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AAFMAA Blog

4 Special Buyer Incentives from AMS

2024-01-19

In 2023, inflation cooled from 2021 and 2022 levels, and housing industry pundits predict interest rates will follow this trend sometime in 2024.

Likely due to the recent relief in mortgage interest rates and an increase in housing inventory – a recent study by Zillow found that buying a home is becoming more affordable again. Data shows that monthly mortgage payments were $143 less at the end of December 2023 compared to October 2023, and a new mortgage with 20% down now takes less than 33% of the median household income. Additionally, the study notes that even homeowners with a lower rate on their mortgage are more open to selling. There’s still room for improvement in both rates and inventory, but it is promising news if you’re looking to buy this year.

AAFMAA Mortgage Services LLC (AMS) has decided to pair this good news with several limited-time offers that you can take advantage of now.

1. Negotiate with Confidence: Get a Second Opinion1

If you’re looking for a mortgage company that understands your needs and will work personally with you, AAFMAA Mortgage Services LLC (AMS) can help. Whether you’re thinking about buying a home or if you’re currently in the application process, ask AMS for a quote.

We offer a free “Second Opinion” to buyers who are already working with another lender to see if we can offer you better terms. All you need to do is fill out our online application and consent to having us pull your credit so we can put together a loan quote. AMS will provide you with information on your mortgage options, including interest rates and estimated costs/fees. And you are not obligated to get a mortgage with AMS — we just want to help ensure you get the best deal. All loans are subject to credit and underwriting approval.

If you choose to move forward with us, great. If you don’t, there’s no hard feelings, and we’ll even give you a $100 Amazon gift card just for taking the time to talk with us. This offer is only valid on applications submitted on or before March 31, 2024.

Related: Members Switch to AMS to Pay Off Their Construction Loan

2. Buy Now, Refi Later With No Fees2

High mortgage interest rates were in the headlines throughout much of 2023, but for many servicemembers who moved during the year (or will be buying a new home soon) they’re not significantly lower yet.

Consider AMS’ “No Fee Refi,” which makes it easier to buy now knowing you can refinance later — when rates have dropped — with NO lender fees.

AMS will waive our lender fees when you refinance the AMS mortgage you used to purchase your home. This equates to a value of $1,500.00 (we will waive our standard $1,149.00 admin fee, plus provide a lender credit = $351.00). Other costs and fees may still apply, for example, a cash-out refinance would require an appraisal fee, title insurance, applicable taxes and filing fees, and other closing costs. If you are eligible for a VA IRRRL (streamline refinance), then the appraisal may not be required.

This offer is valid if you obtain your purchase mortgage through AMS by March 31, 2024 and then refinance that mortgage within two years of the closing date.

3. Get a $2,500 Lender Credit on a VA Jumbo Loan3

VA jumbo loans can help qualified borrowers purchase more expensive homes without paying for private mortgage insurance (PMI) and with no prepayment penalties. To qualify, you’ll need to meet credit requirements set by your lender and have a low debt-to-income (DTI) ratio. You could be qualified by AMS for VA jumbo loans up to $2 million.

There are just a few additional caveats to know. A VA jumbo loan:

  • must be used for a primary residence only
  • must pass basic inspections for safety and soundness
  • may require a termite inspection, depending on location

A jumbo loan is a non-conforming loan, meaning it doesn’t meet the purchase guidelines used by Fannie Mae and Freddie Mac, the government-sponsored enterprises (or GSEs). The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limit values for all conventional loans delivered to the GSEs. These include baseline and high-cost area loan limits.

High-cost areas are defined by their geographic location. In 2024, the conforming loan limit for a single-family home in most states is $766,550, an increase of $40,350 from 2023. Several states (including Alaska and Hawaii), Guam, Puerto Rico, and the U.S. Virgin Islands have higher loan limits. Most lenders consider a VA Home Loan a jumbo mortgage if it exceeds local conforming loan limits.

For a limited time, you can get a $2,500 lender credit on VA jumbo loans from AMS. The credit can be used toward your closing costs or to lower your interest rate. The loan must close before March 31, 2024, and cannot be combined with any other offer.

4. You Get More from Our Partnership with MarDon Construction

MarDon Construction is a prominent builder based in Jacksonville, Southwest Florida, and Atlanta, Georgia. Many of the homes it builds are near military facilities and, as an AAFMAA Member, you can receive $2,500 toward closing costs with AMS when you purchase a home from MarDon. (View a map of available new homes.)

You can use VA, FHA, or conventional financing for your purchase. If you’re interested in this offer, please hurry. Your loan must close by March 31, 2024.

We’re Here to Help

Whether you’re thinking about buying, ready to start home-shopping in earnest, or considering a refinance, an AMS Military Mortgage Advisor will be happy to provide you with an honest and fair comparison of your mortgage options, including a wide range of affordable mortgages designed to meet your needs.

Ensuring AAFMAA Members obtain the best mortgage possible is our mission. Get your free mortgage assessment today or give us a call at 844-422-3622!

Disclaimers:

1If you already are working with another lender, and contact AAFMAA Mortgage Services LLC (AMS) for a second opinion, we will give you a $100 Amazon Gift Card when you submit a complete mortgage application, and consent to pull credit to evaluate your situation. Then AMS will provide you with potential mortgage options including interest rates and estimated costs/fees. You are not obligated to get a mortgage with AMS. All loans are subject to credit and underwriting approval. This offer is valid on applications submitted on or before 3/31/2024.

2AAFMAA Mortgage Services LLC (AMS) will waive its lender fees when you refinance the AMS mortgage you used to purchase your home. This equates to a value of $1,500.00 (AMS will waive its standard $1,149.00 admin fee, plus provide a lender credit = $351.00). Other costs and fees may still apply, for example, a cash-out refinance would require an appraisal fee plus title insurance, applicable taxes and filing fees, and other closing costs. If you are eligible for a VA IRRRL (streamline refinance), then the appraisal may not be required. This offer is valid if you obtain your purchase mortgage through AMS by 3/31/2024 and then refinance that mortgage within two years of the closing date of your home purchase.

3AAFMAA Mortgage Services LLC (AMS) will provide a $2,500 lender credit on a VA jumbo/high balance mortgage closed before 3/31/2024. This offer cannot be combined with any other offer.