SouthPoint Federal Credit Union will offer 15 year fixed rate real estate mortgages to members who are buying their first home.
Terms of the loans:
Ø 6.00% Annual Percentage Rate fixed for 15 years (Effective 02/17/2007)
Ø 5% Down payment*
Ø * Requires Private Mortgage Insurance (PMI)
Ø No PMI required for loans with 10% down
Ø Up to 30 year amortization
o Loan would balloon after 15 years
Ø Low Closing costs
Ø Closing costs will not exceed…
Ø $600.00 or 1% which ever is higher
Ø Checking account required
Ø Automatic payments from checking account required
Eligibility requirements
Ø Member and member’s spouse has not owned a home in the past.
Ø Normal underwriting standards for members on 90% LTV loans.
Ø Loans with mortgage insurance will have to meet criteria of the insurance company.
Ø 1 – 4 family, owner occupied
