New American Funding vs Carrington Mortgage Services
Two large lenders that both serve self-employed borrowers with a full non-QM lineup. Carrington is known for flexibility on credit and documentation; New American Funding pairs non-QM with a wide conventional menu. Both are worth a quote — compare starting rates and credit minimums for your specific scenario.
Shared products: Bank Statement, Self-Employed, Non-QM, Asset Depletion, 1099 Income, P&L Only, No Tax Return, ITIN · Updated March 2026
4.0
New American Funding
Wins 3 categories
4.0
Carrington Mortgage Services
Wins 1 categories
Full Comparison
| Feature | New American Funding | Carrington Mortgage Services |
|---|---|---|
| Interest Rates | 7%–9.5%Better | 7.25%–10% |
| Max LTV | 90%Better | 85% |
| Min Credit Score | 620 | 600Better |
| Loan Range | $100K–$5M | $100K–$4M |
| Origination Fee | 0–2 points | 0–2.5 points |
| Speed to Close | 21–40 days | 25–45 days |
| Experience Required | No experience required | No experience required |
| LLC Borrowing | No | No |
| Interest-Only | Available | Available |
| Prepayment Penalty | None (owner-occupied) | None (owner-occupied) |
| Foreign National | YesBetter | No |
| Coverage | Nationwide | Nationwide |
| Property Types | primary-residence, second-home, investment | primary-residence, second-home, investment |
| Loan Products | 8 products | 8 products |
| Founded | 2003 | 2007 |
| Editor Rating | 4.0 / 5.0 | 4.0 / 5.0 |
Pros & Cons
New American Funding
Pros
- +Very large direct lender — apply without a broker
- +Self-employed menu plus conventional, FHA, VA, and jumbo
- +Offers ITIN and foreign-national programs
- +Nationwide footprint and large loan-officer network
- +Strong consumer-facing support and branches
Cons
- –Non-QM pricing is not its headline focus
- –Large-lender experience can feel less specialized
- –You may need to ask specifically for non-QM programs
Carrington Mortgage Services
Pros
- +Strong non-QM focus, including lower-credit borrowers (from ~600)
- +Consumer-direct retail channel — you can apply directly
- +Flexible Advantage series spans bank statement, asset, 1099, P&L, ITIN
- +Also services loans, so it keeps many in-house
Cons
- –Geared toward non-prime — pricing reflects added risk
- –Servicing reputation is mixed; read reviews carefully
- –Higher origination costs on some programs
New American Funding
4.0 editor rating · 21–40 days closing
Carrington Mortgage Services
4.0 editor rating · 25–45 days closing
Frequently Asked Questions
Is New American Funding or Carrington Mortgage Services better for self-employed borrowers?
Two large lenders that both serve self-employed borrowers with a full non-QM lineup. Carrington is known for flexibility on credit and documentation; New American Funding pairs non-QM with a wide conventional menu. Both are worth a quote — compare starting rates and credit minimums for your specific scenario.
What loan types do New American Funding and Carrington Mortgage Services both offer?
Both lenders offer Bank Statement, Self-Employed, Non-QM, Asset Depletion, 1099 Income, P&L Only, No Tax Return, ITIN. Both offer 8 products.
Which has lower rates, New American Funding or Carrington Mortgage Services?
New American Funding advertises rates starting at 7% while Carrington Mortgage Services starts at 7.25%. New American Funding has the lower starting rate, but actual rates depend on your credit score, LTV, property type, and loan product. Always get quotes from both lenders.
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