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New American Funding FHA Loans Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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California-based New American Funding provides mortgages, mortgage refinance, and FHA, VA, and home improvement loans. The company provides a variety of FHA-backed loans and is particularly noteworthy in that they are willing to consider non traditional credit markers in lieu of simply focusing on FICO scores. New American Funding has an A+ with the BBB, and overwhelmingly positive reviews from the majority of its customers.
 
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How is New American Funding rated?

Breakdown

0.0/5
Geographic Availability
5.0/5
Customer Experience
5.0/5
Lender Reputation

Overall Rating: 4.7 / 5 (Excellent)

New American Funding is a great choice for FHA loans for three main reasons. Firstly the company has overwhelmingly positive reviews amongst its previous clients. Customers particularly praise the company for personalized service and a non-rushed approach where loan officers get to know the home purchaser in order to find the most suitable loan option, should it be FHA or otherwise. Secondly the company's application criteria are not automated, so those with no credit history are not automatically rejected. This allows New American Funding to consider other, non traditional credit markers, which is useful considering they put an emphasis on serving underrepresented communities. Lastly their process is fast. Once they go through the application process customers routinely report closing times of under a month.

New American Funding Loan Specifics

Types of FHA Loans Offered

FHA Fixed-Rate 15-Year
FHA Fixed-Rate 25-Year
FHA Fixed-Rate 30 Year
FHA Fixed Rate 15 Year
FHA Fixed-Rate 30 Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FHA Loan Amount
$313,760
Maximum FHA Loan Amount
$765,600
Minimum FICO Score
580
Non-Traditional Credit History Considered
Yes

Loan Specifics - 4.8 / 5

New American Funding particularly excels at providing FHA and VA loans, helping those who may not be in the ideal financial situation achieve the dream of home ownership. The company uses a non-automated model that allows them to consider each application individually. This means that even if a given applicant's credit score does not meet the minimum HUD requirements, New American Funding will consider alternate information on their financial history. The company provides fixed and adjustable rate FHA loans, as well as 203(k) loans for home improvement. Other benefits with FHA loans with New American Funding include low down payments, gift money allowed for downpayment, 30% housing ratio, and sellers/builders may assist with closing costs.

New American Funding Customer Experience

Customer Experience - 5 / 5

New American Funding has an application process and closing time that is a lot quicker than most. The online interface for getting an FHA loan is intuitive and easy to understand. However, you will not be able to get a quote and have to wait for the company to contact you. Rounding out customer experience, New American Funding has a handy mortgage calculator and a wealth of online information, much of which is geared towards minority home purchasers in the African American and Latino communities.

Online Features

Online Application
Yes
FHA Mortgage Calculator
Yes
Online Quote
No
Social Security Number Required for Quote
No

Loan Closing Time

As little as 23 days

New American Funding Lender Reputation

Lender Reputation - 5 / 5

New American Funding has a better than average reputation among its clients. The company has an A+ score with the BBB with a whopping 81% positive reviews which is uncommon for the site even among highly-graded businesses. New American Funding only one regulatory action with NMLS since 2016 and only 103 complaints with the CFPB, the overwhelming majority of which were closed with timely responses from the company. Customers routinely praise the individualized service and knowledge and helpfulness of the staff.

Finally, New American Funding operates several initiatives to educate underserved communities in ways of attaining home loans, along with financial planning in general.

Key Reputational Facts

Company Type
Underwriter
Year Founded
1999
BBB Rating
A+
Number of BBB Positive Reviews
92
Number of BBB Negative Reviews
20
Date Collected
2018-01-23

Complaints & Actions

Nationwide Mortgage Licensing System ID
6606
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2018-01-23
CFPB Total Mortgage Complaints
103
CFPB Collection Date
2018-01-23

Company Profile

Full Name
New American Funding FHA Loans
Company Website
https://www.newamericanfunding.com
Headquarters
14511 Myford Rd #100, Tustin, CA, 92780

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Customer Comments & Reviews

Loading Reviews ...
Darrell L
10/4/2019
This was the absolute worst experience of our lives. My wife applied for a mortgage from this place and was pre-approved right away by our loan officer Kat Lee. To be fair, Kat was a pleasure to deal with, but unfortunately for us Kat went out on maternity leave in the middle of the process and that’s when the clusterf*** began. Her team from her manager Shawn to her process assistant Cynthia totally dropped the ball. Communication was virtually non-existent. Shawn never once answered any e-mails, phone calls, etc. from us about the loan. Cynthia was just as bad with communications, when we did get something it was generally one- or two-word responses. While yes, the loan FINALLY closed... Read More

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