
- HELOCs for primary and secondary residences
- Check your rate without impacting your credit
- Not available in Delaware, Hawaii, Kentucky, Maryland, New York, South Carolina, Texas, Utah, or West Virginia
New American Funding is a family-owned company that aims to be a different kind of mortgage lender. It offers many types of loans, some of which include conventional, jumbo, refinance, and HELOC loans.
This review will focus on New American Funding’s HELOC product to see how it can help homeowners gain access to cash for their needs.
Rates, terms, and fees
Most of New American Funding’s HELOC terms are only made available once you fill out an online form. While we were able to confirm the following information with the lender, some of the terms may be different for you.
Term | Detail |
Rates (APR) | Starting at 6.29% |
Rate discounts | 0.25% for automatic payments |
Loan amount | $20,000 – $400,000 |
Repayment terms | Not disclosed |
Origination fee | 1.50% – 4.99% |
Eligibility requirements
To ensure it only provides funds to financially responsible homeowners, New American Funding has set specific requirements that must be met for to be approved for a HELOC.
Requirment | Details |
Min. credit score | 640 |
Max. CLTV | 85% |
DTI | Must be less than 50% |
Max. lien position | 3rd |
State limitations | Does not lend in DE, HI, KY, MD, NY, SC, TX, UT, or WV. |
Eligible properties | Single family residences, townhomes, planned unit developments, or mid- and high-rise condos |
Additionally, applicants should have a strong mortgage payment history with no recent bankruptcies or foreclosures.
How to apply with New American Funding
New American Funding has a straightforward application process. You’ll need to complete a quick online form that can be accessed by clicking here. The application will ask some basic questions about your home and financial history. No documents or registration is needed for this form.
Once you complete the form, you’ll be asked to enter your email and phone number so that a loan consultant can contact you to discuss your options.
>> Read More: List of home equity companies