Updated: November 6, 2024
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AmeriSave offers several mortgage loan products to fit your needs. For a conventional AmeriSave loan, you need a minimum credit score of 620 and a 3% down payment for first-time homebuyers. Other loan types differ.
MoneyGeek’s AmeriSave mortgage review takes a closer look at the information above to help you decide if this lender is right for you.
AmeriSave Mortgage Corporation began operations in 2002. Since then, it has funded over $103 billion and helped more than 664,000 borrowers purchase their homes. This company has an A+ rating from the Better Business Bureau. Its headquarters are located in Atlanta, Georgia, and they have physical offices in Arizona, Kentucky, Michigan and Texas. However, you can complete the application process online.
You’ll find several loan products from AmeriSave, giving you flexibility when choosing a mortgage option that’s right for you. AmeriSave’s mortgage products are available to borrowers in all U.S. states except New York. You can use their online calculators to help you get an estimate, determine whether you should purchase a home or rent one and even see if refinancing can help you save money.
Most AmeriSave mortgage loans require at least a 3% down payment unless you qualify for a VA or a USDA loan. However, loans above the conforming limit of $453,100 (falling into jumbo loans) require a higher down payment of 20%.
Like most lenders, you need to meet a minimum credit score to qualify for an AmeriSave loan. Your credit score must be at least 600 for FHA and VA loans (unless your loan amount is above $700,000, which mandates 640). Conventional loans require a credit score of at least 620, whereas jumbo loans require a minimum score of 700.
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AmeriSave Mortgage Corporation began operations in 2002. Since then, it has funded over $103 billion and helped more than 664,000 borrowers purchase their homes. This company has an A+ rating from the Better Business Bureau. Its headquarters are located in Atlanta, Georgia, and they have physical offices in Arizona, Kentucky, Michigan and Texas. However, you can complete the application process online.
You’ll find several loan products from AmeriSave, giving you flexibility when choosing a mortgage option that’s right for you. AmeriSave’s mortgage products are available to borrowers in all U.S. states except New York. You can use their online calculators to help you get an estimate, determine whether you should purchase a home or rent one and even see if refinancing can help you save money.
Most AmeriSave mortgage loans require at least a 3% down payment unless you qualify for a VA or a USDA loan. However, loans above the conforming limit of $453,100 (falling into jumbo loans) require a higher down payment of 20%.
Like most lenders, you need to meet a minimum credit score to qualify for an AmeriSave loan. Your credit score must be at least 600 for FHA and VA loans (unless your loan amount is above $700,000, which mandates 640). Conventional loans require a credit score of at least 620, whereas jumbo loans require a minimum score of 700.
MoneyGeek’s AmeriSave lender review will help you understand the company’s mortgage products, application requirements and any rates or fees you may encounter.
AmeriSave offers several mortgage loans:
You can also refinance your mortgage with AmeriSave’s Cash Out Refinance program, which lets you borrow against the market value of your home through a new mortgage. You can use this refinance loan to pay off your original mortgage and use the remaining cash amount as you see fit.
Although AmeriSave advertises a 4.22% APR on their website, rates are highly dependent on numerous factors — e.g., loan type, location, repayment term and credit score — and subject to change.
The best way to get a personalized quote is to complete the prequalification process or speak to one of their licensed loan originators by calling 1-866-514-7283.
AmeriSave may have some hidden fees that are not disclosed on its website. AmeriSave does cite closing costs for mortgage refinancing — these typically include lender fees and homeowner insurance premiums — but doesn't state specific figures online.
MoneyGeek's research found that FHA, USDA, VA and conventional loans have no origination fees. For VA loans, there is a VA fee that you can roll directly to your mortgage payments, but the amount you’ll pay varies based on the loan type, amount and other factors.
Minimum requirements for borrowers, such as credit score and down payment, vary between AmeriSave loan products.
Conventional Loans
Conventional loans require having a credit score of at least 620. You’ll also need to put 3% down if you’re a first-time homebuyer, which AmeriSave defines as someone who has not owned a home in the past three years. If you don’t meet this criterion, your down payment increases to 5%.
Additional requirements include a complete exterior and interior appraisal of your home, and you must remain employed for the duration of the loan process. You also cannot make any significant purchases, such as a car.
Jumbo Mortage Loans
Homebuyers looking to apply for a jumbo mortgage loan must have a credit score of 700 or higher. Jumbo loans also require a 20% down payment and proof that you have enough funds to cover principal, interest, taxes and insurance (PITI) costs for nine months.
FHA Loans
FHA loans — mortgages issued through the Federal Housing Authority (FHA) — have additional requirements, such as the home you’re purchasing must be your primary residence. AmeriSave’s lowest possible down payment for this loan type is 3.5%. FHA loans are designed to help those with imperfect credit, so the minimum credit score is 600. However, you must have a FICO score of 640 if your loan amount is equal to or greater than $700,000.
It’s worth noting that your loan amount cannot exceed 115% of your area's median home price. You’ll also need to have mortgage insurance, and a U.S. Department of Housing and Urban Development (HUD)-approved appraiser must examine the house you intend to purchase.
VA Loans
AmeriSave offers VA loans to current and former military members and their families. To be eligible, you or your spouse must have served in active duty service for at least 181 days (90 days during a war) or six years in reserve of the National Guard. Other conditions also apply if you’re a military spouse; see AmeriSave’s VA loan borrowing requirements for details.
Borrowers must use VA loans to purchase their primary home and have a credit score of 600 or better. However, if your loan amount exceeds $700,000, your FICO score must be at least 640. AmeriSave also requires a Certificate of Eligibility, which you can secure from Veterans Affairs.
AmeriSave will ask you to show proof of regular income and savings or assets enough to meet monthly payments. You must also demonstrate sufficient residual income, determined from your home area’s cost of living and childcare expenses.
USDA Loans
USDA loans are another government-backed mortgage product from AmeriSave. To be eligible for this loan, you must live in a single-family residence in a rural area, as defined by the U.S. Department of Agriculture.
Because this loan is typically for low-income homebuyers, your income must not exceed 115% of your area’s median. You also need a stable source of income and enough savings or assets to cover your mortgage obligations for 12 months.
FHA Home Loan Refinance
Borrowers can refinance any loan into an AmeriSave FHA Rate/Term Refinance, FHA Cash Out or FHA Streamline.
For an FHA Streamline, your mortgage must be active for at least 210 days when you apply. AmeriSave also looks at your payment history to confirm that you made all payments for the last six months within 30 days of the due date (excusing a one-time exception).
If you’re planning to apply for an AmeriSave mortgage loan, it’s best if you have the following:
Not all mortgage lenders work for all types of homebuyers. Since a mortgage is a significant commitment, it’s best to weigh options before choosing a lender. MoneyGeek’s AmeriSave review explores homebuyer profiles that may or may not be compatible with their products and services.
Because AmeriSave offers a wide variety of loan products, it will likely suit many aspiring homebuyers. First-time homebuyers will benefit from a conventional mortgage loan's low 3% down payment. In contrast, those eligible for VA and USDA loans can purchase a home with 0% down from AmeriSave.
Their efficient online process is also attractive to homebuyers who want to know whether they qualify for a loan within minutes.
Although AmeriSave has some physical branches, most of the application process is online. Homebuyers who aren’t tech-savvy may prefer a lender with more brick-and-mortar facilities. It’s possible to speak with a licensed loan originator to walk you through the process, but it may not be as efficient.
Since AmeriSave’s conventional loan down payment for anything after a first home is 5%, individuals in this category may want to seek another lender. AmeriSave also does not offer mortgages for manufactured or mobile homes.
MoneyGeek’s AmeriSave mortgage loan review gives you an idea of what to expect when applying with this lender.
See if you prequalify for any of AmeriSave’s mortgage products online. You’ll receive a decision within three minutes and know your options. AmeriSave releases quotes, not just estimates. There are also no hidden fees for browsing loan types.
Pre-approval tells you how much AmeriSave is ready to loan you. You’ll also get a rough estimate of how much you’ll need to pay each month for the duration of your loan. This information can help you compare offers from other lenders.
You can officially start your application online and upload the necessary documents, such as your proof of identity and income. Another option is to call a licensed loan originator and have them guide you through the process.
Once you find a home, you can update your pre-approval with its address. This triggers the next step, which is a home appraisal. For FHA loans, the appraiser must be HUD-approved.
Although you can complete most of the application process online, AmeriSave always does the loan closing in person. They'll coordinate with you to schedule it when and where it’s convenient for you. Half of AmeriSave customers close their loans 25 days after locking their rates.
Once your mortgage is active, you’ll receive your statement. You can pay your monthly dues online after registering your account in AmeriSave’s Loan Servicing Center.
You must reference your loan number if you’re paying online for the first time. AmeriSave will send you the loan number by email. If you don’t remember receiving it, you can check your statement instead.
You can also call AmeriSave’s Loan Servicing Department at 1-866-865-3400, option 4.
Even if you prequalify, it’s still possible for AmeriSave to deny your mortgage application after reviewing all your documents. It’s disheartening, but knowing why this happened can help you better prepare for your next application.
There are many reasons why a lender would reach this decision. Perhaps your credit score is lower than the minimum, or the lender feels you don’t have enough assets to cover your mortgage payments.
If you find yourself in this situation, the best thing is get in touch with an AmeriSave customer service representative or loan originator. Ask for the specific reason(s) they denied your loan. They can also help you identify what options are available to you at this point.
You can always turn to another lender and apply for a mortgage there. However, if you don’t understand why you were denied in the first place, your second application may result in a similar outcome. Make sure you know why you were rejected and take the necessary steps to bolster your chances of approval.
As part of our AmeriSave mortgage review, MoneyGeek gathered the most commonly asked questions to provide additional information about this lender.
AmeriSave’s loan products cover various property types, including houses, condos and townhouses. You can even use it for building with two, three or four units. However, AmeriSave does not offer mortgages for manufactured or mobile homes.
The minimum borrower requirements vary between loan products. Some common ones include a credit score of 600 or above and a down payment of at least 3%.
For loan types geared towards low-income individuals and families, 100% financing is possible. This means you don’t need a down payment, but you must show proof of income and assets to comply with your monthly dues.
AmeriSave offers a wide array of loan products. These include conventional and jumbo loans, which offer fixed and adjustable rates. Mortgage products backed by government agencies include FHA, VA and USDA loans. AmeriSave also offers Cash Out Refinance.
AmeriSave follows the $453,100 limit Fannie Mae and Freddie Mac set for conventional loans. If you need a larger amount, you can apply for a jumbo loan, which has a loan limit of $1.5 million.
The minimum down payment varies depending on the loan product. The lowest possible is 3% for first-time homebuyers with a conventional loan. The down payment increases to 5% for additional homes purchased within three years. In comparison, jumbo loans typically require 20%.
Only government-backed FHA loans have a standard down payment requirement of 3.5%. VA and USDA loans offer 100% financing, which means a down payment isn’t required.
Yes. Like most mortgage loans, AmeriSave requires PMI if your down payment is below 20%. The only exception is a VA Loan.
Yes, conventional loans require a recent appraisal of your home’s interior and exterior. For FHA loans, a HUD-approved appraiser must complete the process.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
