First Time Home Buyer Mortgage

As of 10/28/2024

Annual Percentage Rate (APR) - Based on the final loan amount and applicable finance charges.

Monthly Payment Examples (excludes any applicable taxes & insurances):

• Assumes a loan amount of $100,000. All adjustable payments (including First Time Home Buyer Mortgage) quoted assume a 30-year amortization (unless noted).
• 100% Financing Mortgage payment quoted assumes a 20-year amortization.
• Vacation Home payment quoted assumes a 15-year amortization.
• Manufactured/Mobile w/Land payment quoted assumes a 20-year amortization.

Purchase & Limited Cash Out Maximum Loan-To-Value (LTV):

• Mortgages with LTV over 80% require Private Mortgage Insurance except for the First Time Home Buyer Program. Maximum LTV may vary; contact SFCU for details.
• Primary Residence (Single Family) – 97% LTV
• Primary Residence (2-4 Family) – 95% LTV
• LTV 80.01% - 89.99% - Rate Add 0.25%
• LTV 90.00% - 95.00% - Rate Add 0.50%
• Vacation Home/Second Home (Single Family) – 80% LTV
• Manufactured/Mobile Home – 80% LTV

Cash Out Maximum Loan-To-Value (LTV):

• Primary Residence (Single Family) – 80% LTV
• Primary Residence (2-4 Family) – 75% LTV

Escrow Requirements:

Any mortgage with an LTV over 80% requires an escrow account be established.

Homeowners Insurance:

Proof of homeowners insurance is required on all residential loans. Proof of flood insurance may be required.

Jumbo Mortgages:

Are available and are 0.25% higher rate. Contact the Credit Union for details.

First Time Home Buyer Program:

• 15/15 Adjustable-Rate Mortgage with 30-year amortization
• 100% financing of the purchase price/appraised value, whichever is lower
• Private Mortgage Insurance (PMI) not required
• Single Family primary residences only
• Escrow Required

100% Financing Mortgage:

• 5/1 Adjustable-Rate Mortgage with 20-year amortization or 20-year fixed rate
• 100% financing of the purchase price/appraised value, whichever is lower
• Single Family primary residence only
• Private Mortgage Insurance (PMI) required
• Escrow Required
• Escrow account setup, prepaids and closing costs cannot be financed and are to be paid by the borrower.

Adjustable-Rate Mortgage rate and payment changes:

The rate indicated for adjustable-rate mortgages is the initial rate and is subject to increase. Adjustable-Rate Loans may be amortized over 20, 25, or 30 years. Manufactured/Mobile with land is amortized over 15 or 20 years.

Example:

The 5/1 ARM will have a constant interest rate for the first five years. Then the adjustable rate may change annually thereafter ("Change Date" as indicated in the Note) based on an "Index" which is the 1-Year Constant Maturity Treasury (1-Yr CMT) adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board. The most recent index available as of 45 days before each Change Date is called the "Current Index".

Before each Change Date, the Note Holder will calculate the new interest rate by adding the "Margin" to the "Current Index". The note holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). This rounded amount will be the interest rate until the next "Change Date".

The rate may not adjust more than the Per Adjustment Cap indicated above on each "Change Date". The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the lifetime of the loan.

Additional Disclosure Details:

• Rates are subject to change at any time.
• The Credit Union reserves the right to modify or suspend any conditions of the loan programs at any time without prior notice.
• Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
• Mortgage loans are available in NY, NJ and PA only.