How to apply for a loan?
On the AmeriSave Mortgage Corporation website, click Apply Now. Choose if you want to take home to refinance loan or home purchase loan. Enter the location you reside in and then your address. You will additionally need to verify your identity by providing your mobile phone. The company will text you a verification code. Click "Next Step". You will enroll in My AmeriSave, which sends personalized offers (terms) via calls/texts. You can opt out of receiving such messages at any time. Then you will need to enter your income and bank account information. You will get an offer from AmeriSave Mortgage Corporation, and the company will disclose the loan details.
Requirements
The requirements AmeriSave Mortgage Corporation has for USDA home loans are:
- To have a single-family residence home;
- To live in the house;
- The home is in a rural area;
- To have a low to moderate income not exceeding 11% of the median income in your area;
- To have a steady income and enough funds to make mortgage payments for at least 12 months.
To be eligible for VA loans, the applicants should:
- Have served in active duty service for at least 181 days or 90 days during wartime, or at least six years as a reserve member of National Guard service;
- Be a spouse of a service member mentioned above, or who was killed in the line of duty or died from the related to the service injury or illness;
- Live in the house as your primary residence;
- Have a Certificate of Eligibility;
- Have a steady income and enough funds to cover the monthly obligations;
- Have a credit score of 600+ and 640+ for the loan amounts of $700,000+ and ARMs;
- Have adequate residual income.
For FHA loans, the applicants should:
- Have a 600+ credit score, and 640+ for loan amounts over $700,000;
- Have a minimum down payment of 3,5% of the loan amount;
- Have a HUD-approved appraisal;
- Have mortgage insurance;
- Live in a property as your primary residence.
Application details
To apply for the home loan, you need to attach:
- SSN or Driver's License to prove your identity;
- W-2 or Equifax 4506-T to verify your income;
- Proof of homeowner's insurance;
- A copy of your credit report for the past 12 months;
- The Uniform Residential Appraisal Report;
- The preliminary title report;
- The certificate of occupancy.
