Font Size: Medium TextLarge TextExtra Large Text

Mortgage Center

Mortgage Products

Limited time offer! We are waiving our $299 Processing Fee on First Mortgage or Home Equity Line of Credit (HELOC) loan applications received April 15, 2017 through July 15, 2017*

 

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 80% of the value of a member’s primary residence (i.e., HELOCs are not available for owner occupied units, second homes or Investor Owned property).

Apply Online   |   Today's Rates   |   Home Buyer Kit   |   Mortgage Calculators   |   HELOC

To speak with a knowledgeable mortgage team member, call 310-336-5030, option 7.

*AFCU processing fee of $299.00 is waived on AFCU Home Equity Line of Credit (HELOC) or First Mortgage loan applications received between April 15, 2017 and July 15, 2017. Third party fees still apply. ALL LOANS MUST CLOSE AND FUND BY SEPTEMBER 15, 2017. **Rates expressed as Annual Percentage Rate (APR). Rates current as of April 1, 2017. Offer, Rates and Terms are subject to change without notice. All loan requests are subject to credit approval.


Highlights and requirements of AFCU’s Investment Property Loans:

  • Property Type: single family residences, condominiums and 2 to 4-units 
  • Max Loan Amount:
    • 1 unit: $424,100 / 2 units: $543,000 / 3 units: $656,350 / 4 units: $815,650
  • 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 no cash out / 80% with cash out
      • 2 to 4 Units: 75% with no cash out / 70% with cash out 
  • 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.