Our specialists reply readers’ home-buying questions and write unbiased product critiques (here is how we assess mortgages). In some circumstances, we obtain a fee from our companions; nonetheless, our opinions are our personal.
Ameris Bank Mortgages
Types of Loans Offered
Conforming, FHA, VA, USDA, jumbo, Ameris Dream, development, rehabilitation, current housing occasion, doctor, financial institution assertion, HELOC
- Offers many alternative mortgage varieties
- Flexible credit score necessities
- First-time homebuyer grant as much as $12,500
- Low down cost jumbo loans
- Not accessible in Alaska, Hawaii, Maine, or New York
- Only has branches in a handful of states
- Doesn’t show charges on-line
- Lender price features a mortgage administrative price, which is round $1,025
- Available in 46 states and Washington, DC
- Has branches in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, and Virginia
- Jumbo mortgage quantities as much as $3 million
- Minimum credit score rating and down cost displayed are for conforming mortgages
About Ameris Bank Mortgages
To get a mortgage with Ameris Bank, you may want to look on the lender’s web site for a mortgage officer close to you. Then, you will get began over the telephone or on-line. If you favor to use in individual, you possibly can go to one of many financial institution’s bodily branches in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, or Virginia.
Ameris Bank lends mortgages in 46 states and Washington, DC. It is not accessible to debtors in Alaska, Hawaii, Maine, or New York.
Ameris Bank gives primary mortgage varieties, together with:
Its Bank Statement Advantage program is an effective possibility for self-employed debtors who want to make use of financial institution statements to indicate their revenue. It additionally gives a Recent Housing Event mortgage for debtors who’ve skilled a “housing event” (this might embody a foreclosures or brief sale) because of monetary hardship.
The Ameris Dream mortgage is for first-time homebuyers who meet revenue and placement necessities. It permits as much as 100% financing with no mortgage insurance coverage. Ameris Bank additionally gives a down cost grant of as much as $12,500. The grant is a second mortgage that shall be absolutely forgiven so long as you keep in your house for no less than 5 years.
This lender additionally gives dwelling fairness traces of credit score (HELOCs).
Ameris Bank lets debtors with no or restricted credit score apply with non-traditional credit score on a few of its loans. The lender could take a look at your lease cost historical past or consider your money circulate utilizing financial institution assertion information to determine your creditworthiness in lieu of a standard credit score rating.
Is Ameris Bank Trustworthy?
Ameris Bank presently has a C+ score from the Better Business Bureau because of a failure to reply to a grievance filed towards the enterprise. The BBB grades corporations based mostly on whether or not they promote truthfully, reply successfully to buyer complaints, and are clear about enterprise practices.
Ameris Bank lately settled redlining allegations from the Department of Justice. The grievance claimed that from 2016 to 2021, Ameris Bank prevented originating mortgages in majority-Black and Hispanic neighborhoods in Jacksonville, Florida, and that it discouraged debtors in these communities from getting mortgages. The DOJ says that different banks within the space generated purposes in these neighborhoods at thrice the speed of Ameris. Ameris Bank has denied these allegations.
On its Zillow lender web page, Ameris has 4.95 out of 5 stars, based mostly on over 900 on-line buyer critiques.
Ameris Bank Mortgage Interest Rates and Fees
Ameris Bank would not show any pattern mortgage charges on-line. If you wish to get a fee quote, you may want to achieve out to an Ameris mortgage officer close to you.
Ameris Bank expenses a mortgage administrative price that is roughly $1,025. You’ll pay this along with any third-party closing prices you incur through the strategy of getting your mortgage.
According to Home Mortgage Disclosure Act information, in 2022, the common borrower who obtained a traditional mortgage from Ameris Bank paid $3,717 in origination expenses. Origination charges can embody issues like low cost factors, which permit debtors to pay extra at closing in trade for a decrease fee. Ameris’ origination expenses are round common in comparison with different lenders.
Ameris Bank: Overall Lender Rating
Ameris Bank Mortgages: Pros and Cons
Ameris Bank Mortgage FAQs
Yes, Ameris Bank is a official financial institution and mortgage lender. It’s been round since 1971, when it was often known as American Banking Company.
Ameris Bank is a powerful and inexpensive lender, notably for first-time homebuyers. But whether or not it is a good match for you relies on your wants, your monetary state of affairs, and how much fee you will get. It’s a good suggestion to buy round with a number of lenders to see which one fits your wants and is essentially the most inexpensive.
Ameris Bank is a subsidiary of Ameris Bancorp. Its present CEO is Palmer Proctor.
On its mortgages, Ameris Bank expenses an administrative price. This price is roughly $1,025.
How Ameris Bank Mortgages Compare
Ameris Bank vs. Guild Mortgage
Both of those lenders provide a remarkably big selection of mortgage merchandise. If you could have an uncommon state of affairs or are in search of a particular kind of mortgage, the fitting match could come right down to which gives the mortgage you are in search of.
Guild Mortgage is much like Ameris Bank in that it additionally accepts non-traditional credit score (like proof on-time lease or utility funds) from debtors who haven’t any conventional credit score rating by means of its Complete Rate program. Because of this profit and its handy on-line course of, Guild is likely one of the greatest mortgage lenders for first-time homebuyers.
However, when you’re struggling along with your down cost, Ameris is perhaps the higher match, due to the down cost grant it gives and its Ameris Dream mortgage, which permits 0% down with no mortgage insurance coverage for eligible first-time homebuyers.
Ameris Bank vs. Bank of America mortgages
Bank of America and Ameris Bank each have related choices for cash-strapped first-time consumers. Bank of America gives down cost help as much as $10,000 and shutting price help as much as $7,500.
For debtors who’re having hassle qualifying by means of conventional means because of having a restricted credit score historical past or inadequate financial savings, Bank of America could possibly be a good selection. Its Community Affordable Loan Solution requires no down cost and no closing prices, and you should use non-traditional credit score to qualify.
Both of those lenders are inexpensive selections for first-time homebuyers, so it could possibly be value getting preapproved with each. But Ameris could possibly be the higher alternative total when you’re in search of a wider vary of mortgage choices to select from.
Why You Should Trust Us: How We Reviewed Ameris Bank Mortgages
To evaluate Ameris Bank, we used our methodology for reviewing mortgage lenders.
We take a look at 4 components — mortgage varieties, affordability, buyer satisfaction, and trustworthiness — and provides every a score between 1 and 5, then common these particular person rankings for the general lender score. Lenders get greater rankings if they provide a excessive variety of mortgage varieties with inexpensive options, have constructive buyer critiques, and haven’t any current public controversies.