First Home Loans: The Credit Union offers a wide variety of home loan options for qualified borrower(s) with no pre-payment penalties. Homes and/or properties located in the State of Florida are eligible. Rates and fees may be subject to change due to your Loan to Value and Credit scores. Assumptions are based upon a single family, owner occupied dwelling with lower than 70% loan to value (unless otherwise noted) and excellent credit history. This does not constitute all conditions for underwriting approval.
10, 20, 15, 30 and 40 year Fixed Rate
- 5% down payment
- PMI required on loans with LTV above 80%
- low upfront costs
- Maximum term 40 years
15/30 Balloon - This program was designed for homeowners who plan to stay in their homes for less than seven years. It's a 15 – year home loan with payments amortized over 30-years to give you a lower fixed rate monthly payment.
- 1st home loan only / single family dwelling only
- Maximum term 7 years
- low upfront costs
- 5% down payment on purchase
- Up to 95% LTV on purchase and refinance
- PMI Required
- Rates priced like a 15 yr loan even though payment are like a 30year.
Investment Property
An investment property is a property that the borrower owns, but does not occupy. Generally, any home loan may be secured by an investment property, although we may sometimes limit the number of dwelling units that the security property may have.
Eligible Properties: Any conventional 1st home loan only secured by a single family investment property that is purchase money or a refinance no-cash out transaction. Manufactured and Mobile Homes are not eligible for this product.
- 1st home loan only / single family dwelling only
- Maximum term 12 years
- low upfront costs
- 25% down payment of purchase price or appraised value, whichever is less
- Up to 75% LTV on purchase and refinance no-cash out (cash-out not eligible)
Second Homes
A second home is a property that is located within a reasonable distance from the borrower's principal residence and which the borrower occupies for some portion of the year. The property must be suitable for year-round occupancy (and can, in fact, be occupied by someone other than the borrower-as long as the occupancy is not under a timeshare arrangement). The borrower must have exclusive control over the property; therefore, he or she must not enter into any rental agreements that require the property to be rented or give a management firm control over the occupancy of the property. When a property is classified as a second home, rental income may not be used to qualify the borrower.
- 1st home loan only / single family dwelling only
- Maximum term 12 years
- low upfront costs
- 20% down on purchase
- Up to 80% LTV on purchase and refinance no-cash out (cash-out not eligible)
- Mobile Homes with land are not eligible
7/30 Balloon - This program was designed for homeowners who plan to stay in their homes for less than seven years. It's a 7 – year home loan with payments amortized over 30-years to give you a lower fixed rate monthly payment.
- 1st home loan only / single family dwelling only
- Maximum term 7 years
- low upfront costs
- 5% down payment on purchase
- Up to 95% LTV on purchase and refinance
- PMI Required
Other Home Loans:
Unimproved Property/Vacant Land - For the purpose of purchasing, refinancing and equity position of non-commercial residential vacant land. Purchases that exceed ten acres are allowed, but only the value of ten of the acres may be used for LTV purposes. Loans for purposes of speculation or investment are not allowed.
- 1st home loan only
- Maximum loan amount $150,000.00
- Maximum term 10 years
- Up to 90% LTV
- Property taxes will be escrowed
- Survey/Title policy required
- Maximum acres 10
Mobile Home w/land - This program is a first lien on the mobile home and land up to ten acres. Acreage that exceeds ten acres is allowed, but only the value of ten of the acres may be used for LTV purposes. Second Home Loans are not eligible for this program.
- 1st home loan only
- Maximum loan amount $100,000.00
- Maximum term 15 years/fixed rate
- Up to 90% LTV
- Escrows required
- No PMI
- Survey/Title Policy required
- Lows upfront costs
- Appraisal must indicate life span will last for life of the loan
Home Equity Line of Credit - This program is an open-end home equity line of credit that has a variable rate. The loan is secured by a home loan on your home and allows subsequent advances through a Visa Gold card and convenience checks. There is a minimum initial draw of $5,000.00 at the time of your loan closing on the Traditional and $10,000 on Interest Only.
- 1st or 2nd home loan
- Rates below prime for qualified borrower(s)
- Minimum loan amount $5000.00 (required initial draw)
- Maximum loan amount $250,000.00
- Maximum term 15 years with a 10 year draw period
- Traditional Payments are based on 1.0% of monthly outstanding balance. Interest Only payments are calculated on the accrued monthly interest.
- Traditional, Up to 90% LTV for qualified borrowers; up to 90% LTV on Interest Only
- Escrows not required
- No PMI
- Low closing costs
- 680 minimum credit score on Interest Only product
Fixed Home Equity Loan - A closed-end home equity loan that carries a fixed rate. The loan is secured by a home loan on your home, and does not allow subsequent advances.
- Maximum term 15 years
- Up to 90% LTV for qualified borrower(s)
- Maximum loan amount $250,000.00
- No PMI
- Escrows are not required
- Low closing costs
96 Month Home Improvement/Bill Consolidation Loan - A closed-end home equity loan that carries a fixed rate. The loan is secured by a home loan on your home, and does not allow subsequent advances. This is a perfect loan for borrower(s) who are looking for a shorter term and lower interest rate.
- Maximum term 96 months
- Up to 90% LTV for qualified borrower(s)
- Maximum loan amount $250,000.00
- No PMI
- Escrows are not required
- Low closing cost
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Federally Insured By NCUA |
Equal Housing Lender