New American Funding Reviews

You could have a standard list of what a client needs to provide instead, you continue to keep asking for a couple of things at a time which becomes very stressful and caused my husband to have a seizure. In my opinion, we continued to get a run around.

Work with respect

Transparency and more information on the process

When I first spoke with New American Funding it seemed very pleasant. They offered a program that was ideal for our situation. Bob was very accommodating and answered questions late into the night for us. However, as the process progressed the answers took longer and longer to be answered. It seemed that the goalposts kept getting moved as we would fulfill request for more and more things and documents, each following an assurance that should be the last thing we need. Some of the requests bordered ridiculousness, like a letter from my employer stating they didn't care where I lived so long as I showed up for work. The information stated that we had 14 days from the "purchase date" of our new home to list our old house on the market. We took this to mean the date BAP completed the purchase of the new home (the signing date) but was told it actually meant the date the sellers accepted our offer. This makes no sense for the purpose of this program. There is a required 7 day inspection period, which actually left us at most a week to move out of our old house. Our initial plan of taking a week to move, then a week to fix up our old house to get it ready to sell did not work with this new time frame. Because of this we could not get some things done that couldn't be done while we still lived in the house and we believe we had to sell our old house at a lower amount than we would have otherwise. Later in the process the same terms and phrases were given different meanings, or interpretations as it suited them. The communication really became muddled and we had no clear idea of what was happening next or when. This left us frequently with a feeling of unease and near panic. We were given unrealistic expectations for timelines, that I learned of later. For instance a promise the closing would happen immediately when in fact it required at least 14 days. The last several weeks of the process, which we were assured would not take this long, left us in a state of panic as we were told we had to comply or lose the home we had already been living in for a month. This would have caused us to be homeless with a 5 year old. This is not a state I would recommend anyone be left in, and the answers were non existent at this point, only demands for more and more information. Some of which was already provided, and others unable to be provided as we waited for Bob and his team to complete next steps. The period of time between the closing date of selling our old house and finally buying our new house from BAP was terrifying and frustrating. We were under the impression that all of the paperwork that had been done prior to BAP buying our new house was everything that needed to be done and once our old house sold we would be able to sign the paperwork for the new house immediately. Instead we were told to resubmit information that we'd given before to get "approval" for us buying the house we'd already moved into. The idea that we could be kicked out of the house we were living in and left with no where to go was absolutely terrifying and an added stress we did not need. Another side effect of having to once again have our finances looked at was that we'd then paid to move and started buying the things we needed for the new house. That lowered our credit rating (as credit balances do) and likely negatively affected the interest rate we got on our new mortgage. Something that could have waited, had we known. At the end of the process we were told to expect to sign on Thursday or Friday only to have to wait until Monday to be contacted with the signing not happening until Tuesday. This cost me money out of pocket each day it took. I would make a small allowance for Bob and his team, as he stated this was their first time working with the BAP program. However, I fell victim to their lack of education in a program they were selling. In the end, they are selling you a loan. Overall it left me with a feeling of great frustration.

More communication!!! When asked for a call or email for a week make it a point to have someone contact client. Also don't leave out important information that in the end affects the loan ect.

Because of New American Fundings miss communications and poor planning between all parties it cost me an extra $610 because we had to extend the closing. Also, I will be reminded of NAF poor planning over the next 30 years each month as I make my payment because the extension added $5 to my monthly payment.

Not waiting until it’s crunch time to ask for certain documents

Working with the primary assigned personnel instead of it being tasked out to one of the fellow members. Working with the fellow member of the team was very pleasant. I hardly spoke with the assigned person of the transaction