At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About New American Funding
New American Funding (NAF) was founded in 2003 by husband-and-wife team Rick and Patty Arvielo and remains privately held and family-operated. It is one of the largest independent mortgage lenders in the US, having originated over $75 billion in home loans, and is notably one of the few top-20 mortgage lenders that is minority-owned. NAF is a Ginnie Mae issuer and Fannie Mae/Freddie Mac seller-servicer, meaning it has direct access to the secondary market without relying on intermediary aggregators. This direct access gives NAF more flexibility in pricing and product offerings than smaller correspondent lenders. NAF's genuine differentiator is its focus on underserved borrowers and communities that larger lenders often overlook. The company employs bilingual loan officers fluent in Spanish and several other languages, and actively participates in federal, state, and local down payment assistance programs that many online-only lenders do not bother with because the paperwork is complex and margins are thin. NAF's loan officers will manually navigate DPA programs, FHA 203(k) rehab loans, USDA rural loans, and VA combination products that digital lenders automate poorly. The company operates over 200 branch locations, providing face-to-face service that matters for borrowers navigating their first home purchase or complex government loan programs. The tradeoff is that NAF's rates for prime borrowers with straightforward finances are typically not the absolute lowest available. Borrowers with 760+ FICOs, 20% down, and W-2 income will generally find slightly better rates at Better.com (zero fees) or through a mortgage broker shopping wholesale channels. NAF's value proposition is strongest for borrowers who need DPA program expertise, bilingual service, government loan products (FHA, VA, USDA), or in-person guidance through complex situations. It is also one of the few lenders offering reverse mortgages (HECMs), serving an aging-in-place demographic that digital-first lenders ignore entirely.
Key Features
Bilingual Service
Spanish-speaking loan officers and multilingual support available throughout the application process.
Down Payment Assistance
Participation in federal, state, and local down payment assistance and first-time buyer programs.
In-House Servicing
New American Funding services most of its own loans, providing continuity after closing.
How It Works
Apply Online or In Person
Start your application online, by phone, or at one of over 200 branch locations.
Get Pre-Qualified
Receive a pre-qualification letter with estimated rates and loan amounts.
Submit Documentation
Provide income, employment, and asset verification for final underwriting.
Close on Your Home
Complete your closing in person or through a hybrid digital process.
What They Do
- Conventional Mortgages
- FHA Loans
- VA Loans
- USDA Loans
- Jumbo Loans
- Refinancing
- Reverse Mortgages
Debt Types They Take On
- Home Purchase
- Rate-and-Term Refinance
- Cash-Out Refinance
- FHA Streamline
- VA IRRRL
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
First-Time Buyer with Down Payment Assistance
A single mother earning $48,000/year with a 620 credit score and only $3,500 in savings wanted to buy a $235,000 home in a suburban Texas market. Did not have the $8,225 needed for FHA's 3.5% down payment plus approximately $4,000 in closing costs. Had been told by an online lender that she needed at least $12,000 to proceed.
VA Loan for Veteran in Rural Area
A military veteran with a 670 FICO and $72,000 income wanted to purchase a $310,000 home in a rural Virginia community. Applied to Rocket Mortgage for a VA loan but was told the property was in a USDA-eligible area and suggested a USDA loan instead (Rocket does not offer USDA). The veteran preferred VA benefits including no PMI and the VA funding fee reduction for subsequent use.
Pros & Cons
Pros
- Extensive expertise in down payment assistance programs at federal, state, and local levels, actively navigating complex DPA paperwork that most online lenders refuse to handle
- Bilingual loan officers fluent in Spanish and other languages, with culturally informed guidance for first-generation homebuyers navigating the US mortgage system for the first time
- Broadest product range among top lenders including FHA, VA, USDA, jumbo, FHA 203(k) rehab, reverse mortgages, and renovation loans, covering borrower needs that digital-only lenders cannot serve
- Over 200 branch locations providing face-to-face service, which is critical for borrowers with complex situations or limited digital fluency
- In-house servicing on most loans means your servicer after closing is the same company that originated the loan, avoiding the confusion and errors that often accompany servicing transfers
Cons
- Rates for prime borrowers with simple W-2 income and high FICOs are typically 0.125-0.25% above the lowest available from Better.com or mortgage brokers shopping wholesale channels
- Origination fees of 0.5-1.0% apply on most products, adding $2,000-$5,000 to closing costs that zero-fee lenders like Better.com eliminate
- Digital platform is functional but less polished than Rocket Mortgage or Better.com, with some borrowers reporting that document upload and status tracking feel dated compared to fintech competitors
- CFPB complaint volume of 3,600 over three years is moderate, with common complaints about communication delays and escrow management, suggesting operational growing pains as the company has scaled rapidly
User Reviews (10)
ITIN mortgage -- NAF is one of the few lenders who does these
Don't have a Social Security Number but have an ITIN (Individual Taxpayer Identification Number). Most lenders require SSN. NAF offers ITIN mortgages for qualified borrowers. Required 20% down and a higher rate (7.5%) but I'm a HOMEOWNER now. 3 years of tax returns, proof of residency, and they worked with it. If you're an ITIN holder looking to buy a home, NAF should be your first call. The options are limited and they're one of the best.
jumbo loan in a HCOL area, NAF was competitive
$780K mortgage in the Bay Area. Jumbo territory. NAF offered 6.6% which was competitive with the big banks. Their jumbo underwriting was thorough but not excessive -- about 30 days from application to close. The advantage over a bank like Chase or Wells Fargo was the dedicated loan officer who was available nights and weekends via text. For a jumbo purchase where the stakes are high, having responsive communication matters.
manual underwriting approved me when algorithms said no
Self-employed for 3 years, strong income but messy tax returns (lots of deductions). Automated underwriting at Rocket and Better both declined me. NAF has in-house manual underwriters who actually LOOK at your complete financial picture. They reviewed 24 months of bank statements, my P&L, and client contracts. Approved at 6.75% for $340K. The human element in underwriting matters when your financial life doesn't fit neatly into an algorithm.
USDA loan -- NAF actually knew how to process it
Buying in a rural area that qualified for a USDA loan (0% down, no PMI). Three lenders I called didn't do USDA loans or said they "technically" do them but clearly had no experience. NAF processes USDA loans regularly. My loan officer knew the county eligibility maps by heart and walked me through the income limits. Closed in 35 days at 6.1%. USDA loans are fantastic if you qualify but you need a lender who actually processes them routinely.
they actively serve communities other lenders ignore
NAF's marketing isn't just talk. Their loan officer demographics actually reflect the communities they serve -- bilingual staff, cultural understanding, familiarity with non-traditional income documentation. As a first-generation homebuyer from a family with zero real estate experience, having a loan officer who understood my background and didn't make assumptions was invaluable. Rate was competitive at 6.39%, closed in 25 days.
their DPA program got me into a house with 1% down
NAF offers down payment assistance programs in many states. I qualified for a program that covered most of my down payment on a $275K home. Total out of pocket was about $2,700 instead of $13,750 (5%). The DPA came as a forgivable second lien that goes away after 3 years. Most lenders don't even mention DPA programs. NAF proactively brought it up during my application. Made homeownership possible 2 years earlier than I planned.
entire mortgage process in Spanish -- my parents could finally understand
My parents are native Spanish speakers. Every other lender we tried had English-only documents and maybe one bilingual rep. New American Funding provided the entire process in Spanish -- application, disclosures, closing docs, customer service. My mom could actually read and understand what she was signing for the first time in 30 years of living in the US. This isn't a nice-to-have, it's critically important for a huge segment of borrowers. NAF gets this right.
best loan officer communication I've experienced
My loan officer texted me updates every other day. Not automated messages -- actual personal updates about where my file was, what was needed next, and estimated timeline. Compare that to Better.com where I was a ticket number in a queue. The rate was slightly higher (6.45% vs maybe 6.2% at Better) but the stress reduction from knowing exactly what was happening at every stage was worth the difference. Not everyone needs the cheapest rate. Some of us need the best experience.
FHA Streamline refi done in 10 days
Already had an FHA loan and rates dropped. NAF's FHA Streamline process was incredibly fast -- no appraisal needed, minimal documentation, closed in 10 days. Went from 7.0% to 5.99%. Monthly savings of $225 on a $260K loan. If you have an existing FHA loan and rates improve, FHA Streamline is the fastest refi possible and NAF processes them extremely efficiently.
paid about 0.25% more than the absolute cheapest option
NAF quoted 6.5% when Better.com was at 6.25% and my credit union was at 6.35%. NAF's rate was the highest of my three quotes. The service was noticeably better -- responsive loan officer, clear communication, proactive updates. But 0.25% on a $350K loan is $50/month or $18K over 30 years. You're paying a premium for the service experience. Whether that's worth it depends on how much you value hand-holding vs savings.
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