AmeriSave Mortgage Review 2026
AmeriSave has a wide variety of loan options for borrowers looking to purchase or refinance a home, including for those with credit scores under 600. This online-only lender offers a strong digital experience for those homebuyers who want to apply for and manage their mortgage from the comfort of their own home.
See how we reached our verdict below.
- A wide variety of purchase and refinance mortgage products
- Robust digital platform and online support for customers
- Offers a discount and special programs for first-time homebuyers
- Limited rate information on the lender’s website
- High rates and origination fees
- No brick-and-mortar locations
AmeriSave mortgage overview
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 is headquartered in Georgia.
AmeriSave rates and fees
Rates
AmeriSave publishes some mortgage rates online, but they aren’t available for all products.
AmeriSave’s rates are much higher when compared with other national banks, typically averaging about 2.63 percentage points above the average prime offer rate (APOR) in 2024. The APOR represents the lowest APR a bank will likely offer a well-qualified borrower in the current market.
AmeriSave also showed a significantly larger rate spread
Fees
AmeriSave doesn’t share its exact fee structure, but you can expect closing costs of around 3% to 6% of the loan amount. You’ll have to wait until you get preapproved to see those estimated costs listed out, but that isn’t uncommon.
Based on Federal Financial Institutions Examination Council (FFIEC) data, AmeriSave borrowers paid an average of $8,107 in total loan costs during 2024, with origination fees averaging $5,100. That’s pretty expensive for origination fees — $1,413 higher than PenFed and $3,584 higher than Alliant, for example.
AmeriSave offers a $2,500 discount (in the form of a buyer credit) to qualifying first-time homebuyers.
The lender also offers a special Community Lending Program option for first-time homebuyers, specifically those with low or moderate income and those in certain areas. Borrowers with at least a 620 credit score can make a 3% down payment and see savings up to $4,500 on their loan.
What types of mortgage loans does AmeriSave offer?
For homebuyers looking for a conventional loan, AmeriSave offers several varieties, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinances and cash-out refinances.
Conventional loan qualification requirements
- No set minimum credit score, but you’ll typically need a score around 620
- 3% down payment for first-time homebuyers; 5% for repeat buyers
FHA loans, which are backed by the Federal Housing Administration (FHA), are typically easier to qualify for than conventional loans if you have a low credit score or limited funds for a down payment. AmeriSave offers FHA purchase, refinance and cash-out refinance loans.
FHA loan qualification requirements
- 500 minimum credit score
- 3.5% minimum down payment
- FHA cash-out refinances available
AmeriSave offers VA loans, which are mortgages guaranteed by the U.S. Department of Veterans Affairs (VA) available to current and former members of the military.
VA loan qualification requirements
- No down payment required for borrowers with full VA loan entitlement
- No private mortgage insurance (PMI) required
- Refinancing available, including VA cash-out refinances and interest rate reduction refinance loans (IRRRLs)
- 500 minimum credit score required. VA loan requirements don’t set a minimum, but many lenders want to see at least a 620 score, so AmeriSave’s requirement is fairly forgiving.
For borrowers looking to buy homes in rural areas, AmeriSave carries loans backed by the U.S. Department of Agriculture (USDA). The house is required to be in a rural area — check if your location qualifies using the U.S. Department of Agriculture (USDA) eligibility map.
USDA loan qualification requirements
- No down payment required for eligible borrowers
- Flexible credit score requirements
- USDA loan requirements include an income cap that ensures these loans go to low-to-moderate-income borrowers only
AmeriSave’s jumbo loans can help you purchase a bigger-budget home, with loan amounts up to $1.5 million.
Jumbo loan qualification requirements
- Borrow or refinance up to $1.5 million when you put at least 20% down
- 700 credit score required for jumbo loans
AmeriSave offers home equity loans with a fixed interest rate with 20- and 30-year repayment terms so that homeowners can tap up to $350,000 of home equity. This lender also offers home equity lines of credit (HELOCs) with a three-, five- or 10-year draw period, followed by either a 10- or 20-year repayment period.
Home equity loan and HELOC qualification requirements
- 90% loan-to-value (LTV) ratio maximum
AmeriSave mortgage qualifications
| Credit score minimum | Conventional: 620 (typically) FHA: 500 VA: 500 |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments
| Conventional: 50% FHA: 43% VA: 41% |
| Down payment minimum | Conventional: 3% FHA: 3.5% VA: 0% |
Minimum credit score: 500
FHA guidelines allow lenders to issue FHA loans to borrowers with credit scores as low as 500 — and, unlike some other lenders, AmeriSave doesn’t elect to set its minimum any higher.
DTI ratio: 41% to 50%
Your debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. VA and USDA loans come with a 41% maximum, while FHA loans allow you to go as high as 43% and conventional loans top out at 50%.
Down payment: 0% to 3.5%
Eligible VA and USDA borrowers can put 0% down, but conventional loans require at least 3%. FHA borrowers can put down as little as 3.5%, but they’ll need at least a 580 credit score.
Don’t know your credit score? Get your free score on LendingTree Spring today.
AmeriSave doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2024, AmeriSave approved customers across all loan types who had a 63% loan-to-value (LTV) ratio on average. When it came to their debt-to-income (DTI) ratio, approved borrowers were nearly evenly split between those with a DTI less than 40% versus above 43%.
In that same year, AmeriSave denied nearly 82% of its mortgage applications. That’s a high rate compared to other large lenders. In comparison, many large lenders have denial rates in the low teens up through about half of applications.
How to apply for an AmeriSave mortgage
1. Choose your loan type.
Navigate to AmeriSave.com, click on the “Buy a Home,” “Take Cash Out” or “Refinance” buttons and answer some simple prompts to provide more information about the amount of loan you will need.
2. Get prequalified.
You can get prequalified for a loan through AmeriSave’s website by providing some preliminary information. This’ll help you see the mortgage rates you’ll likely qualify for.
3. Submit a loan application.
Your application will get you preapproved, rather than just prequalified. Preapproval from AmeriSave is “certified,” which means you can lock in your rate with only a soft credit pull.
Find out more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with AmeriSave?
Yes, it’s safe to get preapproved or prequalified with AmeriSave. In many cases preapproval involves a hard pull on your credit, but with AmeriSave, it’s just a soft pull. In either case, it’s a necessary step and any impact on your score is temporary. It’s best to get preapproved before you start shopping for homes, as many sellers won’t take your offer seriously until you do. Plus, your real estate agent might not be willing to show you homes if you don’t have a preapproval letter.
AmeriSave’s customer service experience
You can contact AmeriSave by email at [email protected] or by phone at 888-700-4026 during business hours, Monday to Friday from 8 a.m. to 5 p.m. ET. Unlike some other lenders, though, AmeriSave doesn’t have a chat feature that lets you connect with a customer service representative in your internet browser.
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?
|  |  |
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our AmeriSave summary |
Expert review from LendingTree.
Read our AmeriSave vs. PenFed comparison |
Expert review from LendingTree.
Read our AmeriSave vs. Alliant comparison |
| Minimum credit score | 500 to 620 | 620 to 650 | Not published |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 2.63% | 0.72% | 0.35% |
| Loan products and programs |
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| Better for: | Prospective homebuyers with a credit score less than 620. | Borrowers who are looking for a more traditional banking experience and don’t need to apply online. | Homebuyers who want to make a low down payment and don’t need to borrow more than $650,000. |
AmeriSave vs. PenFed
While both AmeriSave and PenFed offer all of the standard mortgage loan products — conventional, FHA and VA loans — they come with very different sensibilities. AmeriSave is an online-only lender that specializes in digital mortgages. PenFed, on the other hand, operates physical branches in several states across the country and on military bases, as it caters to employees of the federal government — though that’s not a requirement to open an account or take out a loan.
AmeriSave’s minimum credit score requirement is notably lower than PenFed’s, so it may be a better choice for those homebuyers who need a home loan for bad credit.
Read more in our full PenFed mortgage review.
AmeriSave vs. Alliant
Alliant offers conventional, FHA, VA, USDA and jumbo mortgages, as well as HELOCs, just like AmeriSave does. However, if you’re searching for an affordable conventional loan and want to make a low down payment, Alliant offers more flexibility than AmeriSave. You can put as low as 0% to 5% down on a home loan with Alliant and still avoid private mortgage insurance (PMI), which isn’t possible at AmeriSave.
Read more in our full Alliant mortgage review.
How LendingTree rated AmeriSave Mortgage
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:
- Publishes rates online
- Offers standard mortgage products
- Includes detailed product info online
- Shares resources about mortgage lending
- Provides an online application
Frequently asked questions
AmeriSave allows you to access rate quotes and get a mortgage preapproval online. Plus, once you take out your loan, you can manage repayment through an online portal.
AmeriSave is a legitimate mortgage lender: It has been in business for more than 20 years, and it’s licensed to do business in most states and the District of Columbia. You can view more info about AmeriSave’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a mortgage loan will affect your credit — though, in most cases, your score is likely to only drop by around 20 points. Further, even if your score does go down by more than 20 points, it should rebound fully within a year.
AmeriSave has a 4.6 (out of 5) rating on TrustPilot, which is based on more than 17,000 customer reviews. That rating puts it into the “Excellent” category, which indicates that, on the whole, AmeriSave customers who left reviews are happy with the service they received.
Of the customers who left critical reviews, one common theme was frustrating communication with loan officers, confusion around the refundability of certain fees and mishaps with closing paperwork. While some of these are common issues for many mortgage borrowers regardless of their chosen lender, such issues are worth noting if you have an especially complex mortgage transaction or absolutely need a quick closing. You can expect to wait around 30 to 60 days to close on a home loan, according to AmeriSave’s website.
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