibly with tax deduction options Higher down payments but lower debt-to-income ratios – Fixed rate and ARMs, with interest-only payment for 5 to 10 years. Payments on principal are acceptable

New American Funding Mortgage Assistance

For those who find themselves in financial difficulties, New American Funding has several options to help keep you in your home.

  • Refinancing at a lower interest rate to lower monthly payments.

  • Reinstatement lets you pay the total mortgage amount as a lump sum by a specific date when you know you’ll have the funds to do so.

  • Repayment Plans allow you to pay past-due payments bundled with your regular mortgage payments over an extended period.

  • Modification is an option to change the terms of your mortgage to make it more affordable.

If these options will not help, New American Funding also offers short sales or a mortgage release which is deed-in-lieu of foreclosure.

New American Funding Complaints

Consumers and review sites alike speak positively about New American Funding. Credit Karma gives the lender a 5-star rating. Zillow gives them 4.9 out of 5 and NerdWallet rates them at 4.5 out of 5. The Better Business Bureau-accredited business gets an “A+” with 49 complaints since 2004. New American Funding responded to each claim, and those we reviewed were regarding issues that the lender had no control over, like FHA requirements.

New American Funding loans

Source: New American Funding
New American Funding

Source: New American Funding


New American Funding Q&A

  • How can I get a mortgage loan from New American Funding if they don’t have a branch in my area?
    Start by filling out the contact form on their website or give the company a call, and you will be able to get the loan process started. Other than meeting with a local representative to close on a loan, most loans can be processed electronically.

  • Can I buy an investment property with a loan from New American Funding?
    Yes. New American Funding representatives understand the different requirements for loans made to buy rental properties or to use a refinancing option with your current mortgage to get the funds needed for investment properties.

  • Am I a good candidate for New American Funding’s I CAN Mortgage?
    There are several benefits to the I Can Mortgage. You may be able to pay your mortgage off sooner with a lower rate and term, allowing you to build equity in your home faster. The I Can Mortgage is flexible and an excellent option if you have children who will attend college or you have a plan for upsizing or downsizing your home in the future. If you refinance an I Can Mortgage, the term doesn’t have to start over again. If you refinance a 30-year mortgage that you have been paying on for 12 years, you don’t have to refinance into another 30-year mortgage, but can do an 18-year mortgage instead.

  • Who pays the closing costs for a New American Funding VA loan?
    Closing costs like the VA appraisal, credit report, state and local taxes, and recording fees may be paid by the purchaser, the seller, or split between the two. The seller must pay for termite inspections, and the buyer can’t be charged for commissions, brokerage fees or buyer broker fees.

  • Can I use the New American Funding I Can Mortgage in combination with a VA loan?
    No, you will have to choose one loan or the other, because the U.S. Veteran’s Administration sets precise parameters for VA loans. Discuss an I Can loan and compare conventional loans with a VA loan with a New American Funding representative to determine which mortgage is the most beneficial.


In all of our research, we found New American Funding to be a reliable company with more mortgage loan options than most of their competition, and they offered some of the lowest fees. Combine this with the large amounts of positive reviews from current customers, it would be worth looking into New American Funding if you’re looking for a VA loan or other type of loan.

2 New American Funding Reviews

Write Review
1 Star

November 21 2019 2:35PM

I spoke with Matthew (NMLS# **) about a refi to get lower my mortgage time frame. I have over 20k in the bank account mind you and proved that. I have a low mortgage 80k, on a house that is worth 260k. This man calls my phone and emails me 100 times a day even when I ask not to be called while I am at work ( didn't listen). Everything is great it is all approved per his email the night before, somehow at 7 am it is not. I get a nice email that states," Thank you for applying but it is not approved bye bye now". What a scam. I should have listened to the other terrible reviews. Now I am concerned about my bank information and if it is safe.

Justin D.
St Clair Shores, MI
1 Star

October 08 2019 7:55AM

Had a pretty disappointing experience working with a loan officer by the name of Patrick **. We were in the early exploratory stages of discussing a refinance and the loan officer was not yet instructed to run hard credit pull but he did so anyways. His response to his mistake was “Sorry, I was on auto-pilot”. There was no remorse to his actions and furthermore than is no way to rectify the situation. Be wary of working with this company who may just be doing the mechanics without your best interests in mind.

Noah P.
Philadelphia, PA