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  • New Website and Digital Banking Coming Soon

    Get ready for a whole new digital experience! Our new website and digital banking platform will be launching soon. Make sure your contact information within online and mobile banking are up to date so we can keep you up to date on the latest details.

Home Improvement Loans

The possibilities are endless

Currently available in Texas and Colorado*

  • Overview

    Home Improvement Loan

    AFFCU Home Improvement loan benefits include:

    • Renovate your bathroom, kitchen or add a pool1
    • Increase the value of your home
    • Possible tax benefits to you2

     

     

     

     

    Apply Today

    *Loans must be on single family detached residential property located in Texas or Colorado. Please check back as additional states will be made available in the future.
    1Estimate or contract for home improvement project must be provided.
    2Consult a tax advisor about your specific situation.
  • Rates

    Home Improvement Loan Rates

    Rates Effective as of: 05-24-2022
    TermRatesAPR1 as low asMonthly Payment2
    Up to 15 years4.74%5.139%$932.78
    Up to 20 years5.00%5.316%$791.95

    1 APR= Annual Percentage Rate. APR reflects the interest rate, as well as mortgage fees and other charges you may have to pay to get the loan. Financing available for properties in Texas or Colorado. Membership eligibility required. Loan subject to credit approval. Minimum loan amount may apply. Rate based on the loan amount and CLTV (combined loan-to-value) ratio. Rate may differ. Rates and terms are subject to change at any time without notice; other restrictions may apply. Maximum CLTV on primary residences in Colorado up to 100% and 80% in Texas. Borrower may be responsible for additional costs such as origination fee, appraisal fee, credit report, title search, courtesy closing fee, and recording fee. Property insurance is required, including flood insurance where required.

    2 Payment examples based on a $120,000 loan amount. Rate assumes a ≤ 90% LTV and a minimum credit score of 700. Estimated payment does not include taxes and insurance premiums, actual payment may be greater.

  • Calculator

    Debt Consolidation Calculator

    Learn More

  • HI Questions

    Frequency Asked Questions for Home Improvement Loans

    What can I use the funds from an AFFCU Home Improvement loan for?

    Home Improvement loan proceeds can only be used for repairing, rehabilitating, remodeling or improving a dwelling on the real property on which the dwelling is located.

    What state does my property need to be located in to apply for an AFFCU Home Improvement loan?

    Loans must be on single family detached residential property located in Texas or Colorado. Please check back as additional states will become available in the future.

    On what type of property can I get an AFFCU Home Improvement loan on?

    Loans must be on single family detached residential property located in Texas or Colorado. This would include a home, vacation home, duplex or condominium.

    Do I have to occupy the home I want to do the AFFCU Home Improvement loan on?

    Yes. It must be your primary residence, however in the case of a vacation or second home, you can get the loan on that property as long as it is not used as a rental for the life of the loan.

    How much can I borrow against my home’s value?

    100% of your home improvement costs can be financed if the mortgage balance plus the home improvements do not exceed 95% of the market value of your primary residence, or 90% of a second home.

    How do I determine my home’s value?

    An appraisal and a current title search are required on most AFFCU Home Improvement loans. Your mortgage specialist will determine what is required and will order these for you.

    What are the minimum/maximum loan amounts I can borrow?

    The minimum loan amount is $40,000. The maximum loan amount is $275,000 depending on your qualifications.

    Does AFFCU require points to be paid on the loan?

    AFFCU does not charge points on their Home Improvement loans; however you have the opportunity to pay points to reduce the rate. For instance, 1 point = 0.25% rate reduction. The maximum discount available is 2 points.

    Does AFFCU charge a loan application fee?

    No, there is no fee to apply for an AFFCU Home Improvement loan.

    Does AFFCU charge pre-payment penalties?

    No, there are no penalties charged for making extra payments on your AFFCU Home Improvement loan or paying it off early.

    Can I purchase supplies ahead of time?

    No work may begin or supplies purchased prior to the loan funding.

    Is Private Mortgage Insurance required on these loans?

    No. AFFCU does not charge PMI on their Home Improvement loans.

    Can I get an FHA or VA Home Improvement loan?

    No. The credit union currently only offers Conventional Home Improvement loans.

    Will applications only be taken online?

    Yes. Applications will be taken online only. The applications go directly to AFFCU’s mortgage partner, Certified Funding. If your application is incomplete, Certified Funding staff will call you and assist you with your application. Disclosures, documents, and closing coordination will be handled by Certified Funding.

    What if I didn’t want to get a contractor and wanted to do the repairs myself?

    A licensed contractor is required on AFFCU Home Improvement loans.

    What if I am a licensed contractor? Will I be able to do the improvements myself?

    Yes. If you are a licensed contractor, you can perform the work as you would any other project as long as you act independent of the project.

    Do I have to set up an escrow account?

    No escrow account is required.

    Do I have to get homeowner’s insurance?

    Homeowner’s insurance is required to cover the loan amount and any prior liens.

How can we help you succeed?

  • What would you like to borrow for?
    • A home
      • Sounds great. We offer Mortgage Loans at great prices, as well as refinancing options.
    • A vehicle
      • Cool! Are you looking for a regular car, or something a little more adventurous?
        • Something adventurous
        • A regular car is fine with me
          • Sounds good! We have low rates available for both new and used
            Auto Loans. We can also Refinance your current loan with another institution.
    • An education
      • Right on! We have Student Loans available through our trusted partner, Sallie Mae.
    • Something else
      • Terrific! We offer Personal Loans for any need, including weddings, vacations, and debt consolidation.
    • I’m mostly interested in a credit card
  • What would you like to save for?
    • The holidays
    • I’d like to open a savings account for my child
      • Great idea! We have several Youth Savings accounts available, depending on your child’s age.
    • Something else – and I’d like to earn a good interest rate
      • Do you have some money saved up already?
        • Yes, quite a bit
          • Nice! Are you okay with leaving your money untouched for a while?
            • Sure
              • Great! We think you might like one of our Share Certificates. You agree to leave your money untouched for a while in exchange for a higher interest rate.
            • I’d prefer to make withdrawals when I need to.
              • Sounds good. Check out our Rewards Checking account or Money Market account. These accounts are a little more flexible, but still get you a higher rate.
        • Not much
          • No worries. Once you open a Regular Savings account, you can open secondary accounts for whatever you need, including college, rainy day funds and more.
    • I’d prefer just a basic savings account
      • Ok! Our Regular Savings sounds just right for you. It also secures your AFFCU membership.
  • What would you like help with?
    • Accessing my accounts
      • Okay, how would you like to access your accounts?
        • Online
          • Ok! Is this is your first time using Online Banking?
            • Yes
            • No
              • Great. To access your account, simply click “Login” in the upper right hand corner of the page.
        • On my mobile device
    • Opening a checking account
      • Great! We have several options available, so head over to our Compare Checking Accounts page to figure out which is right for you.
    • Signing up for eStatements
      • Cool! If you are already signed up for and using our online banking service, all you need to do is click on the eStatements tab (in the blue menu bar) to start enrolling.
    • Running my small business
      • Good for you! Our partner Newtek offers a variety of services to help you manage your small business, including payrolls services, payment processing, and web design.
    • Getting insurance