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Types of Loans

CONVENTIONAL - Thirty, Twenty Five, Twenty,  Fifteen or Ten Year Fixed Rate Mortgages

The traditional fixed-rate mortgages have a constant interest rate and monthly payments that never  change. Thirty years may be a good choice if you plan to stay in your home for seven years or longer. Other terms are an option for planning your retirement or just findng a lower rate. First time homebuyers with a credit score of 680 or better can put as little as 3% down!  No upfront funding fees compared to FHA.

HOME READY – Conventional for any borrower  PURCHASING or REFINANCING

Property must be located in defined census tracts. Some areas have no income limits and others are 100% of the median income. Low down payment as little as 3% down. Reduced Loan rates and Mortgage Insurance. Non-occupant borrower such as a parent allowed. Minimum Credit Score 680. Visit the Home Ready website for income and property eligibility https://homeready-eligibility.fanniemae.com/homeready/

FHA 

Low down payment of just 3.50% and allows for lower credit score approval (600). They have less waiting times for past bankruptcies,foreclosures and short sales than conventional loans. There is an upfront fee of 1.75% of the loan amount which can be added to the loan.   New requirements now have the mortgage premium staying on for the life of the loan instead of dropping off at 80% loan to value.You will want to refinance once you've reached that loan to value ratio to remove that premium from your total loan payment.  

VA   

Veterans- Finance up to 100% of the purchase price or value of the home and take advantage of low rates and closing costs.To find out how much you are eligible for see your  Certificate of Eligibility / Discharge Papers (DD214/Disability)  or go to www.benefits.va.gov/homeloans/

USDA/ RURAL DEVELOPMENT - No Down Payment!  Owner Occupied 1 Unit 

These loans are for borrowers who meet the USDA property and income eligibility requirements.  The property must be located in a rural area as defined by USDA.  You can find out if you and your property are eligible by visiting  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

Hybrid ARM-Adjustable Rate Mortgate  (3/1 ARM, 5/1 ARM)

These can offer the best of both worlds: lower interest rates and a fixed principle and interest payment for a longer period of time than most adjustable rate loans. For example, a "5/1"  has a fixed rate and payment for the first five years and then turns into a traditional adjustable-rate loan, based on an Index and a margin and rate caps. The payment changes during the remaining 25 yr loan term. It's a good  choice for people who expect to move (or refinance) before or shortly after the adjustment occurs. 

River Valley Credit Union NMLS #517481
505 EARL BLVD., MIAMISBURG, OH  45342
Toll Free:  (800) 798-0217 Ext. 2302
Direct:  (937) 859-6260 Ext. 2302
Toll Free:  (800) 798-0217 Ext. 2302
mbayer@rivervalleycu.org
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