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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.
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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 TYPE | MINIMUM DOWN PAYMENT | MINIMUM DEBT-TO-INCOME RATIO |
| Conventional loan (fixed-rate, ARM) | 3% | 45% |
| FHA loan | 3.5% | 45% – 50% |
| VA loan | 0% | 41% |
| Jumbo loan | 20% | 45% |
| USDA loan | 0% | 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.
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.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.