Top perks
Variety of loan products
In addition to the standard home loan offerings you'd expect, New American Funding also offers several other types of mortgage loans. These include:
- Non-qualified mortgages: Non-QM loans come in many different shapes and sizes. One non-QM option, the stated income loan, is a mortgage product for self-employed borrowers and others who want to qualify based on income verification documents other than tax returns.
- Reverse mortgage: This is suitable for older homeowners who want to access their equity in the form of monthly income. In a reverse mortgage, the lender makes payments to the borrower.
- Customizable loan term: Borrowers can choose custom loan terms between eight and 30 years.
- All government-backed loan programs: New American Funding offers the VA loan, FHA loan, and USDA loan.
- Buydown loan: With this loan, you pay mortgage discount points, but instead of getting a very small permanent reduction in your mortgage rate, you get a large temporary discount.
First-time home buyer resources
New American Funding helps connect first-time home buyers with resources that can help make owning a home a reality. If you want to get a home loan with little or no money down, New American Funding can point you to down payment assistance and grant programs that might be available in your area.
Transparent website
It's easy to find answers to many initial questions on the New American Funding website. Buttons lead to helpful information about FHA loans, VA loans, cash-out refinances, and a mortgage calculator. Current mortgage rates are prominently displayed.
Inclusion initiatives like bilingual customer service
New American Funding provides services in both Spanish and English. New American Funding is Hispanic-owned and places a special emphasis on serving the Latino and Hispanic community. At New American Funding, 19% of employees are Hispanic. The lender is also funding $2 billion in new loans to the Latino community. Many of its customers and employees appreciate the company's focus on diversity and inclusion.
Among its customers, New American Funding has a good reputation. This lender has earned 4.91 out of 5 stars on Zillow, and an A rating with the BBB.
HELOC
If you want to borrow against your home equity, you could consider a home equity line of credit here (as an alternative to a cash-out refinance mortgage). That could be an advantage if you have a mortgage with a low rate that you don't want to replace.