New American Funding review

Reviewed by the Editorial Team · Updated July 10, 2026 · 6 min read

A large independent lender with manual-underwriting programs that suit self-employed and lower-credit borrowers.

New American Funding by the numbers

Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See the HMDA lending report.

New American Funding at a glance

New American Funding is a family-owned nonbank lender headquartered in Tustin, California, founded in 2003 by Rick and Patty Arvielo.

It began as a small refinance-focused call center and grew organically, without the mergers or private-equity roll-ups that shaped many of its peers, into a national direct lender and loan servicer licensed in all 50 states.

Patty Arvielo, who serves as co-founder and president, is often cited as the head of the largest Latina-owned mortgage company in the country, and that identity runs through much of how the company positions itself.

The firm operates through both a retail branch network and a centralized online and call-center channel, and it originates, sells, and services loans for Fannie Mae, Freddie Mac, and Ginnie Mae.

Where New American Funding's approval rate sits

New American Funding's 2025 approval rate of 81.7% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.

Because it services a large share of the loans it makes rather than selling them off, borrowers frequently keep the same company through closing and for the life of the loan.

In 2025 HMDA data it reported 57,460 originated loans worth about $16.5 billion, with an average loan size near $287,627 that reflects its heavy mix of first-time and government-backed borrowers rather than jumbo lending.

What most distinguishes New American Funding is its explicit focus on expanding access. Its geographic footprint concentrates in California (roughly 12,500 loans), Texas, Florida, and Georgia, and it pairs a broad government-loan menu with community-lending commitments and hands-on, manual underwriting aimed at borrowers whom automated systems tend to overlook.

Who New American Funding is best for

Consider New American Funding if you are a first-time or underserved buyer, or a self-employed borrower with non-traditional income, who wants a human to actually read your file.

Its manual underwriting, bank-statement and non-QM options, low-down-payment government loans, and named down-payment-assistance programs make it a strong fit for borrowers with thin credit, variable income, or limited savings who might stall in a purely algorithmic process.

Loan programs at New American Funding

Its most notable programs and specialties:

• Conventional fixed- and adjustable-rate mortgages, sold and serviced for Fannie Mae and Freddie Mac
• FHA, VA, and USDA government loans, with low-to-no-down-payment options
• Non-QM and bank-statement loans for self-employed and gig-economy borrowers with variable income
• Pathway to Homeownership down-payment assistance (up to $6,000 in eligible areas)
• Latino Focus and New American Dream community-lending initiatives aimed at Hispanic and Black homeownership
• Jumbo loans and refinance options, including rate-and-term and cash-out

Typical industry minimum down payment by core loan type — New American Funding's own minimums or credit overlays may run higher:

Where New American Funding lends most

By federal HMDA records, New American Funding's largest 2025 markets were California, Texas, Florida, Georgia and Illinois. Explore local rates, home prices and down-payment assistance for each:

The verdict

New American Funding is a good match for buyers who value flexibility and a human touch over a fully self-service digital process, particularly first-time, government-loan, and self-employed borrowers.

Its manual underwriting, wide product range, and community-lending focus are genuine strengths, and it services much of what it originates.

Because rates and fees are quoted individually, it is worth gathering a personalized estimate and comparing it against at least one or two other lenders before committing.

How to compare New American Funding

Shopping a few lenders is the single most reliable way to save. Before you commit to New American Funding:

1. Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
2. Compare the APR, not just the headline rate — it folds in the fees.
3. Weigh service and loan-type fit, not price alone.
4. Verify licensing on NMLS Consumer Access (New American Funding's HMDA filer ID: 549300E2UX99HKDBR481).

Benchmark whatever you're quoted against today's today's average rates.

This review is editorial and independent — New American Funding did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.