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Mortgage Products
 

New First Mortgage Loan Limits!* See Loan Limits for 2018 below.
Jumbo Loans now available for qualified properties. Call 800-795-2325 option 7 for details.
 

Aerospace Federal Credit Union offers mortgage loans products that fit your needs and your budget. We specialize in providing excellent service, low fees and competitive interest rates. The following mortgage products are available for AFCU members:

  • Owner Occupied First and Second Mortgage Loans - AFCU provides financing for members who purchase or refinance their primary residence. These loans are for single family residences along with two, three and four units provided the member will occupy the property at closing or occupies it currently and will continue to occupy it after the loan closes. Loans to buy or refinance a member’s retirement home, not a rental property, are also available under this program (only single family residences, including townhomes and condominiums qualify—no units).
  • Investment Property Loans - AFCU provides Investment Property loans for members who want to buy or refinance a single family home, condo, or 2 to 4-units. Investment Property is property not occupied by the owner and is not the owner’s retirement or second home. Investment Property is purchased with the intention of earning a return through rent (income), the future resale of the property, or both. For a detailed look at the Investment Owned Property requirements, please see below.
  • Home Equity Lines of Credit - This is a great loan program for members who want to do some home improvement, pay some bills, take out some money for a special purpose (education, medical costs, etc.), or have a “just in case” reserve but do not want to touch their first mortgage. AFCU provides HELOC financing up to 80% of the value of a member’s primary residence (i.e., HELOCs are not available for non-owner occupied units, second homes or investor owned property).

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To speak with a knowledgeable mortgage team member, call 800-795-2325 option 7.


Loan Limits for 2018*

  • Property Type: single family residences, condominiums and 2 to 4-units
  • Minimum Loan Amount for 1st Trust Deeds: $100,000
  • Maximum Conforming Loan Amounts*:
    • 1 unit: $453,100 / 2 units: $580,150 / 3 units: $701,250 / 4 units: $871,450
  • Loan to Value (LTV) ratios:
    • Purchase:
      • One unit: 95% (requires Mortgage Insurance or MI) / 80% without MI
      • 2 to 4 Units: 75%
    • Refinance:
      • One unit: 95% with or without cash out / 80% with cash out
      • 2 to 4 Units: 75% with no cash out / 70% with cash out
  • Jumbo Loans: Available upon request for qualified properties. Contact an AFCU Mortgage Team Member for details at 800-795-2325 option 7
     

Highlights and requirements of AFCU’s Investment Property Loans:

  • Borrower must have good to excellent credit, demonstrate the ability to pay for/carry the property in the event it is not leased (i.e., have sufficient reserves) when the loan closes, and provide full documentation of income and employment.
  • Property Location: All 50 states; AFCU will evaluate the ability of borrowers to manage and supervise properties in other states but have no prior investment property experience.
  • Interest Rates: AFCU publishes Investor Property loan rates daily. To find today’s rates, click here.
  • Sale of Loans: AFCU will sell Investor Property loans it funds to Fannie Mae or Freddie Mac; AFCU will retain servicing of the loans it sells to Fannie Mae or Freddie Mac.
  • Fees: Borrowers only pay fees that Fannie Mae and Freddie Mac require for Investor Property loans: 1.75% for loans with a LTV of 75% or less and 3.00% for loans with a LTV over 75%. All other Fannie Mae and Freddie Mac fees apply.
  • Other Costs: Borrowers pay AFCU’s standard loan fees: Title, Escrow, and Recording fees, Transfer Taxes, Appraisal cost, AFCU’s Lender fee, and any other third party costs.

Click here to apply for an Investment Property Loan.

* Contiguous United States and District of Columbia (NOT Puerto Rico, Alaska, Guam, Hawaii, and the U.S. Virgin Islands). Actual loan limits for certain high-cost areas, as determined by FHFA, may be lower than the maximum high-cost area limits identified above. If you are considering applying for a super conforming mortgage, it is important you check the loan limits for the specific county where the property is located. The 2018 loan limits for high-cost areas are available at www.fhfa.gov. Contact an AFCU Mortgage team member for loan limits for high cost areas, or Super Conforming Loan Amounts at 800-795-2325 option 7.