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Allied Mortgage Group is a full-service mortgage lender with more than 30 years of experience in the mortgage industry. The company offers new loans and refinancing options and is licensed in 34 states and Washington, D.C. Keep reading to learn more about Allied, who it’s best for, and what the application process looks like.
Allied may be a good choice for first-time homebuyers, self-employed individuals, and borrowers looking for low down payment options. If you’ve had trouble finding mortgage approval through other lenders, Allied might be a good fit.
The company offers low-down-payment options like VA loans, USDA loans, and FHA loans. Allied will also help you find state and local down payment grants, and may accept down payment gifts from family or friends.
Self-employed borrowers often face more scrutiny when attempting to buy a home. However, Allied simplifies the application process by providing other ways for self-employed workers to verify their income.
Best for industry experience
Allied Mortgage Group
Fox Money rating
Min. Credit Score
620
Days to Close
30
Pros and cons
Strong customer service reviews
Special mortgage programs
Great for first-time homebuyers with little or no down payment
Charges a lender fee
No live-chat feature
No mobile app
Only available in 37 states
More details
Overview
With nearly 30 years of experience in the mortgage industry, Allied Mortgage Group offers purchase loans for just about any buyer. The lender offers conventional loans, jumbo loans, VA loans, FHA loans, USDA loans, and several niche mortgage options. For instance, Allied Mortgage Group offers manufactured-home loans and flexible “non-agency” loan options for borrowers with unique financial situations, such as self-employed borrowers. However, the lender only offers mortgages in 37 states — so you’ll have to check whether you can apply.
Who it's best for: Home loans from Allied Mortgage Group are best for borrowers who want a lender with decades of industry experience.
Shows rates
Origination fee
Availability
Customer service
Email, phone
Mobile app
Online review score
Undisclosed
Online prequalification
Min. down payment
Loan Type
Conventional
Yes
FHA
Yes
VA
Yes
USDA
Yes
Jumbo
Yes
ARM
No
To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings.
Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology.
Allied: Pros and cons
There are benefits and drawbacks that come with every mortgage lender — here are a few considerations about Allied:
Pros
- Wide variety of loans: Allied offers many loan types, including conventional, USDA, VA, FHA, HomeReady®, and Home Possible® loans.
- Flexible loan options: Allied has options for gig workers and self-employed individuals. These loans have streamlined documentation requirements and can accommodate complex financial situations.
- Easy application process: If you want to explore your options with Allied, you can start by getting prequalified online. Because Allied handles everything in-house, closing can take around 30 days for a typical mortgage.
- Positive customer reviews: The company received an A+ rating from the Better Business Bureau and many positive reviews online.
Cons
- Lack of transparency: Allied doesn’t publish potential interest rates on its website.
- Not available everywhere: The company is only available in 34 states and the District of Columbia, so many borrowers won’t have the option to apply.
Buying a house is a big decision, and the lender you choose plays a big role in how this process can go. Here’s what you should consider before applying for a mortgage with Allied:
- Current financial situation: Before applying for a mortgage, take some time to review your budget and figure out what kind of home you can afford. Knowing where you are financially will also help you determine the loan type you should apply for.
- Credit score: Your credit score impacts the interest rates and repayment terms you receive on your mortgage. If your credit score is lower than you would like, you can improve it by paying your bills on time and lowering your credit utilization rate.
- Down payment: According to Allied, you can qualify with a down payment as low as 3%, though you may have to pay for private mortgage insurance (PMI). If you don’t have enough saved for the minimum down payment, Allied might accept a gift from a friend or family member. The company can also help you find down payment assistance through a state or local program.
- Closing costs: When you’re budgeting for a new house, don’t forget to account for closing costs. Closing costs include an appraisal, inspection, property taxes, and title fees. They typically cost between 3% and 5% of the total loan amount, though the exact amount will vary depending on your lender.
Tip:
Compare your offers from at least three lenders to help find the best loan. Get prequalified and compare the offers you receive. Shopping around is the best way to find low interest rates, fees, and flexible repayment terms.
There are a few ways to apply for an Allied loan — you can visit a branch location, apply online, or call the company directly. Here are the steps you’ll take:
Keep in mind:
Prequalification usually relies on self-reported information about your income, home price, and borrower profile. When you apply for a loan, you’ll need to provide documents to show your income, credit score, and assets.
When you apply for a mortgage with Allied, you’ll need to meet certain criteria to qualify. Here are the main factors lenders look at when you go through the underwriting process:
- Income verification: You’ll need to show Allied that you have a stable source of income. You can do this by providing your pay stubs and tax returns. If you’re self-employed, you can provide your lender with bank statements from the previous two years. It’s also helpful if you can show that you’ve been in the same role for at least two years.
- Debt-to-income ratio (DTI): Your DTI is the percentage of your gross monthly income going toward debt payments. Many lenders look for a DTI ratio below 36%, though some are willing to go as high as 43%.
- Savings and assets: Finally, lenders will consider your savings and assets to assess whether you can cover your mortgage payments if your finances get tight.
The process of refinancing with Allied is similar to obtaining a new mortgage. You’ll start by contacting an Allied loan officer to learn more about your refinancing options. If you decide to move forward, you’ll fill out an application online and provide the necessary financial documents.
Once you’ve been approved for your refinance, Allied will send you a loan estimate detailing your interest rate, loan terms, and closing costs.
Note:
You’ll replace your existing mortgage balance with a refinance loan — with a new interest rate and terms, too. In general, refinancing makes sense if you can lower your interest rate by at least 1%.
Allied offers flexible loan options, especially if you’re a first-time homebuyer or looking for a low-down-payment loan. In addition, if you’re self-employed and looking for a lender who will work with your income situation, Allied might be worth considering. See how Allied compares with other mortgage lenders before you make your decision.
Meet the contributor:Jamie Johnson
Jamie Johnson is a Kansas City-based personal finance and credit expert whose work has been featured in Credit Karma, Insider, Bankrate, Rocket Mortgage, the U.S. Chamber of Commerce, Quicken Loans, and The Balance.
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