Mortgage Loan Options
Conventional Fixed Rate Terms 10, 15, 20, 30 Year
- Fixed monthly payments for the life of the loan
- Multiple terms available to fit your financial goals
- 5%-20% down payment required
- Predictable monthly payments makes it easier to budget
- Protects you from rising interest rates
- Ideal for those homeowners that plan to stay in their home for a long period of time
Adjustable Rate Mortgages (ARMs) Terms 3/1, 5/1, 7/1
- Initial mortgage rate may be lower than current fixed-rate loans.
- Interest rate will adjust after the set ARM period, which will be established at close.
- Includes interest rate caps that set a limit on how high the rate can go.
- The interest rate cap limits the maximum amount your payment may increase at each adjustment. So there will be no surprises.
- ARMs offer flexibility if you expect a higher income in the future, or anticipate moving or refinancing the program in the new future.
FHA and VA MortgagesMore Info
- Greater flexibility in qualification guidelines for borrowers.
- Low to zero down payment options.
- Flexible closing costs of which a seller can pay a portion.
- Great options for 1st time home buyers!
- Allows borrowers to keep more money in their pocket after closing.
Rural DevelopmentMore Info
- 100% financing with no down payment.
- More lenient on credit guidelines.
- Income is under USDA limits in designated eligible area
- Great for 1st time buyers or those with less than perfect credit.
- Funds can be gifted, and concessions are allowed, this allows borrowers to keep more of their money in their pocket after closing.
HARP LoansMore Info
- Available until Dec 2016.
- Allows homeowners to refinance even if they owe more than what their house is worth.
- Only certain government backed loans are eligible. One of our loan experts can provide more detail.
- Gets you in a payment or interest rate that is more affordable.
- Often alleviates financial hardship that is due to expiring Arms that ended with high interest rates.
Reverse MortgagesMore Info
- Borrower must be 62 years or older.
- Allows senior homeowners to access the equity on their home by receiving loan proceeds without selling their home
- The borrower is not required to pay back the loan until the home is sold or otherwise vacated (no monthly payments).
- Pay off your forward mortgage to reduce your monthly expenses.
- Maintain a line of credit (that grows) for health emergencies and surprises. >
- Great alternative for seniors who are looking for an additional source of income.
- Alt Doc
- Property Variances
- Take note of credit worthy members
- Serve those that aren't being serviced by the agencies
- Help fulfill the credit union mission
- Available for loans over the conventional limit of $417,000.
- Great financing option for luxury homes.