Academy Mortgage Rates Review: Overview, Facts, Features, Plans, Pros and Cons

Academy Mortgage Rates Review: Overview, Facts, Features, Plans, Pros and Cons

  • Dedicated solely to retail mortgage banking
  • Local branches handle all loan processing, underwriting, closings, and funding.
  • FHA loans, as well as USDA and VA loans, are available.
  • The State Housing Agency makes loans.
  • In California, there is a down payment aid program that provides up to 5% of the home's purchase price.
  • The only state where Academy Mortgage does not provide services in New York.

Mortgage History at Academy

Academy Mortgage is based in Draper, Utah, and was formed in 1988. It has over 260 locations in 37 states and serves 49 states and the District of Columbia with loan services. The only state that the Academy does not service is New York. Academy exclusively offers retail mortgage services and does not offer any other financial services.

Overview of Academy Mortgage

Academy purchased Republic Mortgage's assets in 2010. Academy Mortgage is an independent mortgage originator that specializes in residential and commercial mortgages. It does not offer other sorts of loans or financial services. Academy is not among the top ten mortgage originators in the country. Academy offers a wide range of financing alternatives, including government-backed loans, State Housing Agency loans, conforming loans, jumbo loans, and refinance loans. It also offers California borrowers a down payment help program. Customers appear to be pleased with their experiences with Academy, giving the lender a five-star customer rating and an A+ rating from the Better Business Bureau. Academy has flexible mortgage qualifications, and its mortgage consultants may assist consumers in finding the best mortgage solution for their needs.

Details of the Academy Mortgage Loan

As a lender specializing in house loans, Academy Mortgage offers a diverse range of mortgage options. It is notable for offering a variety of FHA-backed loans, as well as other government-backed mortgage programs such as VA and USDA loans, as well as state housing loans.

Fixed-rate loans

Fixed-rate loans are available from Academy with maturities of 10, 15, 20, 25, and 30 years. The monthly payments on this form of mortgage are fixed for the life of the loan.

Mortgages with an adjustable-rate

Monthly payments on adjustable-rate mortgages are fixed for a set length of time at the start of the loan, then changed annually based on market conditions. Academy offers 30-year ARMs with periods of 10/1, 7/1, 5/1, and 3/1.

Mortgages with a large loan amount

Jumbo loans are ones that exceed the limits set by Freddie Mac and Fannie Mae, two government-sponsored enterprises. The cap was $484,350 in 2019. Higher limits apply in certain parts of the country where housing is more expensive. For example, the maximum in Los Angeles County is $726,525. Academy offers jumbo loans up to $3 million with both adjustable and fixed rates.

203(b) FHA loans

This FHA-backed loan is for first-time homebuyers or homeowners looking to buy or refinance a home.

Renovation loans under FHA 203(k)

This FHA-insured loan is designed to assist home purchasers or homeowners in purchasing or refinancing a home while also covering renovation costs.

Streamline 203 (FHA) (k)

Academy also offers a simplified 203(k) loan with a maximum loan amount of $35,000. Borrowers must already be FHA-insured homeowners with a 12-month payment history of no late payments. The turnaround time on them is relatively short.

Loans from the Federal Housing Administration that are energy efficient

This FHA-insured loan allows borrowers to use mortgage funding to make energy-efficient home improvements.

USDA home loans

USDA home loans are a type of mortgage that is guaranteed by the government These USDA-backed mortgages are intended to assist low- and moderate-income families in purchasing homes in designated USDA rural development regions. The purchase price and guarantee fee are included in the 102 percent financing offered by Academy.

Home Loans through the Veterans Administration

The Veterans Administration (VA) backs VA loans. Service members, veterans, and select spouses are all eligible to purchase. Low rates and low down payments are available to qualified customers.

Loans from the State Housing Agency

Low- and moderate-income families, underserved minorities, disabled, and elderly buyers might benefit from State Housing Agency Loans, which offer low-interest rates and down payment help.

Loan Refinancing

Refinance loans from Academy can help homeowners achieve a cheaper interest rate, lower monthly payments, or access cash from their home equity. Borrowers can acquire new loan terms and rates for the same product, move to a different loan product (such as switching from an adjustable-rate mortgage to a fixed-rate mortgage), or get an FHA 203(k) streamlined loan.

Customer Service at Academy Mortgage

Although there is no online application for Academy Mortgage, visitors can fill out a quick form with their name, phone number, email address, and zip code to have a mortgage professional contact them. Their website has a mortgage payment calculator, as well as information on their product pages that explains the different sorts of loans and who might benefit from them. Borrowers in California can take advantage of Academy's down payment help program. Borrowers can get up to 5% of the home's purchase price through this grant program, and they are not required to repay the grant in some situations. Academy isn't mentioned in the Consumer Financial Protection Bureau's complaint report or in J.D. Power's Primary Mortgage Origination Satisfaction Survey. The mortgage lender claims to have short closing timeframes on its website, but it doesn't specify what that means. According to Ellie Mae's Origination Insight Report, the industry average time to close on a purchase loan was 48 days in November 2018. On the BBB website, customers have left both positive and negative feedback.

The reputation of Academy Mortgage Lenders

Academy Mortgage is a Utah-based independent mortgage provider that was started in 1988. It has the number 3113 in the Nationwide Mortgage Licensing System. Despite the fact that it is not BBB recognized, the lender has an A+ BBB rating and a five-star rating from 1,552 customers. The BBB has 25 complaints in total, six of which are from 2018. One of the six cases has yet to be handled; however, Academy responded by stating that the complaint was filed in 2016, after which the lender settled the matter. There are no regulatory actions against Academy or any news regarding the lender on the Consumer Financial Protection Bureau's website. The top 25 mortgage originators in 2017 were not featured in the Consumer Financial Protection Bureau's Mortgage Market Activity and Trends report. On January 9, 2019, data was obtained.

Mortgage Requirements at the Academy

Through prudent lending, Academy Mortgage aims to assist people and families in becoming homeowners. As a result, it offers a diverse range of loan products, each with different qualification conditions. Academy has no minimum income criteria, and its debt-to-income and down payment requirements vary by loan type:
Loan type Down payment minimum Debt-to-income ratio minimum
Conventional loan (fixed-rate, ARM) 3 percent 45 percent
Jumbo loan 20 percent 45 percent
FHA loan 3.5 percent 45-50 percent
USDA loan 0 percent 41 percent
VA loan 0 percent 41 percent
Academy accepts down payment assistance program funds. Similarly, the minimum credit score required for approval varies depending on the loan type. The minimum credit score for USDA loans is 640, or 660 if you've had a short sale in the past. To qualify for the 3.5 percent down payment, FHA borrowers must have a minimum of 580. They'll have to put down 10% otherwise.

Phone Number and Additional Information for Academy Mortgage is the website's address. (801) 233-3700 Company Phone Draper, UT 84020 All states and the District of Columbia, with the exception of New York, are served by Academy Mortgage.

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