Lender review
New American Funding review: what Michigan borrowers should know
Best for: underserved and lower-credit borrowers wanting flexible underwriting
- Headquarters
- Tustin, CA
- Founded
- 2003
- NMLS
- #6606
- Min. credit score
- 580
- Min. down payment
- 3%
New American Funding is a large family-owned lender with dedicated Michigan FHA, VA, and USDA loan pages and a well-known focus on underserved and lower-credit buyers, including manual underwriting and its I CAN customizable-term loan. It's a strong fit for borrowers big banks turn away, though rates require a conversation and servicing can move.
Family ownership sets the tone here. New American Funding grew out of Tustin, California in 2003 and built a reputation around borrowers the big banks quietly decline, publishing dedicated Michigan pages for FHA, VA, and USDA files rather than treating the state as an afterthought.
What that means for a Detroit or Flint buyer with a thin credit file is a lender willing to underwrite manually and accept FHA scores down to 580. The I CAN program is another quirk worth knowing: it lets you pick a custom loan term instead of being funneled into a stock 15 or 30 years.
The honest caveats are the ones that come with any high-volume shop. You won't find rates posted online, so pricing depends on which loan officer picks up, and service quality can swing from excellent to uneven. Your loan may also change hands to a new servicer after closing, which surprises some first-time owners.
What works
- Flexible underwriting and low 580 FHA credit floor
- Full product set with dedicated Michigan loan programs
- I CAN loan lets borrowers pick a custom loan term
What to watch
- Rates and fees are loan-officer-dependent, not posted
- Servicing may be transferred after closing
- Volume-driven model can mean uneven service quality
Loan programs at New American Funding
Which core Michigan loan types New American Funding offers, with the typical minimum down payment for each program. Program floors are industry standards — New American Funding's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | ✓ Yes | 0% |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Where New American Funding's credit bar sits
New American Funding's roughly 580 minimum sits in the fair credit range. The marker below sets 580 against the four credit tiers and the 620 catalog median.
| New American Funding | Michigan median* | |
|---|---|---|
| Editorial score | 4.0 / 5 | 4.0 / 5 |
| Min. credit score | 580 | 620 |
| Loan programs offered | 5 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
How New American Funding's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with AmeriSave Mortgage, Cardinal Financial or Freedom Mortgage, then compare Loan Estimates line by line. Today’s Michigan averages live in our Michigan rate table.
New American Funding: frequently asked questions
What are New American Funding's mortgage rates in Michigan?
New American Funding doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. It doesn't publish live rates online, so you'll need to request a personalized quote. The reliable move: pull a written Loan Estimate from New American Funding and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is New American Funding a legitimate mortgage lender?
Yes. New American Funding is a licensed mortgage lender registered under NMLS #6606 and lending since 2003. That license and its full regulatory history are public at NMLS Consumer Access. In our independent scoring it lands at 4.0/5 for Michigan buyers, with no paid placement.
What credit score do you need for a New American Funding mortgage?
New American Funding generally looks for a credit score around 580 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. Loan type and overlays move that number, so confirm your own threshold before counting on 580.
Does New American Funding offer FHA, VA and USDA loans?
New American Funding offers FHA, VA and USDA loans to Michigan borrowers. It covers the full government-loan menu. Its complete Michigan lineup is Conventional, FHA, VA, USDA, Jumbo.
Does New American Funding lend in Michigan?
Yes. Although New American Funding is headquartered in Tustin, CA, it is licensed to lend in Michigan and actively originates purchase and refinance loans across the state, from metro Detroit to the Upper Peninsula.
Will New American Funding sell my mortgage after closing?
Possibly. Borrowers report that New American Funding frequently transfers servicing after closing, so the company you pay may change even though your loan terms don't. That's common industry-wide, but if keeping one servicer matters to you, ask before you lock.
Independent and unpaid — New American Funding did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#6606).