PRODUCTS
Conventional Loans
Conventional loans are defined as a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) or the Department of Veterans Affairs (VA). It is typically fixed in its term and rate. AFFCU offers a wide variety of conventional loans that can accommodate long term fixed rate mortgages with minimal down payments with private mortgage insurance (PMI). Please contact your local branch or our real estate department to help determine the program that fits your needs.
Specialty Loans
For more information about these Specialty Loan Products, please contact our servicing department at MTGservicing@amfirst.org.
Construction Loan
Whether you’ve found the perfect piece of land or you’re ready to bring your custom home plans to life, AmFirst is here to help. Building a home is different from buying one, and financing it should be just as thoughtful.
With a Construction Loan, you’ll finance the construction of your new home with a short-term loan. Once construction is complete, you’ll obtain permanent mortgage financing to pay off your construction loan. You may choose to finance your mortgage with AmFirst or another lender.
Our Mortgage Services team will guide you through each step of the process with confidence, supported by a local team that’s with you from groundbreaking to move-in day.
Building a home is one of life's biggest milestones, and we're here to help make the financing process as smooth as possible.
Speak with a member of our team to learn more about construction lending and determine whether it's the right option for your project.
FHA Loans
FHA (Federal Housing Administration) loans are available to all borrowers and are guaranteed by the government. The mortgage itself is issued by traditional lenders, but the government insures the loan against default. For this reason, lending requirements are less stringent and have a lower down payment requirement. FHA loans require MIP (Mortgage Insurance Premium), which are cost competitive with conventional loans. MIP fees associated with FHA loans can be rolled into the loan and sellers can contribute up to 6% of the sales price toward closing costs. A benefit of FHA loans is that the debt-to-income ratios may be approved at a higher percentage than conventional mortgages. There is a minimum credit score requirement for FHA financing.
FHA Streamline Refinance
To qualify for a Streamline refinance, you must currently have an FHA loan and would like to lower your payment, interest rate or term on a new FHA loan. This can be done quickly and easily with minimal cost to you at closing. This type loan can be done without a new appraisal in most cases and only requires a qualifying credit score with a history of the most recent 6-12 months of current mortgage payments.
VA Loan
VA (Veterans Administration) loans are only offered to qualified veterans and their surviving spouses. There are no income restrictions but borrowers must meet credit score requirements. If you currently have a VA loan and would like to refinance to a lower rate/payment, that can be done with minimal cost by applying for a VA Interest Rate Reduction Refinance Loan (IRRRL). This special refinance does not require a new appraisal or income documentation. VA also offers a Cash-out Refi option.
USDA Loan
A USDA loan is a mortgage loan offered to borrowers looking to purchase property in rural areas. This is a government provided program through the Department of Agriculture. A down payment is not required so members can finance 100% of the value. Borrowers must meet income restrictions for the county in which the property will be financed. To be eligible, the property must be located within a rural area as defined by the USDA.
Second Home or Investment Property Purchase, Refi or Cash out
AFFCU offers several programs for Second Home or Investment Properties under our Specialty Loans. Please contact your local branch for more details.