On this page14 sections
- Ratings and complaints
- New American Funding vs. competitors
- Pricing
- Step by step
- New American Funding legitimacy and licensing
- Rates, fees and minimums
- Loan options and down payment help
- How New American Funding Works
- Complaints and how to avoid problems
- Rules that protect you
- Who should skip New American Funding
- What customers say
- Alternatives
- FAQ
New American Funding suits borrowers who need flexible options, such as FHA at a 500 score with 10% down, non-QM or DSCR loans for self-employed borrowers and investors, or its Pathway to Homeownership down payment help. It is a legitimate mortgage lender: founded in 2003, licensed in all 50 states under NMLS 6606, BBB accredited with an A+, and it services many of its own loans. The tradeoff is that rates and lender fees aren't published, so you have to talk to a loan officer to see a price. Get Loan Estimates from at least two other lenders and compare Section A fees before you lock.
- Company
- Broker Solutions, Inc., doing business as New American Funding; founded 2003 by Rick and Patty Arvielo; based in Santa Ana, CA1
- Licensing
- NMLS 6606; licensed in all 50 states, per the company1
- Loan types
- 20 listed, including conventional, FHA, VA, USDA, jumbo, HELOC, home equity, reverse, construction, FHA 203(k), DSCR and non-QM2
- Min credit score
- 620 conventional; 580 FHA with 3.5% down, 500 to 579 with 10% down; 640 USDA2
- Down payment help
- NAF Pathway to Homeownership: up to $9,000 toward down payment and closing costs, conditions apply2
- Servicing
- Services more than 283,000 loans worth over $73.4 billion, per the company1
- Rates and fees
- Not published; quote from a loan officer2
- CFPB complaints
- 448 in the last 3 years under Broker Solutions, Inc., 336 of them about mortgages4
Pros
- Publishes credit score and down payment minimums for each loan type
- FHA loans down to a 500 score with 10% down
- Wide menu, including non-QM, DSCR, construction and reverse mortgages
- Up to $9,000 in down payment and closing cost help through Pathway to Homeownership
- BBB A+ and accredited since 2004
Cons
- Rates and lender fees aren't published online
- You have to speak with a loan officer to get a quote
- 448 CFPB complaints in 3 years, many about payments and servicing
- Pathway program conditions aren't explained on the loan types page
Best for: Borrowers with lower credit, self-employed income or unusual properties who want many loan options and a loan officer to guide them.
Skip it if: You have strong credit and a simple file and want to compare rates and fees online before talking to anyone.
New American Funding vs. competitors
| Company | Min credit score | Min down payment | NMLS ID | Next step |
|---|---|---|---|---|
| New American Funding | 620 conventional; 580 FHA (500 with 10% down) | 3% conventional; 3.5% FHA; 0% VA and USDA | 6606 | |
| Guild Mortgage | 540 FHA with 10% down | 3.5% FHA; 1% Down and Zero Down programs | 3274 | Read review |
| Better Mortgage | 580 FHA; 700 jumbo | 3.5% FHA | 330511 | Read review |
| Veterans United | Typically 620 | 0% VA | 1907 | Read review |
Mortgage lenders we reviewed
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New American Funding This review BestGuide rating: 4.0 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Borrowers with lower credit, self-employed income or unusual properties who want many loan options and a loan officer to guide them. -
Mortgage Research Network BestGuide rating: 4.5 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Homebuyers who want free mortgage news, rate averages and calculators before talking to a lender. -
NBKC Bank BestGuide rating: 4.2 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: VA borrowers and online-minded buyers who want a bank lender with low fees and a written closing guarantee. -
Better BestGuide rating: 4.1 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Borrowers with solid credit who want to handle a purchase or refinance online and will compare Better's Loan Estimate with at least two other lenders. -
Chase Bank BestGuide rating: 4.2 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: People who want a big branch network and all their accounts in one app, and who can meet a direct deposit or balance waiver. -
Guild Mortgage BestGuide rating: 4.1 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: First-time or lower-credit buyers who want a local loan officer and help with the down payment through FHA, VA, USDA or assistance programs. -
Veterans United BestGuide rating: 4.1 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Veterans and service members buying with a VA loan who want a lender that specializes in VA rules and posts its rates openly. -
PennyMac BestGuide rating: 4.0 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: VA and FHA borrowers looking for a streamline refinance, and buyers who want a large lender with every loan type.
New American Funding pricing at a glance
New American Funding minimums by loan type, as listed October 20262
| Loan type | Min credit score | Min down payment |
|---|---|---|
| Conventional | 620 | 3% for qualified buyers |
| FHA | 580 (500 to 579 with 10% down) | 3.5% (10% under 580) |
| VA | Not stated | 0% for eligible borrowers |
| USDA | 640 | 0% for eligible borrowers |
| Jumbo | Not stated | Typically 10% or more |
New American Funding doesn't publish rates, points or lender fees. Your price depends on credit, loan-to-value, loan type and points, and you'll see it on your Loan Estimate after applying.
New American Funding, step by step
Request a quote
Fill out the online form or call. A loan officer contacts you to talk through loan types and your goals.
Pre-approval
You share income, assets and credit permission. You get a pre-approval and, once you apply, a Loan Estimate within three business days.
Lock and process
Lock your rate when you're ready, then send documents for underwriting and the appraisal.
Close
Review the Closing Disclosure at least three business days before closing and compare it with your Loan Estimate.
Servicing
Many loans are serviced by New American Funding after closing. Watch for any transfer notice telling you where to send payments.
New American Funding legitimacy and licensing
Yes. New American Funding is the trade name of Broker Solutions, Inc., a mortgage lender founded in 2003 by Rick and Patty Arvielo and now based in Santa Ana, California. It says it is licensed in all 50 states under NMLS ID 6606, and you can confirm state licenses on NMLS Consumer Access. It also services loans after closing, with a portfolio it puts at more than 283,000 loans.
BBB has accredited it since 2004 and rates it A+, with 142 complaints in the last 3 years. Trustpilot shows 4.7 out of 5 from about 2,500 reviews. The CFPB complaint database lists 448 complaints in the last 3 years under Broker Solutions, Inc., most about mortgages, and the company closed nearly all of them with an explanation.
Rates, fees and minimums
New American Funding doesn’t post rates or lender fees online. To see a price you request a quote and talk to a loan officer. What it does publish are minimums: 620 credit for conventional loans with as little as 3% down, 580 for FHA with 3.5% down or 500 to 579 with 10% down, 640 for USDA, and no down payment for eligible VA and USDA borrowers.
Because rates aren’t public, the only way to know if its offer is good is to compare. Get Loan Estimates from at least two other lenders on the same day with the same loan amount and lock period, then compare the interest rate, APR. The annual percentage rate, which adds certain fees to the interest rate so you can compare the cost of loans with different fees. Compare mortgage lenders, points and Section A Origination charges. The fees a lender charges for making the loan, shown in Section A of the Loan Estimate. Compare mortgage lenders.
Loan options and down payment help
The company lists 20 loan types: conventional, FHA, VA, USDA, jumbo, 15 and 30 year fixed, adjustable-rate, buydowns, cash-out refinance, HELOC, home equity loans, second mortgages, ADU loans, construction loans, FHA 203(k) renovation loans, interest-only loans, DSCR investor loans, non-QM loans and reverse mortgages.
Its NAF Pathway to Homeownership program offers up to $9,000 toward down payment and closing costs and can be combined with other programs. The loan types page doesn’t spell out income, area or other eligibility rules, so ask your loan officer for them in writing.
How New American Funding Works
The mortgage process with New American Funding is designed to accommodate a variety of borrowers through both digital and traditional channels. The company, one of the larger online mortgage lenders in the U.S., focuses on manual underwriting to evaluate applicants who may not fit standard automated system criteria.
Application and Pre-Approval
You can start the process online or over the phone. The initial pre-approval stage involves submitting financial information, such as income, assets, and debt, to determine your borrowing capacity. New American Funding’s use of manual underwriting at this stage is beneficial for self-employed individuals or those with complex income streams, as it allows for a more detailed financial review than many automated systems provide.
Underwriting and Processing
Once you have a purchase agreement, the loan moves to a dedicated processor and underwriter. They will verify all your documentation and order an appraisal for the property. New American Funding offers a 14-business day closing guarantee, which promises an on-time closing or the company will provide a $250 credit toward closing costs. This guarantee is subject to specific terms and conditions, including timely submission of all required documents from you.
Closing and Servicing
After final approval, you will sign the closing documents. It is important to know that some borrower reviews note that their loans were sold to another servicer shortly after closing. This is a common practice in the mortgage industry, but it can be unexpected if not communicated clearly during the process.
What customers say about New American Funding
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- Knowledgeable, patient loan officers
- Clear communication and a well-organized process
- Options for lower credit scores and self-employed borrowers
- Help with down payment programs
Common complaints
- Calls and emails going unanswered during processing
- Rates, fees or loan amounts changing late in the process
- Repeated document requests, delays and late denials
- Payment and escrow problems after closing
Complaints and how to avoid problems
In the CFPB database, the top issues are trouble during the payment process, struggling to pay the mortgage, applying or refinancing, and closing. Those reflect that New American Funding is both a lender and a servicer. On Trustpilot, unhappy borrowers mention slow replies, late changes to rates or fees, repeated document requests and post-closing escrow or payment problems.
- Get your rate lock confirmation in writing, with the expiration date.
- Compare your Closing Disclosure with your Loan Estimate. A standard form lenders must send within three business days of your application that shows the rate, payment and closing costs. Compare mortgage lenders line by line.
- Send documents through the portal and keep copies.
- If a problem isn’t fixed, file a complaint with the CFPB or your state regulator.
Rules that protect you
Under federal TILA-RESPA rules, any lender must give you a Loan Estimate within three business days of your application and a Closing Disclosure at least three business days before closing. Some fees can’t rise at all between the two, and others can rise only 10% in total. Lenders must also follow fair lending law, and servicers must respond to written error notices. You can check any loan officer’s license on NMLS Consumer Access and file complaints with the CFPB.
Who should skip New American Funding
If you have a high credit score, steady W-2 income and a standard purchase, you may get a lower price from an online lender that posts rates and charges no lender fees. If you’re a veteran who only needs a VA loan, a VA specialist is worth a quote too. New American Funding is strongest when your file needs flexibility.
Alternatives to New American Funding
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HUD-approved housing counselor
Free or low-cost help comparing Loan Estimates and finding state down payment programs before you choose any lender.
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Better
Better if you have strong credit and want to see pricing online with no lender fees.
-
Guild Mortgage
Worth a quote if you need low down payment programs or FHA at a lower score.
-
Veterans United
Better if you're a veteran or service member and only need a VA loan.
New American Funding reviews
Written by readers, read by our moderators, never edited by the company.
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Frequently asked questions
Is New American Funding a legit lender?
Yes. It's the trade name of Broker Solutions, Inc., founded in 2003, licensed under NMLS 6606, and BBB accredited with an A+ since 2004.
What credit score do I need for New American Funding?
620 for conventional loans, 580 for FHA with 3.5% down, 500 to 579 for FHA with 10% down, and 640 for USDA, per its loan types page.
Does New American Funding post its rates?
No. You request a quote and talk to a loan officer. Compare its Loan Estimate with at least two others.
What is the NAF Pathway to Homeownership program?
A down payment assistance program offering up to $9,000 toward down payment and closing costs, which can be combined with other programs. Ask for the eligibility rules before you rely on it.
Does New American Funding service its own loans?
Yes, it services many loans after closing and reports a servicing portfolio of more than 283,000 loans. Servicing can still be transferred, and you'd get a notice if it is.
Who owns New American Funding?
It was founded by Rick and Patty Arvielo in 2003 and operates as Broker Solutions, Inc. doing business as New American Funding.
How many complaints does New American Funding have?
The CFPB database shows 448 complaints from October 2023 to October 2026 under Broker Solutions, Inc. BBB lists 142 complaints in the last 3 years.
Does New American Funding offer non-QM loans?
Yes. It lists non-QM, DSCR, interest-only and other loans aimed at self-employed borrowers and investors.
Is New American Funding good for first-time buyers?
It can be, thanks to 3% down conventional loans, FHA at lower scores and its Pathway down payment program. A free HUD-approved housing counselor can help you compare offers.
What's the NMLS number for New American Funding?
6606. You can look it up on NMLS Consumer Access to see its state licenses.
Sources (8)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- New American Funding: About us (accessed October 13, 2026)
- New American Funding: Loan types (accessed October 13, 2026)
- BBB: New American Funding (accessed October 13, 2026)
- CFPB: Consumer complaint database, Broker Solutions, Inc. (accessed October 13, 2026)
- Trustpilot: New American Funding reviews (accessed October 13, 2026)
- CFPB: Loan Estimate and Closing Disclosure explainer (accessed October 13, 2026)
- NMLS Consumer Access (accessed October 13, 2026)
- HUD: Find a housing counselor (accessed October 13, 2026)
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