Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity New American Funding Home Equity Review Updated Sep 07, 2023 2-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® View Rates HELOCs for primary and secondary residencesCheck your rate without impacting your creditNot available in Hawaii or New York 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. TermDetailRates (APR)Starting at 6.29%Rate discounts0.25% for automatic paymentsLoan amount$20,000 – $400,000Repayment termsNot disclosedOrigination fee1.50% – 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. RequirementDetailsMin. credit score640Max. CLTV85%DTIMust be less than 50%Max. lien position3rdState limitationsDoes not lend in Hawaii or New YorkEligible propertiesSingle-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