Is a New American Funding cash-out refi legit?
Yes — New American Funding is a large, legitimate lender. It opens doors other lenders won't.
- It's known for flexible, manual underwriting instead of a purely automated yes-or-no.
- It works with lower credit and non-traditional income that many lenders turn away.
- For people other lenders decline, it can be the door that opens.
- The catch: flexible doesn't mean cheapest. Compare its loan estimate against other quotes.
Is New American Funding a real company?
Yes. New American Funding is a large, nationwide lender that has closed loans in every state. It offers conventional, FHA, and VA cash-out refinances. A cash-out refinance replaces your current mortgage with a larger one and hands you the difference in cash.
What sets it apart is how it decides. Many lenders run a purely automated check and decline anything that doesn't fit the box. New American Funding uses manual underwriting — a person reviews your file — so it can work with lower credit and self-employed or thin-file borrowers. That access is genuinely valuable for people other lenders decline.
What New American Funding offers
Illustrative — terms and minimums vary by loan type and your file. See what a cash-out refi costs →
✓ Fits if
- Your credit or income is non-traditional and other lenders declined you.
- You're self-employed or have a thin file and need a cash-out refi.
- You want a person to review your file, not an automated no.
✕ Skip it if
- You qualify easily elsewhere at a lower rate.
- A second mortgage would protect a low first-mortgage rate.
- You haven't compared its loan estimate against other quotes yet.
Weigh the cost, not just the approval
Flexible underwriting can raise your rate. Weaker credit usually means a higher rate, and a cash-out refinance resets the rate on your whole mortgage — not only the cash you take out. You also pay closing costs of about 2–6% on the full new balance.
So the number that matters is the all-in cost: the rate across your entire loan, plus closing costs, over the years you'll hold it. Run that against your other quotes before you sign. Compare the all-in cost →
Flexible underwriting helps you qualify. But a higher rate on your whole mortgage is still a real cost, and a cash-out refi resets that rate on the full balance.
Compare the all-in number against other quotes. If you already hold a low first-mortgage rate, a HELOC or second mortgage can protect it, and a ranked comparison shows where NAF lands.