Conventional mortgage programs are fixed rate, fully amortizing conforming fist lien mortgages up to $417,000 offering fifteen (15) year, twenty (20) and thirty (30) year terms

DUE TO MARKET CONDITIONS DOWN PAYMENT OF 25% OR MORE IS NOW REQUIRED ON CONDOMINIUM AND ANY ATTACHED HOUSING (TO INCLUDE DUPLEX)

• PROPERTY TYPES:  Primary Residences and Second Homes of single family housing can be purchased with as little as 10% down (see mortgage insurance required below).  You can also refinance your existing mortgage up to 90% of appraised value or refinance of up to 80% with "cash out".
• Investment single family or duplex units can be purchased with as little as 20% down.  Investment property refinances (1 to 2 units) are limited to 80% of appraised value to payoff existing mortgage and limited to 80% of appraised value if "cash out". 
• HOMEBUYERS: Must be citizens or lawful permanent residents of the United States.  Permanent resident aliens must hold acceptable evidence of permanent residency issue by the Immigration and Naturalization Service (INS).  However, mortgages can be generally extended to Non-Permanent Resident Aliens for the purchase of a single family principal residence with at least a 10% down payment.
• SOURCE OF FUNDS:  Borrower must contribute at least five percent (5%) to the transaction (sale price). A borrower can obtain gift funds beyond this 5% requirement only if the donor is a family member, domestic partner, fiancée or fiancé.  However, the 5% from borrower's own funds is waived if the gift amount is 20% or greater (loan is 80% or less of the sale price / value).
• GENERAL UNDERWRITING:  Qualifying Ratios are benchmarked as 28% of stable monthly income to support the full mortgage payment and 36% of stable monthly income to support the full mortgage payment and other monthly loan payment obligations (automobile, credit cards, etc.).  This 36% is more commonly called "total obligation to income ratio".
• The borrowers credit history must indicate the demonstrated ability to successfully manage his or her credit usage.  Although not an automatic approval, a credit score of 660 or higher would be a possible indication of successful credit management.  Also, borrowers with exceptional credit can be approved at higher ratios.
• Must be able to document (current checking / savings / investments statements) that at least two (2) months of mortgage payments will be "left-over" ("reserves") as cash assets after estimated settlement costs are paid.
• Alimony and Child Support payments that will continue over 10 months must be considered in the total obligation to income ratio.
• A bankruptcy must have been discharged fully and the borrower must have re-established good credit and demonstrated an ability to manage financial affairs.  The minimum time from discharge to re-establishing credit worthiness is normally 4 years, but in certain situations only 2 years is required if the bankruptcy was a Chapter 13 or was attributed to extenuating circumstances documented to be beyond borrower's control.
• Generally, approval will not be granted if the borrower(s) have been a defendant in mortgage foreclosure proceedings that were attributed to financial mismanagement.  However, if the foreclosure was a primary residence resulting from documented extenuating circumstances that were beyond the control of the borrower -- such as serious long-term illness, death of the principal wage-earner, or loss of employment because of factory slow-downs, reductions-in-force, etc. -- approval might be attainable provided the borrower has re-established good credit for a minimum of 36 months, had a documented excellent credit record before the extenuating circumstance, and has demonstrated an ability to currently manage financial affairs.
• MORTGAGE INSURANCE:  If down payment or equity is less than 20% then private mortgage insurance is required and will be obtained by the Credit Union and paid by borrower as part of their monthly mortgage payment.