Mortgage Loans

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are a secure way to ensure a stable payment and rate on your loan. By choosing a 30 year fixed rate loan, you will have the lowest monthly payment of all the fixed rate loans we offer.

An adjustable rate mortgage has a monthly payment that may change over the term of the loan.

Lafayette Federal is proud to offer two ARM Programs: our Equity Builder and Wealth Builder Mortgages. They were created to help meet the financial needs of our members. The premise behind our Equity Builder Mortgage was to link the borrowing member to relatively low and comparatively stable indexes, thereby providing the member with a low and historically stable mortgage rate and generally reducing the amount of interest paid relative to other ARM loans during the life of the loan. It comes in in a 1 year variation that has the ability to adjust every year.

Our Wealth Builder Mortgage is based off the Treasury Constant Maturity Rate index and comes with longer adjustment periods. Our favorite is our 5 Year Wealth Builder Mortgage; it provides the security of a longer period while providing the other benefits associated with our other Lafayette Federal ARM Programs.

Bridge Loans

A Lafayette Federal Bridge Loan helps you bridge the gap between having the money to purchase the home of your dreams and selling your existing residence. If you’re under a time crunch to sell, a Bridge Loan, which leverages the equity of your current home, gives you the money you need for a down payment, allowing you to close on your new home without having to worry about selling your current home. The Bridge Loan is paid off with the proceeds of your current home (also known as your departing residence).

• Financing up to 80% Loan-to-Value (LTV) on your current home
• Treated like a first mortgage refinance
• 12 month balloon
• Monthly payments are optional – but not required – interest accrues and balance is due at maturity or payoff (whichever comes first)

Available to eligible service members and backed by the Department of Veteran Affairs (VA). This fixed rate loan offers 100% financing, loan terms up to 30 years, and comes with no mortgage insurance (MI).

Insured by the Federal Housing Administration (FHA) and ideal for homebuyers seeking a low down payment. The loan program comes with fixed and adjustable rate options with loan terms up to 30 years.

From Martinsburg, WV to Loudoun County, VA to Southern Maryland; we have partnered with a hand-picked network of real estate agents that are located all across the DC area. When ready, we can connect you with an agent in our network:

• Ken Abramowitz, RE/MAX Town Center, Germantown, MD, 301-526-2380 (English)
• Damian Buckley, Long and Foster Realtors, Bethesda, MD, 202-438-6080 (English, Spanish, and French)
• Butch Cazin, Long and Foster Realtors, Martinsburg, WV, 304-260-0075 (English and Tagalog)
• Sam Chim, Bankable Realty, Rockville, MD, 301-332-7381 (English, Spanish, and Vietnamese)
• Jill Crofcheck, MDC Realty, Dunkirk, MD, 410-991-8104 (English)
• Carlos Espinoza, RE/MAX Realty Group, North Potomac, MD, 240-426-8627 (English and Spanish)
• Jennifer Kelly, RE/MAX Allegiance, McLean, VA, 703-615-5412 (English)
• Pia Reyes, Coldwell Banker Residential Brokerage, Washington, DC (English and Tagalog)
  
• Jay Rowzie, Living Realty, Ashburn, VA, 703-801-8908 (English)

Get support anytime you need it. The HomeAdvantage Member Service Team is available seven days a week for help and guidance! Contact the Member Service Team

• How much home can I afford?
• Should I refinance my home?
• Should I pay discount points?
• Should I make extra payments on my mortgage?
• How much of a down payment should I make on my new home?
• Mortgage Payment Calculator
• Comparing mortgages (i.e. 15, 20, 30 year).
• What is the Loan to Value Ratio of my home?

Want to start searching for that perfect home? The first step is to get a pre-approval letter to determine the best financing for you. The process takes approximately 20 minutes to complete the application and if qualified, a decision can be made the same day you apply.

First-Time Homebuyer Purchase Assistance

To help you get started on solid footing, Lafayette Federal can assist first-time homebuyers in accessing matching funds for the down payment and closing costs incurred when purchasing a home. For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $5,000. Funding is available to qualified first-time homebuyers.*

In addition to meeting income eligibility requirements, the homebuyer must:

• Contribute at least $1,000 toward the purchase of the home
• Occupy the home as a primary residence for at least five years
• Complete a homebuyer education and financial literacy course specified by FHLBank Atlanta

Community Partner Purchase Assistance

Lafayette Federal can assist current or retired law enforcement officers, educators, health care workers, firefighters, and other first respondersin accessing matching funds for the down payment, closing costs, and rehabilitation costs incurred when purchasing a home. For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $7,500.

Funding is available to qualified borrowers that meet product and income eligibility requirements, including first-time homebuyers or families and individuals that currently own a home or have previously owned a home.*

In addition to meeting eligibility requirements, the homebuyer must:

• Contribute at least $1,000 toward the purchase of the home
• Occupy the home as a primary residence for at least five years
• Complete a homebuyer education and financial literacy course specified by FHLBank Atlanta

Community Rebuild and Restore Assistance

Lafayette Federal can provide up to $10,000 per household for rehabilitation of an owner-occupied home located in "Major Disaster Declaration" areas as designated by the Federal Emergency Management Agency (FEMA).*

In addition to meeting the income eligibility requirements, the homeowner must:

• Occupy the home as a primary residence for at least five years
• Have at least 30 days current ownership by life estate or full interest in the fee title and have ownership of the subject property at the time of the "Major Disaster Declaration"
• Work with Lafayette Federal to submit an application within 24 months of the "Major Disaster Declaration” by FEMA

Veterans Purchase Assistance

As a special offering to the military community, Lafayette Federal can help eligible veterans or active-duty members of the U.S. military*, their spouses, or their surviving spouses access grant funds to provide down-payment, closing-cost, and principal reduction assistance for the purchase of a home to be occupied as a primary residence. No matching funds from the homeowner or homebuyer are required.

Home Purchase Funding:

Up to $10,000 for the purchase or purchase and rehabilitation of a home to be occupied as a primary residence. Veterans, their spouses, or their surviving spouses who are first-time homebuyers or who currently own or have previously owned a home may be eligible. Income and other eligibility requirements apply.

*Products of the Federal Home Loan Bank of Atlanta. The Veterans Products are available to veterans or active-duty members of any branch of the U.S. military, their spouses, or their surviving spouses. National Guard Reservists are eligible if they have served in active duty or performed services in active duty or were injured in active duty. Please see Federal Home Loan Bank of Atlanta’s Affordable Housing Program Implementation Plan at www.fhlbatl.com for complete product requirements.

We offer a variety of financing options for owner and non-owner-occupied units at River Place in Arlington, Virginia. We offer financing not only for purchases but also for rate/term refinances with cash-out options available. You can apply online or, if you prefer, our loan officers will be happy to meet with you personally to discuss your financing options and take your loan application.