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).
What is the maximum loan term you can get with New American Funding?
New American Funding offers mortgages with terms ranging from 15 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 3.936% .
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%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- 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.
- 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
Other Services by New American Funding
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Primary Home
- Secondary Home
- Employed Full-Time
- Employed Part-Time
- Multi-Family Home
- Single Family Home
- Government Issued Photo ID
- Proof of Identity
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)