Loan Products

Conventional loans offer some of the lowest down payments available—as low as 3% of the purchase price. Members who have at least a 20% down payment are not subject to monthly mortgage insurance. These loans also offer flexibility with loan terms ranging from 10-30 years. Conventional loans can be used to buy primary residences, vacation homes and investment properties that are anywhere from one to four units. A minimum credit score of 620 and debt-to-income (DTI) ratios below 50% are generally required.

Favorable option for members with:

• Good credit rating
• Prefer to live in the home for an extended period
• Want a fixed interest rate and fixed monthly principal and interest rate

Our conventional loan products include SOFR ARMs (Secure Overnight Financing Rate Adjustable Rate Mortgages). These can be a good option for members who only intend to stay in their new home for the length of the fixed rate period.

ARMs:

• Are available for purchases, refinances and cash-out refinances
• Have interest rates subject to change every 6 months after initial fixed rate period expires: 3, 5, 7 or 10 years

These are only some characteristics of these loan types to describe them for general information. For complete information on these loan programs, please talk with our Credit Union Development Manager Dawn Rudie at 937.956.1125.

FHA loans offer low down payments as little as 3.5% of the purchase price. One major benefit of this program is that members with lower credit scores may qualify. FHA also has shorter waiting periods for significant derogatory events, such as bankruptcy, foreclosure, etc. If the member has a reasonably higher credit score, you may be able to qualify with a higher DTI ratio than you could on a conventional loan. FHA financing is available for one- to two-unit primary residences.

Favorable option for:

• First-time homebuyers
• Have a lower credit rating
• Need a lower down payment option

These are only some characteristics of these loan types to describe them for general information. For complete information on these loan programs, please talk with our Credit Union Development Manager Dawn Rudie at 937.956.1125.

VA loans offer eligible veterans or active-duty service members home financing with no money down and no monthly mortgage insurance premiums. This can only be used to purchase or refinance primary residences. The veteran is also able to increase housing size over time with bonus entitlement.

Benefits include:

• Relaxed credit requirements
• 100% financing
• No mortgage insurance required

These are only some characteristics of these loan types to describe them for general information. For complete information on these loan programs, please talk with our Credit Union Development Manager Dawn Rudie at 937.956.1125.

USDA loans offer financing for eligible members in certain rural areas with no down payment. The borrower must be within the low to moderate income guidelines to qualify, and the home must be located in an eligible area. Many properties that are not assumed to be rural may actually be eligible. This program can be used for primary residences only.

Benefits include:

• Relaxed credit requirements
• 100% financing

These are only some characteristics of these loan types to describe them for general information. For complete information on these loan programs, please talk with our Credit Union Development Manager Dawn Rudie at 937.956.1125.

Partner credit unions can build specific products that will provide product flexibility for your specific market. These loans are not sold on the secondary market and held as an asset in your credit union lending portfolio. These mortgages offer your members greater flexibility in the loan approval process.