Active-Duty and Retired Military: VA Loans
Backed by the Veterans Administration, these loans allow eligible Military personnel - active-duty or retired - to buy with easier qualifying guidelines and to waive a private mortgage insurance requirement.
In particular, our VA loan programs can cover a variety of financial needs including:
- 0% down payment
- lending in All 50 States - you've got enough to worry about when you PCS, let us keep the home loan aspect simple for you.
- Fixed-rate & ARM options
- High balance loan amounts
- Options for primary homes, second homes, and investment properties
- Refinancing programs
First Responder Loan Program
Through Armed Forces Bank, we are proud to offer a program that is geared toward helping First Responders enjoy the benefits of home ownership. Up to 100% financing is available for qualified First Responders. For those looking looking to purchase a home with a down payment as low as $0, get in touch with The Abair Team at Armed Forces Bank about this program. This is for:
This would require mortgage insurance, for Owner-Occupied property only, subject to credit approval.
Hero Loan Program
This program is intended to give back to those that give so much for us and our communities each and every day, truly impacting our communities in many ways that often go unseen. Borrowers who qualify for this program are able to utilize it in All 50 States, with $0 Lender Origination Fees, and the borrowers only pay third party closing costs (appraisal fee, title fees, insurance, etc).
This program is available for:
- Veterans - Current and past military servicemembers and their spouses. A donation is made to Folds of Honor with each VA loan closing.
- Education Staff - K-12 teachers and school staff
- Law Enforcement - Including police officers, police department staff; local, state, and federal law enforcement
- Firefighters & EMTs
- Nurses - Registered nurses
This program provides an awesome entryway for our Heros to get over the hurdle to homeownership.
Loan programs available for the Hero program are: VA, FHA, Conventional, Jumbo, and USDA.
First-Time Homebuyers: FHA Loans
A good fit for first-time homebuyers or anyone who hasn’t owned a home within the last three years, this program from the Federal Housing Administration (FHA) is aimed at backing loans for buyers with limited funds for a down payment or imperfect credit.
FHA loans come with these benefits:
Traditional Financing: Conventional Loans
Conventional loans aren’t backed by the US government, but They are a good choice for those with stable employment and financial histories.
- Widest range of loans on acceptable properties
- Variable loan terms outside of the standard 30-year or 15-year loan
- 3% down payment for 1st time Home Buyers.
Higher Price-Points: Jumbo Loans
Exactly as the name suggests, jumbo loans are for luxury properties and high-cost areas. They allow the borrower to take out a larger-than-normal loan amount. Armed Forces Bank's jumbo loan programs offer:
Flips & Fixer-Uppers: Renovation Loans
Sometimes you need to make repairs before moving in. Renovation loans are used in addition to your mortgage to ensure that you have the money you need to account for those costs upfront. The FHA 203(k) Fixed-Rate Rehab Loan - Allows you to borrow against the “as completed” appraised value of the property, or what it will be worth once all the work is done. Plus, offers standard or limited programs based on the scope of the renovations that need to be completed.
Unique Financial Situations: Portfolio Loans
Portfolio loans are kept and serviced in-house, as opposed to be being sold to a larger lender, which is often the case with more traditional financing. Since our branch will be keeping responsibility for the loan, we have more freedom in terms of who can be declared eligible.
Usually, these loans are a good choice for those with non-cookie-cutter finances or who are interested in higher-risk properties. If you’re self-employed, have some credit issues, or intend to tackle a tricky flip, you may be a good candidate.
Armed Forces Bank's portfolio loan programs include:
- Homeowner’s Access - Allows you to have several 30-day late or 60-day late payments within the last year.
- Fresh Start Program - For those looking to rebuild credit after a bankruptcy, foreclosure, or short sale.
- 1-4 unit Residential Investment Program.
Everyone’s financial situation is unique. Contact Us more information about we can help you find your ideal loan program.