Is New American Funding Legit?
If you’re considering getting a home loan, you may want to find out whether or not New American Funding is a reputable business. As you look around at the different loan options that are available, you’ll see that a variety of companies claim to be able to provide loans that can help you buy a house. This article will go over some of the key factors that can help you determine if New American Funding is right for you.
A+ rating with the Better Business Bureau
New American Funding has an A+ rating with the Better Business Bureau (BBB) for its ethics and transparency. The BBB is the largest independent business review organization in North America. Its mission is to promote honesty and integrity in the business community.
The BBB is interested in evaluating a business’s commitment to customer satisfaction. It also looks at the company’s honesty in advertising and its transparency when it comes to business practices.
A good BBB rating is one of the best ways to build consumer confidence. However, it can be difficult to maintain. Keeping an A+ BBB rating is about working with the BBB and other consumers to address any complaints.
The BBB scores businesses based on a number of criteria, such as how many complaints they receive. For a business to get an A+ rating, it must score at least 97 points. There are 13 elements that are part of the overall score. Some of them include time in business, how quickly a complaint is resolved, and a business’s ability to deal with underlying themes in a complaint.
If a business fails to meet most of the criteria, it will lose points. Failing to comply with government licensing or other regulations can also hurt the business’s rating.
New American Funding offers a wide range of home loans. From conventional loans to reverse mortgages and refinancing, it has something for everyone. With over 150 branch locations nationwide, the company can help you find the perfect mortgage.
New American is committed to empowering minority and underserved communities with affordable home ownership. Last year, it financed 36% of its home purchase originations in minority communities.
Minimum credit score requirements vary by loan type
New American Funding offers mortgages, including loans for lower credit scores. The lender has branches in 49 states, excluding Hawaii. It is a direct-to-consumer retail mortgage lender.
It offers a variety of home loans, from conventional and VA to FHA and USDA. Loans are approved or declined based on a variety of factors. Among the main ones are the borrower’s debt-to-income ratio and the amount of down payment.
Applicants must provide information on their assets and income, as well as their credit score. If the applicant is job-hopper, he or she may be required to provide additional documentation.
New American Funding’s loan process is simple and straightforward. The Request Quote form takes only a few minutes to complete. In addition, the lender guarantees that most purchase loans are processed within 14 business days. A $250 lender credit is also offered to help with closing costs.
New American Funding is accredited by the Better Business Bureau. This is a good sign of a company’s honesty. As of 2016, the company had an average rating of 3.8 out of five stars, and has closed 162 customer complaints over the last three years.
New American Funding is an ideal choice for first-time home buyers who want a low down payment. However, applicants with less-than-perfect credit may need to work on their credit score before applying.
In order to qualify for a New American Funding loan, applicants must have a minimum credit score of 620. However, they also offer non-qualified mortgages for lower-credit scores, such as stated income loans. During the underwriting process, a loan officer can help you decide which is the best option for you.
Interest rate reduction refinance loan (IRRRL)
If you have a VA loan, you may qualify for an Interest Rate Reduction Refinance loan (IRRRL). This type of refinance allows you to lower your interest rate, thereby lowering your monthly payments. Often, you will also be able to switch from an adjustable rate mortgage to a fixed-rate loan.
An IRRRL is a streamlined loan product that offers a low rate and a minimal amount of paperwork. It is a popular choice for many homeowners who want to switch from an ARM to a fixed-rate mortgage.
You can apply for an IRRRL online. Alternatively, you can contact VA specialists at 1-833-VET-EASY to get more information.
A VA IRRRL is a great option for homeowners who have little equity in their home. This allows them to shorten a 30-year mortgage to a 15-year mortgage. In this way, they will lower their payments and avoid paying for a new property.
Another benefit of an IRRRL is that it can include closing costs in the loan. You can then roll the cost of these fees into your new loan balance. Also, there is no need to pay for a VA appraisal.
The downside to an IRRRL is that there is a 0.5 percent funding fee for non-exempt borrowers. However, this fee is part of the closing costs.
Another drawback to an IRRRL is that you can’t use the equity in your home to pay off debt. As with any loan, you will have to meet the requirements of your lender.
Although the IRRRL can be a great benefit to your current situation, you will also have to remember that rates are set to rise. Therefore, you should act before they do.
First-time homebuyer loans
New American Funding offers first-time homebuyer loans for a variety of borrowers. It is a family-owned and operated company. Their goal is to help underserved neighborhoods gain access to mortgages. They have branches in 32 states.
New American Funding’s website is easy to navigate and includes tons of educational resources. You can also find a loan calculator, which helps you estimate how much your monthly payment will be.
New American Funding is an affordable option for many first-time home buyers. They offer low down payment options, including government-sponsored FHA and VA loans.
New American Funding is a good choice for people who prefer to talk with a real person during the application process. They are a large company, with a diverse range of mortgage products. There are also bilingual agents to guide you through the application process.
The company has a solid A+ rating with the Better Business Bureau. This is based on the company’s response to customer complaints. However, the CFPB Consumer Complaint Database lists 194 mortgage complaints against New American Funding.
First-time homebuyers should research the mortgage process before deciding which lender to choose. There are several options to consider, including a loan officer, a Realtor, and a down payment assistance program.
While New American Funding’s rates are lower than most other banks, they do not disclose all the fees that come with a loan. Because of this, it can be difficult to calculate your total costs.
Before deciding on a lender, it is important to compare quotes and find the right fit. Mortgage lenders can offer a variety of different products, from low down payments to adjustable rate programs.
False claims lawsuit
If you know of a fraud against the federal government, you could be entitled to share in the recovery. One way to do this is by filing a qui tam lawsuit under the False Claims Act.
The act is a civil law that makes it a crime to knowingly make false claims or records. It also provides a whistleblower protection. Those who file a qui tam lawsuit can receive between 15 and 25 percent of the total amount of money recovered.
The act can be a powerful tool for exposing fraud and snatching big money out of the pockets of the bad guys. Since 1986, more than $5 billion has been awarded to qui tam plaintiffs.
A savvy False Claims Act lawsuit can force large corporations to pay back the government. But these suits can take a long time to resolve. Sometimes, the defendants can use vast resources to stall the proceedings.
There have been several cases of fraud against the government by major lenders. In one case, Bank of America agreed to pay $1 billion in a settlement of a mortgage foreclosure scheme. This was after a federal False Claims Act lawsuit against the company.
Another example involves Countrywide Financial, which was acquired by Bank of America in 2008. Countrywide was accused of lending practices that violated the False Claims Act. Specifically, the company allegedly inflated appraisals on FHA insured loans.
New American Funding, LLC is a mortgage company. It received 178 complaints. Most of them were about the mortgage application process.
The company won six Stevie awards in 2022. They were also rated A+ by the BBB.