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Mortgage Loans

Your dream home is only a few steps away

Lowest mortgage rates around on 30-year mortgages
Up to $1,500 savings on closing costs¹
Float down your rate if rates change during the mortgage application process²
Flexible terms and options for your mortgage loan
First time home buyers can borrow up to 97% of the home's value
FHLB First-Time Home Buyer Grant Program available

First-Time Home Buyers

Save Up To $1,500 In Closing Costs

You can save up to $1,500.00 in closing costs¹. Your origination fees will be waived if you establish direct deposit to pay your mortgage loan with Andrews Federal Credit Union. This offer applies to all refinance or purchase applications, including purchase prequalification applications

Make your dreams a reality with a lower down payment

Save up to $1,500 in closing costs on purchases and refinances (limited-time offer!)¹
Borrow up to 97% of the home's value³
Make a down payment as low as 3% of the cost of your new home
Apply for Federal Home Loan Bank (FHLB) Grants of up to $15,000. (Money can be used for a down payment, closing costs, and/or reducing the principal on your mortgage.)
Choose between home loans that require personal mortgage insurance (PMI) and those that don't

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FHLB First-Time Home Buyer Grant Program

Found The Perfect Home but Unsure if You Can Afford It? A Homebuyer’s Grant Can Help Make It a Reality.

Putting together a down payment for a mortgage loan can be a hurdle for many homebuyers. With two new grant programs and competitive mortgage options, we’re making it easier for Andrews Federal Credit Union members to buy the house they’ve been dreaming of.

Assistance when you purchase a first home
Use funds for down payment or for closing costs
Up to $12,500 in assistance through the FHLB program
No repayment required when you own the home for 5 years

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Conventional Fixed-Rate Mortgage Loans

Lock in your principal payment and interest rate, and get worry-free, predictable monthly payments

The ideal home loan for people who don't like surprises. Your principal payment and interest rate won't change one bit, regardless of market conditions over the next decade, or two, or three.

Save up to $1,500 in closing costs on purchases and refinances (limited-time offer!)¹
Borrow up to 95% of the home's value²
Choice of loan lengths: 10, 15, 20 or 30 years
Refinance your existing loan to save on interest charges or reduce monthly payments

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Apply Now

Conventional Adjustable-Rate Mortgage Loans

A little flexibility can offer a lower initial interest rate and monthly payments

Save up to $1,500 in closing costs on purchases and refinances (limited-time offer!)¹
Borrow up to 95% of the home's value²
Caps prevent the interest rate from increasing too much after the initial 5-, 7- or 10-year period
Refinance your existing loan to save interest charges or reduce monthly payments
Lower interest rates for the first 5, 7 or 10 years

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VA Fixed Rate Mortgage Loans

A great mortgage loan option for eligible service members, veterans and their spouses

Borrow up to 100% of the value of your home
No monthly mortgage insurance
Streamlined refinance process with reduced documentation in many cases

Question? Please call (844) 809-0790.

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FHA Fixed Rate Mortgage Loans

Get your dream home now with a low down payment option and great rates

Less stringent underwriting than conventional loans
Buy with as little as 3.5% down payment
Popular choice for first time home buyers

Question? Please call (844) 809-0790.

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USDA Mortgage Loans

For eligible properties located in rural areas and smaller towns

Borrow up to 100% of the value of your home
No monthly mortgage insurance
Lenient eligibility requirements and competitive rates

Question? Please call (844) 809-0790.

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Jumbo Home Loans

The perfect mortgage loan option for bigger dreams

Loan amounts greater than $766,550
Borrow up to 90% of the home's value
Refinance your existing loan to save interest charges or reduce monthly payments

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Apply Now

Home Center

Find your next home

Our Home Center can point you in the right direction, with its extensive lists of properties and experienced agents. Our lending professionals can help you choose a low-cost mortgage you can happily live with for years to come.

Home Center

Learn more about the home buying process

Fannie Mae HomeView^™

The journey toward homeownership can be thrilling, but it can also be filled with lots of questions and maybe more than a little uncertainty. That’s why we’re excited to provide Fannie Mae HomeView, a free homebuyer education course that guides you along each step, helping you feel more informed and confident about the home-buying process.

Take a closer look at various topics, including saving for a home, shopping for a home with an agent, understanding the lending process and much more. Completing this course also fulfills the first-time homebuyer requirements for programs such as the HomeReady program. Discover everything you can learn through Fannie Mae HomeView.

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Freddie Mac CreditSmart^® Homebuyer U

Increase your knowledge of the homebuying process to reach a higher degree of understanding through Freddie Mac CreditSmart Homebuyer U. This free resource offers invaluable guidance and satisfies the homebuyer course requirement for the HomePossible program. Tap into a tailored experience with various tools and trackers that provide a closer look at everything that goes into buying a home.

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STILL HAVE QUESTIONS?

Go here to learn more about our eligibility requirements.

Unfortunately, you cannot pay your escrow short online. Mail a check with “Mortgage Escrow Shortage” written in the Memo line, to:
Andrews Federal Credit Union
ATTN: Mortgage Department
P.O. Box 3000
Clinton, MD 20735-6001

No, you are welcome to apply for a loan before you've become a member. Once you've been approved for the loan, membership is required($5 minimum in Savings) for the loan to be disbursed.

Principal Only Payments are available on mortgage loan products only. Consumer loans are not eligible for principal only payments. On consumer loans, interest accrues daily. Each time you make a payment, the payment will first satisfy interest for the amount of days it has been since the last payment (or date of loan origination, if no first payment has been made.)

Follow the instructions below for an easy way to calculate the interest on your loan.

Multiply the unpaid balance times the interest rate.
Multiply the answer obtained in step one times the exact number of days between the loan disbursement (if the 1^st payment) or payments.
Divide the answer obtained in step two by 365 (number of days in a year) and this will equal the interest charged as reflected on your statement.

Good News: You may pay more than the amount due each month. Paying more than your required monthly payment can reduce the amount of interest you pay, and shorten the overall length of your loan. You may make additional payments to the loan at any time, however they will first satisfy any interest accrued and then they will go to any fees and then the principal.

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We do business in accordance with the Equal Credit Opportunity Act. Must be a member of the credit union to open any loan account. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Additional restrictions may apply. *

APR=Annual Percentage Rate.

¹$1,500 Waived Origination Fee Credit - Valid one-time only per applicant(s) on conventional fixed and adjustable rate first mortgages. Closing or refinancing of your new mortgage loan must be completed by December 31, 2023. Offer may not be duplicated and may change at any time. Offer valid with new or existing Direct Deposit relationship. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Must be a member of the credit union to open any loan account.

²As a member, you may borrow up to 95% of your home’s value minus the amount remaining on your mortgage.

³First-Time home buyers may borrow up to 97% of the home’s value.

Andrews Federal Credit Union is a full-service financial institution with stateside locations in Washington, D.C., Maryland, Virginia and New Jersey, as well as overseas locations in the Netherlands, Belgium and Germany.