 |
Mortgage Programs at Virginia Credit Union
Consider your current and future financial situation to evaluate the options
that best fit your needs. We’ll be glad to help you.
Local servicing - For most new mortgages,
you'll make your payments to Virginia Credit Union. Over the life of
your loan, we remain your point of contact for all your mortgage questions.
Personal assistance - Our mortgage
representatives are available by
phone or e-mail to answer your questions, offer advice and help you
in any way possible during the application process.
Multiple loan options for property located
in Virginia - primary residences, second homes, residential
investment properties and land only.
Fixed rate conventional loan
- Good option if you plan to stay in your home
for a while
- The principal and interest portion of your
payment stays the same for the term of the loan (but of course,
escrowed amounts such as for property taxes and insurance may
change)
- Virginia Credit Union will retain the servicing
of most of these loans, so you'll make your payments to VACU.
6/2 adjustable rate
mortgage loan (6/2 ARM)
- No private mortgage insurance (PMI) is required,
unlike most loans with a downpayment less than 20%
- No down payment
- Initial rate that's set for the first 6 years,
longer than most ARMs
- After the initial
period, rate can adjust every 2 years but can’t go up
more than 1% every two years or 5% over the life of the loan
- Rate changes will affect your monthly payment
- Virginia Credit Union will retain this loan
and you'll make your payments to VACU.
- See
how the 6/2 ARM compares to a fixed-rate mortgage.
back to top
5/1 adjustable
rate mortgage loan (ARM)
- Good option if you want a lower initial monthly
payment or think you won’t be in the home for many years
- May also be a good choice if rates are expected
to go down in a few years, and you could then refinance with
a fixed-rate loan
- Attractive initial interest rate that’s
set for 5 years and then adjusts each year thereafter
- At the initial adjustment, the rate can
increase as much as 5%. After the initial adjustment, the rate can adjust
each year but can’t go up more than 2% annually or 5% over
the life of the loan.
- Rate changes will affect your monthly payment
- Virginia Credit Union will retain the servicing
of most of these loans, so you'll make your payments to VACU.
Traditional adjustable rate
mortgage loan (ARM)
- Good option if you want a lower initial monthly
payment or think you won’t be in the home for many years
- May also be a good choice if rates are expected
to go down in a few years, and you could then refinance with
a fixed-rate loan
- Initial rate that’s set for 1 or 3
years, depending on the type of ARM you get
- After the initial period, rate can adjust
each year but can’t go up more than 2% annually or 6% over
the life of the loan
- Rate changes will affect your monthly payment
- Virginia Credit Union will retain the servicing
of most of these loans, so you'll make your payments to VACU.
back to top
First-time homebuyers
program
- Borrow up to 100% of the value of your first
home
- Good option if you have qualifying credit
and can afford the monthly payments but don ’t have enough
money for a down payment
- Loans up to $225,000 (up to $231,750 with
closing costs)
- Fixed-rate mortgages available; private mortgage
insurance (PMI) is required
- 6/2 ARMs available; no private mortgage insurance
(PMI) is required for this loan
- Virginia Credit Union will retain the servicing
of most of these loans, so you'll make your payments to VACU.
- To request a helpful booklet for first-time
homebuyers, Credit Union Facts: Home Buying Program,
please contact us.
VA (Veterans Administration)
loan
- Available to eligible veterans as defined
by the Administrator of Veterans Affairs
- May be used more than once in a lifetime
- Additional details from the Veterans
Benefits Association
back to top
FHA (Federal Housing Administration)
loan
- Smaller and more flexible down payment options
than some other loans
- Higher debt ratios permitted
- Insured by the FHA
- Mortgage insurance Premium (MIP) required
for the life of the loan
Land only loan (for unimproved
property)
- Adjustable-rate mortgage for purchase of land
or a lot of 10 acres or less
- 15 year maximum term
- Rate may adjust annually, but can’t
go up more than 2% annually or 6% over the life of the loan
- 25% equity required for land refinance
Please contact us if you have questions or we
can help you in any way.
back to top
|
 |
