Discover how America First approaches mortgage lending in this detailed review of their services and offerings. Could they be the right choice for securing your dream home with terms that suit your financial situation?
Jeff Rose, CFP® Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance. Read More
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America First was founded on March 16, 1939, in Salt Lake City, Utah. It was initially named the Fort Douglas Civilian Employees Credit Union and had service hours from just 3:30 to 4 p.m.
Its humble beginnings are exemplified by the place in which employees stored all cash deposits: a Prince Albert tobacco can.
Currently, America First operates as a member-owned, not-for-profit cooperative financial institution. This credit union offers a variety of home mortgage and refinance options for members in Arizona, Idaho, Nevada, and Utah.
Since its founding in 1939, this credit union has come a long way. America First has been ranked the 6th largest credit union by membership in the U.S., as well as the 10th largest credit union in assets in the country.
The credit union has 130 full-service branches in the U.S., with multiple locations in Arizona, Nevada, and Utah, and one location in Boise, Idaho. America First has 939,000 members and $9.5 billion in assets.
America First provides a variety of loans, such as auto and motorcycle loans and personal lines of credit. America First is also known for its home loan offerings, ranging from mortgage loans and refinances to home equity loans and reverse mortgages.
It is dedicated to offering exceptional service to its members, thereby improving their financial prosperity and creating lifelong connections. In addition, the credit union’s philanthropic efforts reflect its mission of service.
America First’s volunteer efforts include mentoring local students and assisting the homeless and impoverished on a regional and national level.
This credit union offers a variety of home loan options to homebuyers who are seeking a mortgage or refinance.
Fixed-rate loans offer consistent monthly payments over the life of the loan. These types of mortgages are ideal for homebuyers who plan on staying in their home for several years and would prefer predictable rates to prepare for long-term budgeting.
America First offers affordable fixed-rate mortgages with term lengths of 10, 15, 20, and 30 years.
Unlike fixed-rate loans, adjustable-rate mortgages (ARMs) do not have consistent costs. At the beginning of this loan, borrowers can expect to pay a typically low, fixed amount for a designated amount of years.
After this initial term is over, the monthly rates will rise and fall annually based on market trends, though most mortgage lenders have limits on these monthly costs to ensure they remain affordable.
These types of home loans are best for homebuyers who plan on selling their home or refinancing their mortgage in the near future, as the initial fixed term is usually for three, five, seven, or ten years.
As of 2023, the baseline conforming loan limit for most counties in the United States is $726,200. However, in certain high-cost areas, the conforming loan limit is higher, reaching up to $1,089,300.
Jumbo mortgages are designed for borrowers who need to finance the purchase of a home that exceeds the conforming loan limit.
These loans typically have stricter qualification requirements compared to conventional mortgages, and they may also have higher interest rates.
However, jumbo mortgages can be a viable option for borrowers with strong credit profiles, stable incomes, and substantial down payments.
The FHA and America First work together to assist homebuyers who cannot put down 20 percent on their home. America First offers FHA loans to individuals on fixed-rate, monthly payment schedules.
The U.S. Department of Veterans Affairs strives to help veterans, military spouses, and current service members find home loans with low down payments. America First provides VA loans at fixed rates, as the VA does not itself offer these mortgages.
America First offers USDA loans to rural homebuyers who otherwise may not have the funding to secure a home loan.
The Rural Housing Service approves individuals for these types of mortgages. Once qualified, homebuyers can be accepted for a loan even if they have bad credit scores or poor debt-to-income ratios.
With this type of mortgage, homebuyers can build or renovate their dream house. America First provides borrowers terms of six to nine months, then offers an opportunity to convert this loan into a permanent mortgage once the construction ends.
| Loan Type | Description | Features |
|---|---|---|
| Fixed-Rate Loans | Consistent Monthly Payments | Terms: 10, 15, 20, and 30 Years for Long-Term Budgeting |
| Adjustable-Rate Loans (ARMs) | Initial Fixed Amount, Followed by Annual Adjustments Based on Market Trends | Ideal for Those Planning to Sell or Refinance in 3, 5, 7, or 10 Years |
| Jumbo Loans | Designed for Homes Exceeding Conforming Loan Limits | Stricter Qualifications, Potentially Higher Interest Rates |
| Federal Housing Authority (FHA) Loans | Collaboration With FHA for Fixed-Rate, Monthly Payments | Assistance for Homebuyers Unable to Put Down 20% |
| Veterans Administration (VA) Loans | Fixed-Rate Loans for Veterans, Military Spouses, and Service Members | Provided by America First in Partnership with the VA |
| USDA Loans | Available for Rural Homebuyers, Even With Poor Credit or High Debt-to-Income Ratios | Approval Provided by the Rural Housing Service |
| Construction Loans | Enables Building or Renovating With Terms of 6 to 9 Months | Can Convert to a Permanent Mortgage After Construction Completion |
America First provides customers with some helpful online tools that can simplify the mortgage process and teach them about the different components of home loans. The credit union provides interest rate estimations and descriptions of its various home loan offerings on its website.
America First offers prospective borrowers an intuitive online form to apply for home loans, in just 15 to 20 minutes.
It also discloses other information with borrowers based on their circumstances, such as the amount they should borrow, the lowest monthly payments available, and the right home loan to fit their financial goals.
America First requires that borrowers share certain documentation when applying for a home loan:
America First is accredited by the Better Business Bureau (BBB) with an A+ score. The credit union currently has 15 customer reviews, 31 complaints, and a rating of 1.5 out of 5 stars.
America First is a credit union founded in March 1939 in Salt Lake City, Utah. It currently provides services to borrowers in Arizona, Idaho, Nevada, and Utah, operating 130 branches in these four states.
America First has been accredited on BBB since 1985, with an A+ score, though it has an overall rating of 1.5 out of 5 stars, based on 15 customer reviews and 31 customer complaints.
When borrowers apply for a mortgage or refinance through America First, they typically need to meet the credit union’s minimum requirements for each type of loan. For conventional loans, borrowers should expect to put 20 percent down on the home.
However, if they qualify for government-assisted loans, borrowers can anticipate making smaller down payments.
America First offers its best rates on home loans to borrowers with high credit scores. Although an individual with a credit score in the “good” range should have no trouble securing a loan with America First, one in the “excellent” range should expect to pay lower monthly rates.
Although it is difficult to get a mortgage with a low credit score or no credit history, it is possible, particularly when the borrower qualifies for government-assisted loans.
The typical credit score ranges in the U.S. include:
| Credit score | Quality | Ease of approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
America First Mortgage offers a diverse range of home loan options, catering to borrowers in several states. From conventional to government-backed loans, they provide solutions for various financial situations.
While their online application process is convenient, customer reviews vary, with some expressing concerns.
However, their long-standing presence and BBB accreditation demonstrate a commitment to serving members.
For borrowers with strong credit profiles and those seeking jumbo loans, America First could be a viable choice.
As with any financial institution, thorough research and assessment of individual needs are essential before committing to a mortgage with them.
How We Review Mortgage Lenders
Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness.
We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.
By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment.
Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.
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Product Name: America First Mortgage
Product Description: America First Mortgage offers a wide range of mortgage and home loan solutions to borrowers in Arizona, Idaho, Nevada, and Utah. They provide conventional, FHA, VA, USDA, and jumbo loans, catering to various financial needs. Their online application process simplifies the mortgage application, making it accessible and convenient for potential homebuyers.
Summary of America First Mortgage
America First Mortgage, founded in 1939, operates as a member-owned, not-for-profit cooperative financial institution, serving members in four states. They offer a comprehensive selection of home loan products, including fixed-rate and adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, USDA loans, and construction loans. This diversity allows them to accommodate borrowers with different financial situations, from those who can make a 20% down payment to those in need of government-assisted financing.