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Andrews Federal Credit Union
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  2. Borrow
  3. Home Loans
  4. Mortgage Loans

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 $20,000 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 $20,000 in assistance that can be used toward down payment or closing costs.
  • No repayment required when 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

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 home buying process

View Rates

STILL HAVE QUESTIONS?

Go here to learn more about our eligibility requirements.

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.

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

Yes, principal only payments are allowed on your mortgage loans. 

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.)

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 also make a separate payment to reduce the principal amount by contacting our loan servicing department phone number listed on your monthly mortgage statement.

New & Used Auto Loans

Limited Time Offer: 90-Day No Payment
Unlock the joy of your new car with 90 days to pay. Don't wait to experience the thrill of your new vehicle! Andrews Federal Credit Union offers amazing auto loan rates and the option to defer your payments for up to 90 days. That's three months of pure driving pleasure before your first payment.
Learn More

We do business in accordance with the Equal Credit Opportunity Act. Must be a member of the credit union to open any loan account. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Additional restrictions may apply.