Business Insider's personal finance team compared Ameris Bank to the best mortgage lenders and found it to be a standard lender with options for a wide variety of borrowers.
Ameris Bank Mortgages is an extremely affordable and flexible mortgage lender, and a particularly good choice for first-time homebuyers. It has options for borrowers with no credit score, those with unique situations, and more. It also offers a down payment assistance grant. But it doesn't lend in every state.
620
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Conforming, FHA, VA, USDA, jumbo, Ameris Dream, construction, rehabilitation, physician, bank statement, HELOC
- Offers many different mortgage types
- Flexible credit requirements
- First-time homebuyer grant up to $12,500
- Low down payment jumbo loans
- Not available in Alaska, Hawaii, Maine, or New York
- Only has branches in a handful of states
- Doesn't display rates online
- Available in 46 states and Washington, D.C.
- Jumbo loan amounts up to $3 million
- Minimum credit score and down payment displayed are for conforming mortgages
Overview of Ameris Bank Mortgages
Mortgage Services Offered by Ameris Bank
Ameris Bank lends mortgages in 46 states and Washington, D.C. It isn't available to borrowers in Alaska, Hawaii, Maine, or New York.
Ameris Bank offers a variety of different types of mortgages, including more common ones like conforming and government-backed mortgages. It also has some more niche types of loans, including a bank statement loan. Plus, it offers an affordable mortgage for first-time homebuyers with no down payment required.
Ameris Bank History
Ameris Bank was founded in 1971 under the name American Banking Company. It rebranded to Ameris Bank in 2005.
Conventional Loans Offered
Ameris Bank offers the following types of conventional loans:
- Conforming loans
- Jumbo loans
- Construction and construction-to-permanent loans
- Renovation loans
- Medical professional mortgages
- Bank Statement Advantage: Available for self-employed borrowers who need to use bank statements to show their income
Government-Backed Mortgages (FHA, VA, USDA)
Ameris Bank offers all three of the major government-backed loans options:
Special Programs for First-Time Homebuyers
The Ameris Dream mortgage is for first-time homebuyers who meet income and location requirements. It allows up to 100% financing with no mortgage insurance.
Ameris Bank also offers a down payment grant of up to $12,500. The grant is a second mortgage that will be fully forgiven as long as you stay in your home for at least five years.
Home equity options
This lender also offers home equity lines of credit (HELOCs).
How to Apply
To get a mortgage with Ameris Bank, you'll need to search on the lender's website for a loan officer near you. Then, you can get started over the phone or online. If you prefer to apply in person, you can visit one of the bank's physical branches in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, or Virginia.
Eligibility Requirements
A representative told Business Insider that Ameris Bank requires a 620 credit score on most of its mortgages.
Ameris Bank lets borrowers with no or limited credit apply with non-traditional credit on some of its loans. The lender may look at your rent payment history or evaluate your cash flow using bank statement data to establish your creditworthiness in lieu of a traditional credit score.
Ameris Bank Mortgage Rates and Fees
Ameris Bank doesn't display any sample mortgage rates online. If you want to get a rate quote, you'll need to reach out to an Ameris loan officer near you.
In our review of the latest Home Mortgage Disclosure Act data, we found Ameris Bank's interest rates to be around average compared to other lenders.
According to HMDA data, in 2023, the average borrower who got a conventional mortgage from Ameris Bank paid $4,850 in origination charges. This is around average compared to other lenders.
Pros and Cons of Ameris Bank Mortgages
Pros
- Offers a wide variety of mortgages
- Accepts non-traditional credit from borrowers with no or limited credit
- The Ameris Down Payment Grant program offers up to $12,500 for eligible first-time homebuyers
- The Ameris Edge jumbo loan allows down payments as low as 5%
Advantages of Choosing Ameris Bank
We like Ameris Bank's wide array of affordable mortgage offerings. If you're a first-time homebuyer, you can get an Ameris Dream loan with no down payment required. The bank also has up to $12,500 in down payment assistance for eligible first-time borrowers.
It's possible to get a mortgage from this lender even if you don't have an established credit score. If you're still new to the world of credit, you may be able to use non-traditional credit such as your rent payment history to qualify.
Cons
- Doesn't lend in Alaska, Hawaii, Maine, or New York
- Only has physical branches in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, and Virginia
- Lacks rate transparency
Considerations and Limitations
Ameris Bank mortgages aren't available in Alaska, Hawaii, Maine, and New York. It also only has physical branches in a handful of states, which might be a drawback if you want to apply in person but you aren't near a branch.
Ameris doesn't share any sample mortgage rates online. Many lenders post sample rates or even let prospective borrowers explore customized rates online to get an idea of how much they might pay with a given lender.
Is Ameris Bank a Trustworthy Mortgage Lender?
Ameris Bank has an A- rating from the Better Business Bureau rather than an A+ due to a failure to respond to two complaints filed against the business.
In October 2023, Ameris Bank settled redlining allegations from the Department of Justice. The complaint claimed that from 2016 to 2021, Ameris Bank avoided originating mortgages in majority-Black and Hispanic neighborhoods in Jacksonville, Florida, and that it discouraged borrowers in these communities from getting mortgages. The DOJ says that other banks in the area generated applications in these neighborhoods at three times the rate of Ameris. Ameris Bank has denied these allegations.
Compare Ameris Bank to Other Mortgage Lenders
Ameris Bank vs. Guild Mortgage
Both of these lenders offer a remarkably wide range of mortgage products. If you have an unusual situation or are looking for a specific type of loan, the right fit may come down to which offers the mortgage you're looking for.
Guild Mortgage is similar to Ameris Bank in that it also accepts non-traditional credit (like proof of on-time rent or utility payments) from borrowers who have no traditional credit score through its Complete Rate program. Because of this benefit and its convenient online process, Guild is one of the best mortgage lenders for first-time homebuyers.
Guild allows relatively low credit scores on its FHA and USDA loans (down to 540). If you have a low score, you might have better luck with Guild.
Ameris Bank vs. Bank of America mortgages
Bank of America Mortgage and Ameris Bank both have assistance for cash-strapped first-time buyers. Bank of America offers down payment assistance up to $10,000 and closing cost assistance up to $7,500.
For borrowers who are having trouble qualifying through traditional means due to having a limited credit history or insufficient savings, Bank of America could be a good choice. Its Community Affordable Loan Solution requires no down payment and no closing costs, and you can use non-traditional credit to qualify. However, this loan is only available in certain areas.
Both of these lenders are affordable choices for first-time homebuyers, so it could be worth getting preapproved with both. But Ameris could be the better choice overall if you're looking for a wider range of loan options to choose from.
Bank of America Mortgage Review
Ameris Bank Mortgage FAQs
Yes, Ameris Bank is a legitimate bank and mortgage lender. It's been around since 1971, when it was known as American Banking Company.
Ameris Bank offers all of the most popular types of mortgages, including conforming, jumbo, FHA, VA, and USDA loans. It also has specialty programs for first-time homebuyers or borrowers with more niche needs.
Ameris Bank is a strong and affordable lender, particularly for first-time homebuyers. But whether it's a good fit for you depends on your needs, your financial situation, and what kind of rate you can get. It's a good idea to shop around with multiple lenders to see which one suits your needs and is the most affordable.
Ameris Bank is a subsidiary of Ameris Bancorp. Its current CEO is Palmer Proctor.
You can get started with Ameris Bank online, over the phone, or in person.
Ameris Bank offers a large number of different types of mortgages and is an especially affordable lender for first-time homebuyers.
Why You Should Trust Us: How We Reviewed Ameris Bank Mortgages
To review Ameris Bank, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 5 out of 5
Ameris Bank offers all of the most popular types of mortgages and a few others that can help people in particular situations who might have trouble finding a loan elsewhere.
Affordability: 5 out of 5
Ameris has many affordable loan options, including FHA loans and its specialty Ameris Dream loan for first-time homebuyers. It also accepts non-traditional credit from borrowers with no credit score or a limited credit history and it offers down payment assistance.
Customer Satisfaction: 4.95 out of 5
On its Zillow lender page, Ameris has 4.95 out of 5 stars, based on over 1,000 online customer reviews. Reviewers frequently mention that they found their loan officers to be knowledgeable and caring.
Trustworthiness: 3 out of 5
Ameris Bank has an A- from the BBB. The BBB grades companies based on whether they advertise honestly, respond effectively to customer complaints, and are transparent about business practices. It also settled redlining allegations from the Department of Justice in 2023, though Ameris denies that it engaged in redlining.
