Mortgage Loans

Your dream home is only a few steps away
  • Save up to $1,500 in closing costs on purchases and refinances (limited-time offer!)1 
  • Low mortgage rates on several different home loan types
  • Access to experienced Mortgage Loan Officers
  • Reduced down payment options available
  • Special loan opportunities for military members
  • FHLB First-Time Home Buyer Grant Program available

You need to make some decisions. We can offer some friendly guidance.

Whether you’re buying a home in Washington, D.C., Maryland, Virginia, New Jersey or elsewhere, this is an exciting time. But learning what's on the market can be an exhausting process. 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.  

First-Time Home Buyers

Now Extended! 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 with Andrews Federal. 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 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 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? A Homebuyer’s Grant Can Help Make It a Reality.

Getting together a down payment can be a hurdle for many homebuyers. With two new grant programs and competitive mortgage options, we’re making it easier for Andrews Federal members to get into 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 Mortgages

Lock in your principal payment and interest rate

It's the ideal 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

CHECK RATES

Conventional Adjustable-Rate Mortgages

A little flexibility can offer a lower monthly payment

  • 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

CHECK RATES

VA Fixed Rate Mortgages

A great 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.

CHECK RATES

FHA Fixed Rate Mortgages

A low down payment option with 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.

CHECK RATES

USDA Mortgages

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.

CHECK RATES

Jumbo Home Loans

The perfect loan for higher housing costs

  • 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

CHECK RATES

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.  

Learn more about the home buying process

Fannie Mae HomeView

The journey toward homeownership can be a thrilling experience. 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. 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.

  1. Multiply the unpaid balance times the interest rate.
  2. Multiply the answer obtained in step one times the exact number of days between the loan disbursement (if the 1st payment) or payments.
  3. 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.

90 Days No Payment

New! Defer Your First Payment

Defer your first payment up to 90 days when you finance by March 31, 2024