New American Funding Review

Full-service lender with strong options for self-employed and non-traditional borrowers. Independent New American Funding review: 4.3/5 for purchase mortgage.

By Michael Hewitt, Founder & Editor-in-Chief.

Our verdict

Self-employed borrowers and others with non-traditional income should look here: New American Funding offers manual underwriting for complex income, down payment assistance programs and 200+ branches. Rates aren't always posted online, and origination runs 0.5% to 1%. Get a written quote early, since availability also varies by state.

Skip it if you want to compare posted rates online before talking to anyone, or if it doesn't lend in your state.

About New American Funding

Full-service lender with strong options for self-employed and non-traditional borrowers. New American Funding is offered by New American Funding. Our editorial rating is 4.3 out of 5.

Best for: Self-employed or non-traditional income borrowers.

Editorial grade: A- (composite score 85/100).

Highlights

I AM Empowered program for underserved communities
Manual underwriting for complex income situations
200+ branch locations nationwide

What we like

Flexible underwriting for non-traditional income
Wide range of down payment assistance programs
Strong community-focused lending programs

Where it falls short

Rates not always posted online
Availability varies by state

Fees, minimums, and rates

Monthly fee: 0.5%–1% origination. Minimum to open: $50,000. Current APY: 6.58%. Rates and promotional offers change often, so check the provider's own page before you apply.

How we reviewed it

This is a desk review: we have not opened an account with New American Funding. It is built from New American Funding's published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the Purchase Mortgage shortlist. The rubric is the same for every brand.

Similar products to compare

Read our full editorial methodology for how we review products.