New American Funding: non-QM programs reviewed
New American Funding is one of the country's larger retail lenders, and within non-QM it stands out most for how directly it addresses ITIN borrowers: its own pages describe the ITIN program as serving non-citizens — using an ITIN in place of a Social Security number — in plainer language than almost any large retail competitor.
Its published bank statement shape: a 620 minimum score and DTI up to 43%, with a down payment generally between 20% and 30% — more conservative than the 10%-down programs at the non-QM specialists. Note one discrepancy on NAF's own site: the product page says 12–24 months of statements while a learning-center article describes 6-or-12-month qualification; treat the product page as controlling and confirm in writing.
Program details
Channel: Direct to consumer · NMLS #6606 (verify on NMLS Consumer Access)
| Factor | Published guideline | Source |
|---|---|---|
| Statements accepted | 12–24 months per the product page (a NAF article says 6 or 12 — conflicting; confirm) | source |
| Minimum credit score | 620 | source |
| Max DTI | 43% | source |
| Down payment | Generally 20–30% of property value | source |
| ITIN program | Explicitly serves non-citizen borrowers using an ITIN in place of an SSN | source |
Published guidelines as of 2026-07-24 — not a quote, pre-approval, or offer of credit. Actual terms depend on full underwriting.
Other non-QM programs New American Funding confirms offering: ITIN mortgage · Asset qualifier · DSCR.
Strengths
- The most plainly stated ITIN offering among large retail lenders — valuable for borrowers tired of programs that exist only when you call.
- 620 published floor keeps the bank statement program accessible while staying inside a large, established retail lender.
- Big-retailer infrastructure: nationwide footprint and established servicing.
Considerations
- 20–30% down is double what the most aggressive non-QM programs require — cash-light borrowers will do better at 10%-down lenders.
- 43% DTI cap is tighter than the 50–55% common in non-QM, which constrains borrowers whose statement-derived income barely clears the payment.
- Loan-amount range and self-employment seasoning aren't published; the statements-months figure conflicts between two NAF pages — get all three in writing.
Who it fits
Not sure a bank-statement program is right at all? Start with the bank statement loan guide, estimate your qualifying income with the bank statement estimator, or read how to compare non-QM lenders.
FAQ
Yes — and unusually for a large retail lender, its pages say so directly, describing a program for non-citizen borrowers qualifying with an ITIN instead of a Social Security number. Expect larger down payments and documentation of income and residency history.
NAF's published guidance is generally 20–30% down — notably more than the 10% minimums at non-QM specialists like Griffin or CrossCountry. The trade-off is working with one of the larger retail lenders in the country.
NAF's product page says 12–24 months, while one of its learning-center articles mentions 6-or-12-month qualification. The pages conflict as of our review date — ask your loan officer to confirm the current requirement in writing.
Sources
- New American Funding — Bank statement loan
- New American Funding — Non-QM loan products (learning center)
Educational information only — not financial advice, and not a quote, pre-approval, or offer of credit. Mortgage Merlin is a publisher, not a lender or broker, and is not affiliated with New American Funding. Program details change; confirm directly with the lender.