New American Funding Review 2025: Specialty Lending Done Right
NAF doesn't compete head-to-head with Better on rate. They compete on the borrower files Better won't touch — and they do it well.
What we liked
- ✓Bank-statement programs are class-leading — 12-month bank-statement income with reasonable pricing. Rocket and most of the field require 24 months.
- ✓ITIN borrower programs available — One of the few mainstream lenders with explicit ITIN refi paths. Specialist desks know what they're doing.
- ✓1099 self-employed underwriting is patient — Real underwriters who understand 1099 income — not a checklist that bounces your file.
What could be better
- !Standard W-2 pricing is just okay — If you're a 760-FICO W-2 borrower, NAF is rarely your best quote. Better and AmeriSave will undercut.
- !Marketing follow-up is heavy — Submit a quote and prepare for the calls. If you don't want them, say so explicitly.
- !Portal experience is mid — Workable, not delightful. The lender experience varies a lot by LO assignment.
What changed this week
New American Funding keeps showing up in the top of our spreadsheet for bank-statement refi (self-employed), and after pulling fresh quotes against the same control file three weeks running, the pattern is clear. New American Funding's edge is non-QM, ITIN, and bank-statement programs. If you're a W-2 borrower with a 760 FICO, look elsewhere first. If you're not, NAF is one of the best names in the field.
How we pulled the numbers
This is a controlled scenario: $385,000 bank-statement refi (self-employed) on a single-family in Florida, owner-occupied, 75% LTV, 720 FICO. Quotes captured September 10–17, 2025. We requested formal Loan Estimates wherever a lender would issue one, and used published rate sheets where they would not.
Side-by-side rate comparison
| Lender | Rate | APR | Bank-Stmt OK? | Doc Friction |
|---|---|---|---|---|
| New American Funding | 6.85% | 6.92% | Yes (12mo) | Low |
| Better | n/a | n/a | No | — |
| Rocket Mortgage | 7.10% | 7.25% | Yes (24mo) | High |
| A&D Mortgage | 6.95% | 7.05% | Yes (12mo) | Medium |
On this representative scenario, the spread between best and worst APR is 0.33 APR points — which compounds into roughly $24,100 on bank-stmt comparison over the life of a 30-year loan. Your numbers will not match ours exactly. The pattern, however, is what to watch.
Where New American Funding actually wins
Bank-statement programs are class-leading — 12-month bank-statement income with reasonable pricing. Rocket and most of the field require 24 months.
ITIN borrower programs available — One of the few mainstream lenders with explicit ITIN refi paths. Specialist desks know what they're doing.
1099 self-employed underwriting is patient — Real underwriters who understand 1099 income — not a checklist that bounces your file.
Where it quietly costs you
Standard W-2 pricing is just okay — If you're a 760-FICO W-2 borrower, NAF is rarely your best quote. Better and AmeriSave will undercut.
Marketing follow-up is heavy — Submit a quote and prepare for the calls. If you don't want them, say so explicitly.
Portal experience is mid — Workable, not delightful. The lender experience varies a lot by LO assignment.
What we'd do
We'd anchor on New American Funding's Loan Estimate, then shop two more — one online disruptor, one local. The negotiation alone usually moves your final rate 0.125–0.25 percentage points. That's not table stakes; that's the entire reason to read articles like this one.
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