American Federal Mortgage Corporation Mortgage Review 2021

By Mitch Strohm

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

American Federal Mortgage Corporation

3.7

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Bankrate Score

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Loans offered

Conventional, FHA, VA, jumbo, fixed-rate, adjustable-rate (ARM); refinancing options include rate-and-term refinancing and cash-out refinancing
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Nationwide availability

Available in Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina and Texas
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Min. credit score required

620 for conventional loans; 660 for jumbo loans; 580 for FHA loans

Pros and cons

Pros

  • Online application and closing process
  • Instant rate quote tool
  • Approves loan in as little as 24 hours

Cons

  • Doesn't offer USDA loans
  • No brick-and-mortar locations

American Federal Mortgage Corporation overview

American Federal Mortgage Corporation is a direct lender with an online-based application and closing process. The lender claims to offer some of the lowest interest rates and fees. Headquartered in Chester, New Jersey, American Federal Mortgage Corporation was founded in 1987, and is one of the largest privately held mortgage bankers.

Loan types

  • Conventional
  • FHA
  • VA
  • Jumbo
  • Fixed-rate
  • Adjustable-rate (ARM)
  • Rate-and-term refinancing
  • Cash-out refinancing

Lender fees

American Federal Mortgage Corporation’s lender fees aren’t available on its website. However, the lender claims that its technology, streamlined application procedure and low overhead allows it to offer lower fees and rates overall. It’s important to keep in mind most lenders charge origination and application fees.

If you want to lower your obligation at closing, certain mortgage programs offered through American Federal Mortgage Corporation can help. FHA and VA government-backed loans may allow you to wrap closing costs into your overall monthly payment.

Minimum borrower requirements

American Federal Mortgage Corporation doesn’t publish borrower requirements, but generally, you can expect it to follow Fannie Mae’s underwriting guidelines for conventional mortgages. That means you’ll need a credit score of at least 620, a down payment of at least 3 percent and a debt-to-income ratio of 43 percent or lower.

For FHA loans, borrowers can generally qualify with a credit score as low as 500 and a DTI as high as 50 percent. VA loans don’t have a credit score or down payment requirement.

In order to qualify for a jumbo mortgage, you’ll typically need a credit score of at least 660 or higher and a DTI of 43 percent or lower.

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American Federal Mortgage Corporation consumer reviews

5.0

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103 reviews

5 stars
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Customer service rating

Knowledge
4.9
Level of service
5.0
Professionalism
4.9
Responsiveness
5.0

99% of reviews would recommend this lender

0 of 0 rates honored

Review this lender

Write a review of your experience with American Federal Mortgage Corporation.

10 of 36 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Smooth and seamless process!

ManavAgarwal | Summit, NJ | 5/8/2020

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Excellent

Steven M | 07838 | 5/9/2020

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Great Experience

Ken Harring | Amesbury, MA | 5/13/2020

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Great experience with Dave Turner and the team

Shreeni Srinivasan | King of Prussia, PA | 6/7/2020

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Great refinance experience

Kevin M. | New Jersey | 6/11/2020

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Great Experience!

Mike | Plainfield, NJ | 6/12/2020

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Seamless and easy

DaleR from NJ | New Jersey | 6/13/2020

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First time with Am Federal

Jim Burroughs | South Carolina | 6/19/2020

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Easy process!

Sharon Glickman | Old Bridge, NJ | 7/11/2020

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Great experience!

Jeremy | Pittsburgh, PA | 7/20/2020