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Allied Mortgage Group is a full-service mortgage lender headquartered near Philadelphia. With nearly 30 years of experience in the mortgage industry, Allied remains committed to streamlining the mortgage process and maintaining high customer service standards. Allied has branches along the Eastern Seaboard and is rapidly expanding toward the West Coast, and it’s licensed to provide mortgages in most states in the U.S.
Allied is both a direct lender and a wholesaler that works with third parties such as banks, credit unions, and mortgage brokers. It offers purchase and refinance loans for primary and second homes as well as investment properties.
In this review:
- Allied Mortgage Group review
- Allied Mortgage Group refinance review
- How Allied Mortgage Group could improve
- Compare multiple lenders first
Allied Mortgage Group review
Best for:
- Self-employed borrowers and others with special credit circumstances
- First-time homebuyers with little or no down payment
- Buyers purchasing a home that needs repairs
Allied Mortgage Group offers purchase loans for just about any buyer, including those who might have trouble getting a loan approved elsewhere.
In addition to standard conventional and jumbo mortgages, Allied has government-backed loans with low or no down payment requirements and more modest eligibility criteria.
It also offers HomeReady loans. These are conventional loans underwritten by Fannie Mae and intended for low-income, first-time, or repeat homebuyers with limited cash for a down payment. A HomeReady loan requires just 3% down and allows the down payment to come from gifts, grants and other sources.
If you have unique financial circumstances, Allied has flexible “non-agency” loan options that might suit you better. For example, a bank-statement loan program lets self-employed borrowers document their income with bank statements instead of tax returns.
Mortgage loans for manufactured homes and non-warrantable condos — those in incomplete developments or not yet managed by a condo association, for example — are also available. So are 203(k) mortgage loans, which finance both the purchase and eligible repairs of a home all in the same loan.
Here’s a detailed look at Allied Mortgage Group’s purchase loans:
| Mortgage programs | Conventional, HomeReady, Home Possible, jumbo, FHA, VA, USDA, non-agency, 203(k) |
| Fixed-rate loan terms | 10, 15, 20, and 30 years |
| Variable-rate loan terms | 5/6, 7/6, and 10/6 |
| Rates and fees | Rates depend on a number of factors, including amount borrowed and borrower qualifications. FHA, VA, and USDA loans have additional fees. Some products require mortgage insurance. Contact a loan officer for more information. |
| Min. credit score |
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| Min. down payment |
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Allied Mortgage Group refinance review
Best for:
- Homeowners who want to change the rate or term of their current loan
- FHA borrowers who want to eliminate permanent mortgage insurance
- Homeowners who want to both refinance their current mortgage and finance home repairs
Allied Mortgage Group has a good selection of refinance loans if your current mortgage loan no longer meets your needs.
Allied Mortgage Group’s conventional rate-and-term and cash-out refinancing products include HomeReady refinance loans for low-income borrowers with a credit score of at least 620 and an existing HomeReady loan.
Another option is the Refi Possible refinance loan from Freddie Mac. You can use it to refinance a home secured by a Freddie Mac-owned mortgage and, in most cases, borrow up to 105% of your home’s value. However, cash out is limited to $250.
You’ll also find jumbo refis as well as fixed-rate and adjustable-rate government-backed refinance loans.
FHA streamline refinances don’t allow cash out, but they simplify the approval process by not requiring an appraisal or credit score. If you want to take cash out using an FHA loan, Allied offers an FHA cash-out refinance option as well.
You have two options for a VA refinance: a cash-out refinance and an Interest Rate Reduction Refinance Loan (IRRRL). A VA cash-out refinance lets you take unlimited cash out, with a maximum loan-to-value ratio of 90%. The VA IRRRL doesn’t allow cash out, but you also don’t need to get a new home appraisal or provide a credit score.
USDA refis are also available as streamlined and non-streamlined loans. Cash-out refinances aren’t allowed with USDA loans. You’ll need a higher credit score for a streamlined loan — 640 compared to 620 for a non-streamlined refinance.
The 203(k) renovation loan allows you to refinance your current mortgage and borrow extra for home repairs or improvements.
Finally, Allied also has non-agency loans. You can opt for a bank statement loan if you’re self-employed and would rather document income without submitting tax returns. Other choices include loans for foreign nationals and owners of manufactured homes.
Here’s a detailed look at Allied Mortgage Group’s refinance loans:
| Mortgage refinance programs | Conventional, HomeReady, Refi Possible, jumbo, FHA, VA, USDA, 203(k) |
| Fixed-rate loan terms | 10, 15, 20, and 30 years |
| Variable-rate loan terms | 5/6, 7/6, and 10/6 |
| Rates and fees | Vary by loan type. Usually can be rolled into loan. |
| Min. credit score |
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How Allied Mortgage Group could improve
Allied Mortgage Group has mortgage products for nearly every buyer. But there’s still some room for improvement:
- Transparency: The Allied website would be more helpful if it had more information about the loans it offers.
- Privacy: You’ll need to enter your contact information to get rate quotes.
- User-friendliness: Users who want to apply online may have a difficult time finding where to do it. Whereas most mortgage lenders have “apply now” links on their product pages, Allied users need to navigate to the Branches page, find a branch, click a button to view loan officers affiliated with that branch, and then navigate to a loan officer’s website to start an online application.
Compare multiple lenders first
Allied Mortgage Group is an excellent choice for a purchase or refinance loan, but it’s not the only mortgage lender competing for your business. Shop around to compare rates and loan options before you make a final decision.
Keep Reading: How to Get the Best Mortgage Rates
