Amplify Home Mortgage Loans

Amplify Home Mortgage Loans Review

Amplify Home Mortgage Loans is offered by Amplify Credit Union (NMLS #530487), a credit union founded in 1967 and based in Austin, TX. Amplify Home Mortgage Loans are available in 1 state across the USA.

Key Takeaways

• 4 different mortgage programs offered. Amplify Home Mortgage Loans offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for single-family and multi-family properties. However, Amplify Credit Union does not offer financing for manufactured homes.
• Standard interest rates types. Amplify Home Mortgage Loans offers adjustable-rate mortgages and fixed-rate mortgages.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Amplify Home Mortgage Loans does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Amplify Home Mortgage Loans.
• Good credit required. You will need a credit score of at least 700 to qualify.

Amplify Home Mortgage Loans Pros & Cons

Amplify Home Mortgage Loans FAQ

How much can you borrow via Amplify Credit Union?

Amplify Home Mortgage Loans allows borrowers to apply for loan amounts of up to $800,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Amplify Home Mortgage Loans?

Amplify Home Mortgage Loans offers mortgages with a maximum term of 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Amplify Credit Union offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, Amplify Home Mortgage Loans may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Amplify Home Mortgage Loans offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Amplify Home Mortgage Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Amplify Home Mortgage Loans allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Amplify Home Mortgage Loans is (800) 237-5087.

What is the support contact email?

The support contact email for is cumail@goamplify.com.