UA Alliance Federal Credit Union

USAlliance Federal Credit Union offers a wide range of financing options. Click on any of the loan programs listed below to learn more.

Conventional

Conventional loans are mortgages that are not covered by any government program of insurance or guarantee, and where the loans amounts do not exceed secondary market limits, which in 2007 are $417,000 for a single-family home, $533,850 for a two-family home, $645,300 for a three family home and $801,950 for a four family home.

The Credit Union currently offers up to 100% financing under special circumstances. Loans with less than 20% down require mortgage insurance.

Conventional loans may also be used for refinancing primary and second homes as well as to purcase a second home.

Borrowers may choose either a fixed or adjustable rate (ARM) loan with up to 30 years to repay.

Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) features a variable interest rate, which is periodically adjusted, based on the change in a financial index such as One Year Treasuries, plus a margin that is established at origination. Interest rate changes are limited or capped at each adjustment and for the life of the loan. ARMs may provide the security, flexibility and affordability prospective home buyers desire. These loans are especially attractive to home buyers who plan to trade up in future years. Generally, initial interest rates are lower than fixed rate mortgages.

USAlliance Federal Credit Union currently offers 1 year, 3/1, 5/1 and 7/1 adjustable rate mortgages. The initial interest rate is fixed for a certain period, for example, a 3/1 ARM, the initial rate is fixed for the first three years and thereafter adjusts each year according to the index plus the margin.

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First Time Homebuyer’s

Our First time home buyer’s program is for someone who has not had an ownership interest in a primary residence within the past 3 years. The program has a maximum loan amount of $417,000.00. The interest rate may be below our current rates as published. Loans must conform to the Secondary Market underwriting standards. You must have a signed purchase and sales contract prior to locking in an interest rate.

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Commercial Loans

Our commercial loan programs offers financing on residential properties that contain a maximium of 24 units and on commercial up to 12 units. The property can contain some commercial rental units.

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Jumbo Loan’s

If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted by other programs, we offer a variety of mortgage options which will meet your needs. So-called jumbo loans may be up to $1.0 million and can be either fixed or adjustable rate mortgages. The Credit Union may approve loans greater than $1.0 million on a case by case basis.

Underwriting guidelines, down payment and actual loan amount may vary depending on program selected. Repayment options also vary, enabling you to select a mortgage that fits your budget

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Stated Income Loans

Stated income loans are for single family owner occupied properties only.

The maximum loan amount is $1,000,000. and maximum loan to value is 70%.

A minimum Credit score of 700 is also required.

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Construction Loans

USAlliance Federal Credit Union offers construction loans to our members and builders.

In order for the Credit Union to lend to a builder, they must be eligible for membership in the Credit Union.

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Cooperative Loans

A system of individual ownership of stock in a corporation that in turn, owns the structure. Each owner has an exclusive right to use his individual unit and must pay his portion of the debt encumbering the entire building.

Maximium loan amount is $417,000.00.

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