AmeriHome Mortgage is a residential mortgage company based in Thousand Oaks, California. AmeriHome, founded in 2013, is a subsidiary of Western Alliance Bank. Loans available at the firm include fixed-rate mortgages (10-, 15-, 20- and 30-year terms available), FHA loans, jumbo loans and VA loans. AmeriHome also has a program specifically designed for first-time homebuyers. The company can originate loans in 48 states.
In 2019 and 2020, the firm was recognized for Superior Servicing Portfolio Performance by Freddie Mac. In 2019, it was named a Top 100 Mortgage Company by Mortgage Executive Magazine. In 2017, 2018 and 2019, Inside Mortgage Finances named AmerHome Mortgage a top 10vlender.
Does AmeriHome Mortgage Operate in My Area?
AmeriHome Mortgage is able to originate loans in 48 states, with the exception of New York and Massachusetts. Amerihome loans are therefore available in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Note that in some of these states AmeriHome is not directly licensed, but exempt from licensing because of the firm’s association with Western Alliance Bank.
What Kind of Mortgage Can I Get with AmeriHome?
The following types of mortgages are available at AmeriHome:
Fixed-rate mortgage: This is by far the most popular type of housing loan across the board. A fixed-rate mortgage has the same fixed interest rate across the entire term of the loan. At AmeriHome conventional fixed-rate mortgages are available with 10-, 15-, 20- and 30-year terms.
Jumbo loan: A jumbo loan is for financing a more expensive home. For most places in the United States, the limit on a conventional loan is $647,200, though in some places where housing is more expensive it is $970,800. Jumbo loans are for when the amount of borrowed money exceeds that limit. At AmerHome, jumbo loans can be had for up to $2 million.
FHA Loans: FHA fixed mortgages are insured by the federal government through the Federal Housing Administration. These loans have easier credit qualifications than conventional loans and you can put down a down payment as low as 3.5%. Loan terms can be from 10 to 30 years.
VA Loans: VA loans are specifically designed for active or retired military personnel. There is no down payment required, and higher debt-to-income ratios are allowed.
HomeReady and Home Possible Loans: These are special programs developed to offer mortgages to first-time homebuyers. A lower down payment is required, the credit score requirements are lower and there is more income flexibility. These are conventional fixed-rate loans.
Refinancing loans are also available.
What Can You Do Online With AmeriHome
AmeriHome has an online account portal where you can make payments, get a rate quote and do other account maintenance activities. You cannot actually apply for a loan through this system. Instead, you’ll only get a quote and a mortgage officer will contact you.
AmeriHome also does not have an Apple or Android mobile app.
Would You Qualify for a Mortgage From AmeriHome?
AmeriHome does not list a minimum FICO score for a home loan on their web page. That said, generally speaking to get a conventional mortgage in the U.S., you’ll need a credit score of at least 620. The rules will be more relaxed for other loan types like FHA loans or to use AmeriHome’s first-time homebuyer programs.
The minimum down payment for a conventional loan is 3%, but many people make a larger down payment of about 20%.
What’s the Process for Getting a Mortgage With Amerihome?
There are a few ways you can go about getting a mortgage with AmeriHome. Go through the loan calculator, fill out your information and get contacted by a loan officer. Another is to call the customer service line at 888-469-810. Finally, you can fill out the contact form on its website.
How AmeriHome Stacks Up
The most obvious shortcoming of AmeriHome is that it does not offer adjustable-rate mortgages, otherwise known as ARMs. Though fixed-rate mortgages are more common, variable rates are also popular due to their fitting homeowners who only want to live in a home for a shorter period of time. So if you're looking for an ARM, you won’t have any luck with AmeriHome.
AmeriHome’s suite of online tools is also far less robust than some of its competitors. For starters, its lack of any type of mobile app makes it quite a ways behind its competition. You also can't apply for a mortgage online, only over the phone.
The programs for first-time homebuyers are a plus for AmeriHome, and could be attractive to people looking to become homeowners for the first time. While its loan products aren't unique to the company itself, it does clearly take an interest in first-time homebuyers.
Tips for Finding the Best Mortgage
- Before you buy a home, consider speaking with a financial advisor to make sure you’re ready. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset's free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you're interested in getting the low-down on the rate environment for mortgages, consider stopping by SmartAsset's mortgage rates page.
- Don’t forget to factor in closing costs when you’re figuring out how to fit buying a new home into your budget.