Mountain America Credit Union Refinance Rates – This is despite changes in the market including rising home values and high interest rates. But the dream of homeownership is alive and well, according to Mountain America Credit Union.
Mountain America Credit Union invited Cara Loftus, Vice President of Mortgage Lending, to help us understand the different types of loans. that offer different home ownership opportunities
Mountain America Credit Union Refinance Rates
There are few loan programs that require a low down payment or down payment. That’s one of the biggest barriers to homeownership, he said.
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At the federal level You can get a loan from the FHA or the Federal Housing Administration. If your FICO credit score is over 580, this type of loan requires only 3.5% interest.
Another type of loan for military service members who meet certain criteria is a Veterans Affairs (VA) loan. VA loans can come with up to 100% face value financing.
If you want to buy a house in a rural area A loan from the USDA may be an option. USDA loans do not require a down payment and often have relaxed credit score requirements.
Finally, Mountain America Credit Union has loans for first-time buyers. [100% loan-to-value financing up to $1,000 on approved loans.
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Another common barrier to homeownership is the monthly mortgage payment. But renting is expensive and difficult.
Mountain Mountain offers several home loans with a 40/15 Balloon Mortgage. This loan allows first-time home buyers to make lower monthly payments. The time is divided into 40 years instead of the usual 30 years.
But instead of being stuck with that mortgage for 40 years, you can pay off the balance in full in 15 years or refinance to a new loan after equity is built.
You do not need to make any payments. For this type of loan And don’t worry about penalties if you refinance or sell your home before the 15-year term expires.
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But you must meet certain requirements. For example, you must have a credit score of at least 660 and have two years of employment history.
Mountain America Credit Union believes every hero in our community deserves a home. Which is why they offer 100% loan-to-value financing at competitive rates. and other discounts For first responders K-12 teachers and medical professionals
Black recommends meeting with a mortgage loan officer to learn more about the various loan programs.
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