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. Owner occupied residences only! No second homes, vacation or rentals properties! 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, and 30 year Fixed Rate
- 10% down payment
- PMI required on loans with LTV above 80%
- low upfront costs
- Maximum term 30 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 15 years
- low upfront costs
- 10% down payment on purchase
- Up to 90% LTV on purchase and refinance (80% for attached properties ,i.e. townhouses, condo’s, etc)
- PMI Not Required
- Rates priced like a 15 yr loan even though payment are like a 30year.
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
- 10% down payment on purchase
- Up to 90% LTV on purchase and refinance
- PMI Required
Other Home Loans:
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. *Floor rate is 5%.
- 1st or 2nd Lien position only
* 1st or 2nd Lien position only
* Rates below prime* for qualified borrower(s), see floor rate above.
* 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/properties (Condo's limited to 80% LTV)
* Escrows not required
* No PMI
* NO closing costs (conditions do apply)
* Minimum credit scores do apply (see internal, HELOC Matrix)
* Traditional, Up to 85% LTV for detached homes and 80% for attached homes (i.e. Condominiums, Townhouses, etc.).
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
All programs subject to change and you should check with our Real Estate Lending Team (ext: 7601) for product availability and rates. |
Equal Housing Lender