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Academy Mortgage Review: An Independent Mortgage Lender With Great Customer Service

Diana Mason by Diana Mason
October 26, 2022 2:14 am CDT
in Other
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Academy Mortgage (academymortgage.com) provides customized solutions and excellent service to help individuals and families achieve their dreams of becoming homeowners. The company closed more than 35,000 mortgages in 2019 on nearly $9.5 billion in total loan volume. For everything you need to know about Academy Mortgage, keep reading.

See the best mortgage lenders here.

Learn More at Academy Mortgage

Academy Mortgage Options

Academy provides a wide range of loan options, including multiple government-backed products, as well as State Housing Agency, jumbo and refinance loans. The mortgage company even offers a down payment assistance program to Californian borrowers.

  • Conventional Mortgages
  • FHA Loans
  • VA Loans
  • Renovation Loans
  • Refinance Loans
  • Jumbo Mortgages
  • USDA Home Loans
  • State Housing Agency Loans
  • DPA Programs
  • Fixed-Rate Mortgages
  • Adjustable-Rate Mortgages
  • Reverse Mortgages

Academy Mortgage Qualifications

Academy Mortgage does not have median income requirements, but down payment and debt-to-income requirements vary according to loan product:

LOAN TYPEMINIMUM
DOWN PAYMENT
MINIMUM
DEBT-TO-INCOME RATIO
Conventional loan (fixed-rate, ARM)3%45%
FHA loan3.5%45% – 50%
VA loan0%41%
Jumbo loan20%45%
USDA loan0%41%

Minimum credit score requirements also depend on loan type. USDA borrowers must have a minimum score of 640, or 660 for those who have a prior short sale. FHA loans require a minimum of 580 to qualify for the 3.5% down payment. If not, you’ll need to make a 10% down payment.


Academy Mortgage Availability

Based in Salt Lake City, Academy Mortgage has over 260 branches across the country. The company is licensed to process loans in 49 states (not New York), as well as the District of Columbia.


Academy Mortgage Application Process

You can’t apply for an Academy Mortgage loan online, but you can fill out a brief form on their site and a mortgage specialist will contact you. You can also apply by calling Academy, or visiting one of their many branches for face-to-face interaction.

Because Academy is a direct lender – all loan processing, underwriting, closings and funding are handled locally – closing times are fairly quick. We’re talking in a matter of days, rather than months.


Academy Mortgage Customer Service

Overall, people seem pleased with their experiences with Academy Mortgage. The lender has a 4.79 out of five-star customer rating on the Better Business Bureau, and a BBB rating of A+.

Customers can easily reach Academy’s support team 24/7 via live chat on the website.


Bottom Line

Academy Mortgage is a solid lender with plenty of loan products to choose from. While you can’t apply for a mortgage loan online, the company offers more than 260+ branches for personal, face-to-face interaction and excels at customer care.

Learn More at Academy Mortgage

Looking for an online lender instead? Check out Better Mortgage. It’s designed for the tech-savvy borrower who prefers an online experience, comparable rates, excellent customer support and fast approval.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.

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Diana Mason

Diana Mason

My passion for travel eventually led me away from the 9 to 5 office life and into the embrace of freelance work. Born in Cali and raised in Philly, I am a creative professional with a delightful knack for words. When I'm not gallivanting across the globe, you can find me writing (of course), teaching yoga, and dreaming of my next big adventure.

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