|
USAlliance Federal Credit Union offers a wide range of financing options. Click on any of the loan programs listed below to learn more.
Conventional
Adjustable Rate Mortgages
Commercial Loans
Jumbo Loans
Construction Loans
Conventional
Conventional loans are mortgages that are not covered by any government insurance or guarantee program, and where the loans amount does not exceed FNMA or FHLMC loan limits. These loan limits may vary from year to year.
The Credit Union currently offers up to 95% financing for most properties. Loans with less than 20% down payment, or refinanced loans with less than 20% equity in the property generally require private mortgage insurance.
Conventional loans may also be used to purchase and refinance primary and second homes.
Borrowers may choose either a fixed or an adjustable rate loan with up to 30 years to repay.
Top of Page
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.
Top of Page
Commercial Loans
Please contact us to discuss our present commercial loan programs.
Top of Page
Jumbo Loans
If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted by our conventional loan programs, we offer a variety of mortgage options which will meet your needs. We officer fixed and adjustable jumbo loans. So-called jumbo loans may be up to $1 million. 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 the program selected. Repayment options also vary, enabling you to select a mortgage that fits your budget.
Top of Page
Construction Loans
We offer one time closing construction/permanent and rehab/permanent mortgage loan programs that can save the borrower thousands of dollars in closing costs.
Top of Page
Cooperative Loans
We offer a wide variety of fixed and adjustable rate mortgage programs for cooperative properties.
We offer an attractive bridge loan for those who have not yet sold their present property yet need the equity in their present property to purchase another property.
| 
