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in Home Purchase Mortgages from New American Funding
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New American Funding Review
Where does New American Funding do business?
New American Funding is a direct lender based in Tustin, CA. The company was founded in 2003 and offers mortgages to borrowers in 48 states (and Washington, DC).
How much can you borrow via New American Funding?
New American Funding allows borrowers to apply for loan amounts of up to $3,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with New American Funding?
New American Funding offers mortgages with terms ranging from 8 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What range of rates does New American Funding offer?
New American Funding offers home loans with APRs starting at 3.612% .
What is the estimated funding time for a home loan via New American Funding?
New American Funding will typically approve (or deny) a mortgage application within 72 hours and fund mortgages within 1 and 5 days of approval.
Does New American Funding charge a mortgage origination fee?
Yes, New American Funding may charge a loan origination fee.
Does New American Funding charge prepayment fees?
No, New American Funding does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.
What mortgage programs does New American Funding offer?
New American Funding offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does New American Funding allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. New American Funding allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Investment properties and house flipping projects
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Credit Score Range||
620 - 850
|Employment Statuses Considered||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$85K - $3M|
|Loan Term||8 - 30 years|
|APR||Starting at 3.612%|