FHLB First Time Home Buyer Grant Program

Grants for Homebuyers
  • 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

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.

FHLB Grant

If you are a first-time homebuyer or haven’t owned a home within the past three years, you could be eligible for a grant to cover part of your down payment or closing costs.

  • Up to $12,500 in assistance that can be used toward down payment or closing costs.
  • No repayment required is you own your home for 5 years.
  • Limited funds are available on a first-come, first-serve basis
  • Eligibility based on income and other qualifications

HomeReady Grant

You could also qualify for a HomeReady grant and receive additional funds you can use toward your down payment or closing costs.

  • Up to $2,500 in grant funds to support first-time homebuyers.
  • Grant funds available through February 2025

Low Rate Mortgage Loans

Choosing the right mortgage loan can make a significant difference in the overall cost of homeownership. Work with one of our Andrews Federal home loan specialists to find the option that best fits your homebuying needs.

  • Extremely competitive rates - the lowest in town!
  • Down payment options as low as 3%
  • Supportive lending specialists to guide you through the homebuying process

View Rates

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 June 30, 2024