Academy Mortgage Rates Review

• Focuses 100 percent on retail mortgage banking
• All loan processing, underwriting, closings, and funding occur at local branches
• Offers numerous types of FHA loans as well as USDA and VA loans
• Provides State Housing Agency loans
• Has a down payment assistance program in California, which grants up to 5 percent of the price of the home
• New York is the only state in which Academy Mortgage doesn’t provide services

Academy Mortgage History

Academy Mortgage was founded in 1988 and is headquartered in Draper, Utah. It has more than 260 branches in 37 states and provides lending services to 49 states and the District of Columbia. New York is the only state that the Academy doesn’t serve.

Academy only provides retail mortgage services, with no additional banking services.

Academy Mortgage Overview

In 2010, Academy acquired the assets of Republic Mortgage. Academy Mortgage is an independent mortgage originator, providing only mortgage-related services for residential and business borrowers; it does not provide other types of loans or financial services.

Academy is not listed among the top originators dominating the mortgage industry.

Academy’s loan options are extensive, offering multiple government-backed loan products, as well as State Housing Agency loans, conforming loans, jumbo loans, and refinance loans. It also provides a down payment assistance program to borrowers in California.

It has flexible mortgage qualifications, and the mortgage specialists at Academy can help borrowers find the right mortgage product for their situation.

Academy Mortgage Loan Specifics

As a lender that only focuses on home loans, Academy Mortgage offers a wide array of mortgage products. Notably, it provides multiple types of FHA-backed loans, in addition to other government-backed mortgage programs like VA and USDA loans, as well as state housing loans.

Fixed-Rate Mortgages

Academy offers fixed-rate loans with terms of 10, 15, 20, 25, and 30 years. With this type of mortgage, the monthly payments will stay the same for the duration of the loan.

Adjustable-Rate Mortgages

Adjustable-rate mortgages have fixed monthly payments for a period of time at the beginning of the loan, then are adjusted annually based on market conditions. Academy offers 10/1, 7/1, 5/1, and 3/1 ARMs, which typically have 30-year terms.

Jumbo Mortgages

Jumbo loans are those that amount to more than a specific limit set by the government-sponsored entities Freddie Mac and Fannie Mae. In 2024, that limit is $766,550. Certain areas of the country that have more expensive housing also have higher limits.

Los Angeles County has a limit of $1,149,825, for example. Academy offers jumbo loans up to $3 million and provides both ARM and fixed-rate mortgage options.

FHA 203(b) Loans

This FHA-insured loan is designed for homebuyers or homeowners who want to purchase or refinance a house.

FHA 203(k) Renovation Loans

This FHA-insured loan is intended to help home buyers or homeowners purchase or refinance a house and include renovation costs in the mortgage.

FHA Streamline 203(k)

Academy also offers a streamlined version of the 203(k) loan, which has a limit of $35,000. Borrowers must already be FHA-insured homeowners and have no late payments for the previous 12 months. These have relatively quick turnaround times.

FHA Energy-Efficient Loans

This FHA-insured loan helps people make energy-efficient upgrades to their homes using mortgage financing.

USDA Home Loans

These mortgages, backed by the U.S. Department of Agriculture, are designed to help low- and moderate-income families purchase homes in rural development areas as defined by the USDA. Academy offers these loans with up to 102 percent financing, which includes the purchase price and guarantee fee.

VA Home Loans

VA loans are backed by the U.S. Department of Veteran Affairs. Eligible buyers include servicemen and women, veterans, and certain spouses. Qualified buyers have access to low rates and minimal down payment requirements.

State Housing Agency Loans

State Housing Agency Loans are designed to support communities by providing loans with low-interest rates and down payment assistance to low- and moderate-income families, underserved minorities, disabled, and elderly buyers.

Refinance Loans

Academy provides refinance loans, which can help homeowners get a lower rate, lower monthly payments, or access their home equity as cash.

Borrowers may get different loan terms and rates for the same product, switch to a different loan product (such as going from an ARM to a fixed-rate mortgage), or get an FHA 203(k) streamlined loan.

Academy Mortgage Mortgage Product Overview

Mortgage Product	Description
Fixed-Rate Mortgages	Terms: 10-30 Years With Steady Monthly Payments
Adjustable-Rate Mortgages (ARMs)	Options: 3/1, 5/1, 7/1, 10/1 ARMs With Initial Fixed Periods
Jumbo Mortgages	Loans Exceeding $766,550 (in 2024) up to $3 Million
FHA 203(b) Loans	FHA-Insured Loans for Home Buying or Refinancing
FHA 203(k) Renovation Loans	Combine FHA-Insured Purchase/Refinance With Renovation Costs
FHA Streamline 203(k)	Streamlined Version for Existing FHA-Insured Homeowners
FHA Energy-Efficient Loans	Finance Energy-Efficient Home Upgrades
USDA Home Loans	Backed by USDA for Rural Homes With Up to 102% Financing
VA Home Loans	VA-Backed Loans With Low Rates and Minimal Down Payments
State Housing Agency Loans	Low-Interest Loans With Down Payment Assistance
Refinance Loans	Options to Lower Rates, Monthly Payments, or Access Home Equity

Academy Mortgage Customer Experience

Academy Mortgage does not have an online application, but site visitors can fill out a brief form with their name, phone number, email address, and zip code for a mortgage specialist to contact them.

Their site includes a mortgage payment calculator, and there is also helpful information on their product pages that explains the various types of loans and who might benefit from each.

Academy offers a down payment assistance program to borrowers in California. This grant program provides borrowers with up to 5 percent of the purchase price of the home, and, in some cases, borrowers aren’t required to repay the grant.

Academy isn’t listed in J.D. Power’s Primary Mortgage Origination Satisfaction Survey, nor is it named in the Consumer Finance Protection Bureau’s complaint report.

The mortgage originator states on its website that it has quick closing times, though it doesn’t provide details. The industry average time to close on a purchase loan is 48 days as of November 2018, according to Ellie Mae’s Origination Insight Report.

There are both positive and negative customer responses recorded on the BBB website.

Academy Mortgage Lender Reputation

Academy Mortgage is an independent mortgage lender founded in 1988 and headquartered in Draper, Utah. Its Nationwide Mortgage Licensing System ID is 3113.

Though it is not BBB accredited, the lender has a BBB rating of A+, and with 1,552 customer reviews, it has five out of five stars. There are 25 total complaints on the BBB, six of which were dated in 2018.

Of those six, one remains unresolved; however, Academy responded by saying that the complaint was from 2016, at which point the lender addressed the issue.

There are no instances of regulatory actions taken against Academy or other news about the lender found on the CFPB site.

Academy Mortgage was not included in CFPB’s Mortgage Market Activity and Trends report, which listed the top 25 mortgage originators in 2017.

• Information was collected on Jan. 9, 2019.

Academy Mortgage Qualifications

Academy Mortgage’s goal is to help individuals and families become homeowners through responsible lending. As such, it provides a wide array of loan products with varying requirements for qualification.

Academy does not have median income requirements, and its debt-to-income and down payment requirements vary based on the 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 funding. Likewise, the minimum credit score needed to get approved for a loan depends on the loan type.

For USDA loans, the minimum credit score is 640, or 660 for people who have a prior short sale. FHA borrowers must have a minimum of 580 to qualify for the 3.5 percent down payment. Otherwise, they’ll need to make a 10 percent down payment.

Academy Mortgage Phone Number & Additional Details

• Homepage URL: https://academymortgage.com
• Company Phone: (801) 233-3700
• Headquarters Address: 339 West 13490 South, Draper, UT 84020
• States serviced: Academy Mortgage services all states and the District of Columbia except New York.

The Bottom Line – Academy Mortgage Rates Review

Academy Mortgage stands out as a specialized retail mortgage provider with over three decades of industry experience. Offering a comprehensive range of loan options, it caters to diverse borrower needs across 49 states and the District of Columbia.

The company’s commitment is underscored by its in-house processing and high BBB ratings. While the lack of online applications and presence in New York might deter some, its established reputation and beneficial programs, such as the down payment assistance in California, make it a noteworthy consideration for potential borrowers.

As always, individual research and consideration of customer reviews can guide the best decision.

How We Review Mortgage Lenders:

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.