New American Funding Mortgage Review 2026
New American Funding, rated 4.5/5 stars by LendingTree experts, is a good choice for borrowers who are looking for a wide range of home loan options.
New American Funding is a good choice for those looking for a lender with a wide range of loan options, including those for buyers who want to make an all-cash purchase.
See how we reached our verdict below.
- A wide variety of purchase and refinance mortgage products
- Publishes some rates online
- Has brick-and-mortar locations across the country
- Fees on the higher side
- Lack of specific information about products online
New American Funding mortgage overview
New American Funding (NAF) was established in 2003. The company offers online lending services and also has 285 brick-and-mortar locations across the United States. They’re headquartered in Santa Ana, Calif., and offer services in all 50 states, as well as the District of Columbia and Puerto Rico.
- Areas of service: All 50 states, plus the District of Columbia and Puerto Rico
- Digital service: Yes
- Headquarters: Santa Ana, California
- Website: NewAmericanFunding.com
New American Funding rates and fees
Rates
NAF publishes some of its mortgage rates online, though to get a personalized quote, you’ll need to provide more specific information. However, based on Home Mortgage Disclosure Act (HMDA) data, we know the average rate for an NAF loan in 2024 was 6.86%. Its average rate spread that year was 0.67%, which is the difference between the average prime offer rate (APOR) and the average annual percentage rate (APR) NAF offered to mortgage customers in that year. The higher the average rate spread, the more expensive the loan.
NAF’s rate spread was low compared to the average rate spreads of similar mortgage lenders that year, which ranged from a low of -0.19% to a high of 6.35%, with an average of 0.77%.
Fees
NAF doesn’t share its exact fee schedule. However, you can expect to pay closing costs of about 2% to 6% of the loan amount.
Based on Federal Financial Institutions Examination Council (FFIEC) data, NAF borrowers paid an average of $8,833 in total loan costs during 2024, with origination fees averaging $4,321. Both of those are on the high side compared to other similar lenders, which averaged $7,141 in total loan costs and $3,349 in origination fees during the same period of time.
Pathway to Homeownership: This program offers up to $6,000 to first-time homebuyers in some areas, with no repayment required. The program also offers options for lower payment rates in the first few years of the loan. Specifics require connecting with an NAF loan officer.
NAF Cash: Pre-approved homebuyers are able to make a competitive all-cash offer with NAF Cash (an affiliate of NAF) and close on a property right away. Once the mortgage process with NAF is complete, homebuyers then buy the home from NAF Cash.
What types of mortgage loans does New American Funding offer?
New American Funding offers a variety of home loans, including:
For homebuyers looking for a conventional loan, NAF offers several varieties, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), cash-out refinances and buydown loans.
NAF also offers an I CAN mortgage, with custom loan terms between 10 and 30 years.
Conventional loan qualification requirements
- 620 minimum credit score (in most cases)
- 3% minimum down payment
- Debt-to-income (DTI) ratio of 43% or less
FHA loans, which are backed by the Federal Housing Administration (FHA), are typically easier to qualify for than conventional loans if you have a low credit score or limited funds for a down payment.
FHA loan qualification requirements
- Maximum 43% DTI ratio
- Minimum 500 credit score
- Minimum 3.5% down payment
- Steady income
- Proof of employment history
- No derogatory credit event in the last two to three years
NAF offers mortgages backed by the U.S. Department of Veterans Affairs, known as VA loans, to eligible servicemembers and veterans and their spouses. These loans have less stringent qualification requirements than conventional loans and come with significant benefits, including no down payment and lower interest rates and closing costs.
VA loan qualification requirements
- No down payment required for eligible borrowers
- Must meet military service requirements or be a qualifying spouse
- Maximum 41% DTI ratio
- No private mortgage insurance required
NAF offers USDA loans, which are mortgages backed by the U.S. Department of Agriculture (USDA). USDA home loans can help to make homeownership more affordable for homebuyers in rural areas with zero-down-payment options, lower credit scores accepted and no cash reserves required.
USDA loan qualification requirements
- 580 minimum credit score in most cases
- Income caps that vary by location
NAF offers jumbo loans, which are mortgages with loan amounts exceeding the current conforming loan limit ($832,750 in 2026). These loans often come with higher interest rates and stricter qualification requirements.
NAF’s jumbo loans can be used for primary residences, investment properties or vacation homes and are available as adjustable-rate mortgages or fixed-rate mortgages.
Jumbo loan qualification requirements
- 680 to 740 credit score
- Maximum 45% DTI ratio
- 10% to 20% down payment
NAF offers home equity loans as well as home equity lines of credit (HELOCs).
Home equity loan qualification requirements
- 620 minimum credit score
- Maximum 43% DTI ratio
- Minimum home equity (typically 15% to 20%)
NAF offers four Non-QM loan products, each with separate requirements. For example, their Bank Statement Loan Program typically requires 12 to 24 months of bank statements, a minimum credit score of 620 and a DTI of 43% or lower. Other products have their own specific down payments, required assets and other terms.
New American Funding mortgage qualifications
| Credit score minimum | Conventional: 620FHA: 500VA: Not specifiedUSDA: 580 |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%USDA: 0% |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: 43%FHA: 43%VA: 41%USDA: Not specified |
Don’t know your credit score? Get your free score on LendingTree Spring today.
NAF doesn’t disclose how it decides on acceptance or rejection of loan applications. However, 2024 HMDA data shows that NAF-approved applicants had an average loan-to-value (LTV) ratio of 80.6% that year. About 42.2% had a DTI higher than 43%.
Overall, NAF accepted 79.1% of loan applications, leaving 20.9% rejected. This is about average compared to other large-volume lenders, which typically have denial rates ranging from the low teens for about half of all applicants.
How does New American Funding compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our New American Funding summary |
Expert review from LendingTree.
Read our New American Funding vs. AmeriSave comparison |
Expert review from LendingTree.
Read our New American Funding vs. PenFed comparison |
| Minimum credit score | 500 to 620 | 500 to 620 | Typically 620 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3.5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 0.67% | 2.63% | 0.72% |
| Loan products and programs |
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| Better for: | Borrowers looking for a wide range of loan types and want the option of an in-person experience. | Borrowers looking for a wide range of loan types with options for those with lower credit scores. | Borrowers who would rather have a traditional banking experience and don’t want to apply online. |
New American Funding vs. AmeriSave
NAF and AmeriSave both offer traditional mortgage products, including conventional, FHA, USDA and VA loans. NAF, however, offers more options, including their NAF Cash program, which allows homebuyers to make an all-cash offer.
NAF has physical locations across the country, whereas AmeriSave is an online lender only. Also, NAF’s rate spread is considerably lower than AmeriSave’s (0.67% versus 2.63%, respectively), making NAF’s loans more affordable on average.
Read more in our full AmeriSave mortgage review.
New American Funding vs. PenFed
NAF and PenFed both provide an array of traditional mortgage products, including conventional, VA, FHA, jumbo loans and HELOCs, but there are some distinct differences between the two.
While both have physical branches located across the U.S., PenFed caters to U.S. government employees (though membership isn’t limited to them). NAF’s loans are just slightly more affordable on average, with NAF’s rate spread at 0.67% versus PenFed’s at 0.72%.
Read more in our full PenFed mortgage review.
How to apply for a New American Funding mortgage
1. Choose your loan type
NAF provides general overviews for each of the types of loans it offers as well as general guidelines on eligibility requirements and rates. To get specifics, however, your best bet is to call customer service if you have questions about NAF’s loan offerings before applying.
2. Get prequalified
You can apply for prequalification through NAF online or by calling (855) 276-3747. This will give you a general estimate of the size of mortgage you’ll likely qualify for and the accompanying rates.
3. Submit a loan application
To start a loan application, the steps are the same as they are for prequalification. You can answer a series of questions online to get preapproved and lock in your interest rate or by calling (855) 276-3747.
Learn more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with New American Funding?
Yes, it’s safe to get prequalified and preapproved with NAF. Preapproval (an additional step when you find a property you want to purchase) will require a hard credit inquiry. But it will likely only minimally impact your credit score, especially if you generally have a strong credit history.
New American Funding’s customer service experience
You can contact NAF’s customer service department by email at [email protected] or by phone at (800) 450-2010 x7100, though no hours of service are listed.
For help signing in to your account or with an in-process loan or a closed loan, call (800) 890-1057.
If you’re already a customer and have questions about your loan, you can reach out to NAF at [email protected] or by calling (800) 893-5304.
Unlike some other lenders, NAF doesn’t have a chat feature that lets you connect with a customer service representative in your internet browser.
How LendingTree experts rated New American Funding
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
New American Funding’s scorecard:
✅Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
NAF offers a good deal of general educational information about homebuying and various loans on the website as well as some information on their rates and terms. You can get prequalified and preapproved online and manage your loan once secured online as well.
Yes, NAF is a legitimate lender. They have been in business since 2003 and have an A+ rating with the Better Business Bureau (BBB). Their customer satisfaction rating on the BBB website is high too — 4.62 stars (out of 5) with nearly 1,200 reviews.
You can view more info about New American Funding’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
All home loans affect your credit score to some degree, but not significantly. Taking out a mortgage typically reduces a credit score by less than 20 points on average, and scores typically return to their previous level within a year.
NAF has a 4.9 (out of 5) rating on Trustpilot, which is based on more than 2,000 customer reviews. That rating puts it into the “Excellent” category, which indicates that, on the whole, NAF customers who left reviews are happy with the service they received.
Complaints among those who left critical reviews include communication issues and a lack of responsiveness. The majority, however, praise NAF’s great customer service and overall smooth process.