Academy Mortgage Loan Servicing

Academy mortgage loan servicing help borrowers finance the purchase of homes with no stress. You can stay in the comfort of your home and apply online or with their mobile app.

Academy Mortgage is a direct mortgage lender which was founded in 1988. They are known for home loan programs such as FRMs, ARMs, Jumbo loans, FHA loans, USDA Rural Housing, VA loans, and FHA 203 (k) loans.

In this article, we will be looking at Academy mortgage loan servicing on various loans they offer.

Table of Contents

Academy mortgage loan servicing

Features of FHA Loan benefits

Minimum down payment is 3.5% of the purchase price. Mortgage insurance is required.
The minimum credit score is 620. Scores below 620 may still qualify, but the minimum down payment would be at least 10%. Restrictions apply.
100% gift fundsare acceptable for down payment and closing costs.
Fixed-rate and adjustable-rate mortgages (ARM) available.
Flexible qualification guidelines.
Other requirements and conditions apply.

Features of Conventional Loan

Down payment of 3% and up.
Good credit score of 620 minimum.
Fixed-rate loan terms:10 years, 15 years, 20 years, 25 years, and 30 years.
Loan limits: $548,250; in most high-cost areas, the limit is $822,375.
Other requirements and conditions apply.

Features of VA Loan benefits

Eligible borrowersinclude Veterans, certain members of the Selected Reserve, active-duty service personnel, and certain categories of spouses.
No down payment!No mortgage insurance is required. The funding fee can be financed into the loan.
Credit score: Minimum is usually 620. Restrictions apply.
Gifts and seller contributionsare acceptable toward closing costs.
Other requirements and conditions apply.

Features of Renovation Loan

You can purchase a home that is less-than-perfect in a great neighborhood or is a foreclosure, short sale, or other distressed property. Eliminate problems with the property before you move in.
A Renovation Loan is a convenient, economical wayto make changes with a first mortgage (purchase or refinance), rather than a second mortgage or a home equity line of credit.
Examples of renovations, depending on your loan type: kitchen and bath updates, exterior and interior paint, flooring and carpeting, landscaping, roofing and gutters, electrical and plumbing, structural alterations and additions, and swimming pool.
FHA 203(k) and Fannie Mae HomeStyle Renovation Loansare available. Your Academy Loan Officer can help you decide which loan solution will help make your dream home a reality.
Other requirements and conditions apply.

Features of Refinance Loan

Interest rate and monthly payment.You may be able to get a lower rate. Depending on the length of your loan term, a lower rate may decrease or increase your monthly payment.
Loan term and monthly payment.
– Decreasing the length of the loan term usually results in a lower interest rate but a higher monthly payment. You’ll likely pay off your mortgage sooner because you’re paying more principal each month. The total interest you pay throughout the shorter mortgage term will typically be less.
– Increasing the loan term usually results in a lower monthly payment, but the total amount of interest you pay throughout the longer term will typically be more.
Cash from the equity in your home.If you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment, which you may use for home improvements to increase the value of your home or in any way you choose.
Convert from an Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage, or get an ARM with better terms. Their refinance loan officers in Utah and other locations are there to help you pick the best option.
Other requirements and conditions apply.

Note: Benefits and features vary depending on your circumstances and the terms of your Refinance.

Features of Jumbo Mortgage

You can get conforming Conventional Loans above $548,250 and for high-cost area Conventional Loans above $822,375 and up to $1.5 million.
Down payment: Minimum is 10%. No mortgage insurance is required with 20% down.
Credit score: Minimum is 700.
Shorter turn times: Academy Jumbos don’t have the long turn times of big banks.
Other requirements and conditions apply.

Features of USDA Loan on Academy mortgage loan servicing

Borrower’s income can’t exceed the USDA Rural Development limits for the area.
Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.
Credit scoreminimum is usually 620. Restrictions apply.
Eligible propertiesinclude single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.
Gifts and grantspermitted from family or government assistance agencies.
Other requirements and conditions apply.

Features of State Housing Agency Loans on Academy mortgage loan servicing

State Housing Agencies typically providelow-interest mortgage rates and DPA programs, which vary by state.
DPA is commonly provided in the form of a grant or a loan, which is secured as a lien against the property and often forgiven over time.
DPA is also available in some high-cost housing areas, where DPA eligibility may be based on factors other than income.
Other requirements and conditions apply.

Fixed-Rate Mortgage and an Adjustable-Rate Mortgage

Features of Fixed-Rate Mortgage on Academy mortgage loan servicing

This is the best option for individuals planning to be in their house for more than 10 years.
Predictability: The interest rate and mortgage payments are the same over the entire term of the loan.
Terms range from 10 to 30 years.
Other requirements and conditions apply.

Features of Adjustable-Rate Mortgage on Academy mortgage loan servicing

May be a good choice for those planning to movebefore the end of the initial fixed period.
An ARM occasionally has a lower interest rate and monthly paymentthan Fixed-Rate Mortgage for the initial fixed-rate period.
Payment capslimit the amount of rate change that can occur in certain time periods.
Borrowers can refinanceat the end of the initial fixed period.
Other requirements and conditions apply.

Features of Reverse Mortgage (HECM) on Academy mortgage loan servicing

A Reverse Mortgage (HECM) is insured by the Federal Housing Administration (FHA)²and offers all the benefits of a traditional line of credit that you can get from a bank but with additional benefits—including a flexible repayment feature.
You can take your funds as a lump sum, line of credit, monthly advances, or any combination of these.
You’re not responsible to pay the difference if the loan balance ever exceeds the value of your home when the loan becomes due—known as the non-recourse feature.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association (HOA) fees.
Other conditions and requirements apply.