Get Started FAQs
FAQs
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Credit is your ability to obtain goods or services and repay at a later time — think credit cards, mortgages, student loans, etc. And credit scores are a way to reflect that, ranging on a scale from 300 to 850.
When buying or refinancing a home, lenders use your credit score as a way to assess your financial health. Factors like payment history and age of credit determine your score. Typically, you need a score of 620 for approval on a conventional loan. And oftentimes, the higher your score, the more favorable your options.
Get started to find out what's right for you and to understand all your options.
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We offer different types of terms to fit both new loan and refinancing needs. Get started to find out what's right for you and to understand all your options.
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Our minimum loan amount for both purchase and refinance transactions is $75,000.
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There are a few things you can do to improve your chances for a low interest rate.
Improve your credit score. The higher your credit score, the more creditworthy you seem to potential lenders, which could result in a lower interest rate.
Make a higher down payment. Putting down a larger down payment gives you more equity in the home, which, in turn, can lower your interest rate.
Purchase discount points. Points are upfront fees calculated as a percentage of your total loan amount and paid directly to the lender at closing in exchange for a reduced interest rate. You have the option to choose the number of points and how many you buy when discussing rate options with your home loan expert.
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You can call us at 1-855-256-2559 from Monday – Friday, 9 am – 9 pm ET, and Saturday 10 am – 4 pm ET.
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There are several costs that may arise in the home loan process. Examples of one-time costs include:
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Closing costs: Approximately 2% to 5% of the purchase price
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Appraisal fee: varies depending on your state, property type and loan type
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Inspection fee: Approximately $300
Saving money where you can is important. So don't worry – you won’t pay lender fees with us. This means you pay no fees for the application, origination, processing, or underwriting of your loan.
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The initial deposit is up to $750.
However, the total cost of your appraisal will vary depending on your state, property type, and loan type.
The cost of the appraisal will be on the Loan Estimate after your application is submitted.
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Learn more about buying your first home.
Yes. We offer Fannie Mae’s HomeReady® and Freddie Mac’s HomeOne® Mortgage programs.
Fannie Mae's HomeReady® Mortgage program is designed to help first-time and repeat homebuyers with low to moderate income put as little as 3% down with the potential to save on private mortgage insurance.
Freddie Mac’s HomeOne® Mortgage program helps first-time homebuyers with high-income and limited savings put as little as 3% down with private mortgage insurance.
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It’s a $5,000 grant we’re currently offering to make owning a home a little more affordable.
The grant will go toward your closing costs and/or down payment and doesn’t have to be repaid.
To receive the grant, you have to meet certain income requirements and buy a primary home in an eligible metro area.
Learn more about Ally Home Grant and start your application today to see if you’re eligible.
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Down payment requirements vary based on the type of loan you get. For eligible borrowers, we offer down payments on conventional loans for as low as 3%, including the HomeReady® Mortgage program and the HomeOne® Mortgage program.
For qualifying jumbo borrowers, we have a 20% down payment option for our purchase product.
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Our conventional loan maximum amount for both purchase and refinance transactions is $806,500 in most parts of the country and up to $1,209,750 in higher-cost areas. See an interactive map on the Federal Housing Finance Agency website
For jumbo loans, our maximum loan amount is $2 million. Learn more about our jumbo loans