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.
- Adjustable-rate (ARM)
- Rate-and-term refinancing
- Cash-out refinancing
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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