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Military Home Loans

  • CheckmarkHome mortgages
  • CheckmarkLow rates and low fees
  • Exclusively for members of the military community

Military Home Loans

What Is Included?

  • No money down VA Home Loans
  • Fixed and adjustable rates
  • Terms from 15 to 30 years
  • FHA and USDA loan programs
  • Jumbo and super jumbo loans

Who Qualifies?

  • Current and former U.S. military servicemembers with qualified credit
   

The Benefits of Home Ownership

Buying a home offers homeowners a variety of benefits. It’s ideal if you like having control over your home improvement tasks, including the ability to decorate and remodel your home according to your own unique tastes and needs. Owning property is also more permanent than renting, and offers a sense of stability that appeals to many young families looking to put down roots -- especially when thinking about where your kids will go to school.

There also may be tax advantages to homeownership, such as the ability to deduct the interest on your mortgage—although, it’s recommended you discuss your specific tax advantages with a financial advisor first.

Do I Qualify for a Mortgage?

There are several types of mortgages you can leverage as a borrower for a home purchase, each with its own unique eligibility requirements. While the specifics may vary, there are a few key factors that lenders will evaluate to determine whether or not you qualify for a mortgage, as well as the loan amount you are able to borrow.

Credit Score. While each lending institution sets its own minimum scores, certain types of loans—such as VA home loans—typically have more relaxed credit score requirements.

Debt-to Income Ratio (DTI). Lenders will need to review the amount of debt you have in relation to your income. The more debt you have, the more challenging it can be to get approved for a mortgage.

Down Payment Amount. It’s important for lenders to see that you have equity in your home. Often, borrowers can put down as little as 5% and still qualify for a mortgage.

Work History. Regardless of loan type, you’re going to have to provide proof of employment to qualify for a mortgage. Lenders want assurance that you’ll be able to pay off your loan on time.

Home Condition. Lenders often require proof of a home inspection and home appraisal to ensure you’re buying a home that’s in good condition—not entering a bad real estate deal.

Types of Home Loans

Conventional Home Loans
A conventional mortgage is any type of home purchase loan that is not offered or secured by a government entity. Rather, these loans are available through private lenders.

Types of Conventional Home Loans include:

  • Federal Housing Administration (FHA);
  • USDA Rural Housing Service (USDA); and
  • Jumbo.

Military Home Loans
VA Home Loans are mortgages uniquely offered to military servicemembers and Veterans. Since VA Home Loans are backed by the Federal Government, lenders can charge competitively low interest rates—typically much lower than that of conventional mortgages.

Types of VA Home Loans include:

Home Purchase Rates

SPECIAL NOTICE REGARDING INTEREST RATES:

Due to the recent volatility in the financial markets due to the coronavirus pandemic and government actions, mortgage interest rates are varying significantly on a daily basis. We remain focused on helping AAFMAA Members and prospective Members get the best mortgage solution and rates available.

Please contact our experienced, licensed Military Mortgage Advisors directly to obtain current rates, offers, and terms.

Contact a Military Mortgage Advisor

Finance your home purchase through AAFMAA Mortgages Services LLC (AMS). We offer a variety of mortgage options and military home loans for servicemembers and Veterans with qualified credit. Call 844-244-0564 to chat with an experienced Military Mortgage Advisor or contact us online today.

Common Questions

Yes, you can. After you apply, your information is reviewed and a decision is then made as to whether you qualify for a mortgage and how much you can borrow. Once you get pre-approved, you can look for a new home with greater ease, as sellers and real estate professionals will feel more comfortable and confident working with you.

To get started, a Social Security Number for all borrowers is needed, along with proof of income such as recent paystubs, W-2’s, pension statements, and/or recent annual tax returns. You will also need to provide information on checking, savings, and investment accounts in addition to all of your existing debts, including credit cards and other loans.