80% of Purchase Price or Appraised Value whichever is less
Greater than 80% LTV requires PMI Insurance
Vacation Homes/2nd homes are .25% higher and require 20% down payment
Manufactured Loans minimum down payment 20%, New Home only for ARM’s; new and used available for fixed rates
Escrow may be required
One to four family primary residence; no commercial property
Adjustable Rate Mortgage rate and payment changes:
The rate indicated for adjustable rate mortgages is the initial rate and is subject to increase.
For example; the 5/1 Year ARM will have a constant interest rate for the first five years. Adjustable rates may change annually based on an “Index”.
Before each Change Date, we will calculate the new interest rate by adding the “Margin” to the “Current Index”. The result will then be rounded to the nearest one-eighth of one percentage point (0.125%) which will be the new rate.
The rate may not adjust more than the “Max Rate change per Period” indicated above on each “Change Date”. The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the “Life time Change” of the loan.
How it works
Becoming a homeowner is achievable in a few steps with SFCU.
Complete an application
Apply with one of our expert Mortgage Specialists
We will review your application and quickly inform you of your approval status.
Buy your home
With your mortgage funds you can purchase your home.
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