New American FundingClaimed
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|Community Rating||Strongly recommended|
|Loan Amount||$85,000 - $1,500,000|
|Loan Term (Years)||15 - 30|
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 mortgage refinancing to borrowers in 48 states across the USA (and Washington, DC).
What range of mortgage balances will New American Funding refinance?
Mortgage refinancing loans start at $85,000 and go up to $1,500,000
What is the maximum loan term for a mortgage refinance via New American Funding?
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. New American Funding offers mortgages refinancing with terms ranging from 15 to 30 years.
What is the estimated funding time for a mortgage refinance with New American Funding?
New American Funding will typically approve (or deny) a mortgage refinance application within 72 hours and fund mortgage refinances within 7 days of approval.
Does New American Funding charge a mortgage origination fee?
No, New American Funding does not charge a mortgage origination fee.
Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
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.
- HomePath: Financing for the purchase and improvement of properties owned by Fannie Mae.
- 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
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$85K - $1.5M|
|Loan Term (Years)||15 - 30|
|APR||Starting at 3.765%|