AmeriSave Mortgage Review
AmeriSave at a glance
| lender | APR |
|---|---|
 | Minimum credit score: 600 to 700 Minimum down payment: 0% to 3.5% Available loan products and programs: Conventional, FHA, VA, USDA, jumbo, HELOCs |
Our verdict: AmeriSave is a good choice for homebuyers or refinancers looking for a wide variety of financing options, including the potential to add a solar energy system upgrade in certain states.
| Pros | Cons |
|---|---|
A wide variety of purchase and refinance mortgage products Solar energy financing available in select states Published mortgage rate updated daily | Limited rate and fee information on the lender’s website No home equity loan or HELOC products High credit score standard for jumbo loans |
AmeriSave Mortgage Corporation was founded in 2002 and offers a digital mortgage experience to customers in 49 states (New York excluded) and the District of Columbia. AmeriSave Mortgage is headquartered in Atlanta.
AmeriSave mortgage products
Conventional
- Fixed-rate, adjustable-rate mortgages (ARM) and cash-out refinance are available
- 620 minimum credit score
- 3% down payment for first-time homebuyers or homebuyers who haven’t owned a home in the last three years; 5% otherwise
FHA
- 600 minimum credit score for Federal Housing Administration (FHA) loans
- 3.5% minimum down payment
- FHA cash-out refinancing available
VA
- ‘Regular’ and energy-efficient mortgages from the Department of Veterans Affairs (VA) are available
- No down payment and no private mortgage insurance (PMI) required
- VA refinancing available, including cash-out refinance and the interest rate reduction refinance loan (IRRRL)
- The typical VA loan requirements set by lenders include 0% down payment and a 620 credit score
USDA
- 0% down payment and flexible credit score requirements
- The house must be in a rural area — here’s a U.S. Department of Agriculture (USDA) eligibility map
- Applicants must qualify with low to moderate income
Jumbo
- Borrow or refinance up to $1.5 million when you put at least 20% down
- 700 credit score required for most jumbo loans; FHA jumbo loans require only a 640 credit score
- Both jumbo loans and jumbo refinance loans offer 15- and 30-year fixed-rate terms; and 5-, 7- and 10-year ARM terms
Home equity lines of credit (HELOCs)
- Borrow up to $249,000 secured by your home equity
- Use the funds for anything from debt consolidation to home improvements and education expenses
Special programs
- AmeriSave offers financing for the purchase and installation of solar energy systems in the following states: Ariz., Calif., Colo., Conn. Fla., Mass., Nev., N.J., Pa., Texas, Utah and Va.
AmeriSave mortgage rates and fees
AmeriSave publishes its starting fixed-rate mortgage interest rate online, but doesn’t share starting rates for different terms. Beyond saying that it doesn’t charge an origination fee, it also doesn’t publish the typical fees that it charges in closing costs.
| Mortgage rates published online? | *Only one starting rate is published. |
| Rate information updated daily or weekly? | |
| Lender fees disclosed? |
AmeriSave’s application experience
You can apply online at AmeriSave.com by clicking on “purchase” or “refinance.” Both applications ask about your current residence as part of the prequalification process that allows you to see the mortgage rates you’ll likely qualify for. From there, you can choose to submit an official loan application for approval.
AmeriSave’s customer service experience
You can contact AmeriSave by email at [email protected] by phone at 888-700-4026 during business hours, Monday to Friday, 8:00 a.m. to 5:00 p.m. ET. If you’re already a customer and have questions about your loan, you can also reach out to AmeriSave at [email protected] or call the loan servicing department at 866-865-3400, option 4.
How does AmeriSave compare to other lenders?
| AmeriSave | PenFed | Alliant | |
|---|---|---|---|
| Lender rating | |  |  |
| Minimum credit score | 600 to 700 | 620 to 650 | Not published |
| Minimum down payment | 0% to 20% | Not published | 0% to 5% |
| Loan products and programs |
|
|
|
How we rated AmeriSave
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
AmeriSave’s scorecard: 3.5/5
⭕ Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application