With housing inventory levels being strained throughout the country, AMS launches its product in response to the need for financial solutions that the military community may leverage to take advantage of the upward trend in new home construction. The product is a one-time close and one-time qualification mortgage program that complies with VA guidelines. Construction Advantage One Loan℠ locks in the mortgage rate during the loan qualification stage and prior to beginning construction for the home. In addition to the 1-time qualification and closing process, the military homebuyer may qualify for up to 100% financing in order to buy the lot, finance home construction, and obtain permanent financing such as a 30-year fixed-rate mortgage.
Anthony Powell, Executive Vice President of AMS, shared, “As a VA-approved lender and part of the longest-standing not-for-profit, member-owned association serving the military community since 1879, we have been providing our Members with low-rate and low-cost mortgages to build, buy, or refinance a home.” He added, “Our new Construction Advantage One Loan℠ enables military homebuyers to take advantage of today's low rates now while building their dream homes. We are excited to be working with our partners to drive community support for the military homebuyer segment."
AMS’ growing partnerships include BuildZoom, headquartered in San Francisco, CA, a nationwide builder network formed in 2013 with over 175,000 contractors today. According to Hal Bennett, senior vice president of BuildZoom, “We are honored to support AMS' initiative to serve our military heroes by providing financing options for new home construction. Plus, our BuildZoom contractors can offer up to $5,000 in home upgrades to military homebuyers. Together this may be a powerful catalyst to drive adoption."
Sondra Barrett, president of the National Association of Independent Builders and Real-Estate Services (NAIBRS), another AMS partner, adds, "We applaud both AAFMAA Mortgage Services and BuildZoom for collaborating to provide more affordable housing opportunities for our military heroes. With low housing inventory in most markets, we’re seeing a massive trend in homebuyers wanting a new home — and with 1 in 5 homebuyers being military, this is a timely move.”
About AAFMAA Mortgage Services LLC (AMS)
AAFMAA Mortgages Services LLC (AMS) is a wholly-owned subsidiary of AAFMAA, the longest-standing not-for-profit, member-owned association of military families. AMS exclusively provides servicemembers and Veterans with low-rate and low-cost mortgages to build, buy, or refinance a home. AMS is available for the financing of residential property in the states listed on our Legal & Licensing page. All loans are subject to credit approval and other criteria. Physical address: 1 Copley Pkwy, Suite 420, Morrisville, NC 27560. Lender NMLS: 1423968, https://www.nmlsconsumeraccess.org/, Equal Housing Lender, Veteran Affairs (VA) approved lender # 668521-00-00; not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Follow AMS on Twitter, Facebook and LinkedIn.
The National Association of Independent Builders and Real-Estate Services (NAIBRS) was formed in 2016 as a not-for-profit trade association focused on increasing residential construction through its unified platform, education series, and growth initiatives with strategic partners. For information on the association, please see www.naibrs.org.
BuildZoom, since 2013, has been working to make construction faster, cheaper, and more reliable. We believe a successful project starts with proper planning and a great team. Using construction data to identify great builders, we created a network built on trust and accountability. Our project consultants and construction engineers work closely with property owners to empower them to make smart investments and hires. For more information on the company, please see www.buildzoom.com.