Academy Mortgage is a provider that specializes in customized solutions and excellent service to help individuals and families achieve their dreams of becoming homeowners. The company closed more than 25,000 mortgages in 2019 on nearly $9.5 billion in total loan volume, an exceptional feat. Continue reading to learn more.

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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 just apply for an Academy Mortgage loan online because you must fill out a brief form on their site and a specialist will contact you. Also, you can call Academy, or visit one of their branches if you prefer to face-to-face interactions.

Because they are a direct lender, all all loan processing, underwriting, closings and funding are handled locally – closing times are fairly quick. This happens in a matter of days, rather than the normal 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 great lender that promises results while being very trusted amongst others in the market. They offer plenty of loan products to choose from and have excellent customers service. They have more than 260 branches for personal, face-to-face interaction and excels at customer care. For more posts like this, check out our list of the best mortgage lenders.

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