Mortgage Loans

Mortgage Loans from Geismar Complex FCU:

1st Mortgage

· Available for purchases, refinances and cash-out refinances for primary residence
or secondary residence (camp or vacation home)
· Available in 5 year, 10 year and 15 year terms
· Finance up to 80% of appraised value

2nd Mortgage

· Available in 5 year and 10 year terms (primary residence only)
· Finance up to 80% of the appraised value, less the amount owed on
the 1st Mortgage

Unimproved Land

· Available for purchases, refinances and cash-out refinances
· Up to 10 year term for Unimproved Land
· Finance up to 80% of appraised value


Mortgage Loans with More Options from our Partner:

FHA Mortgage for members who would like a minimum down payment,
lighter restrictions for source(s) of down payment funds, and more relaxed credit

· Available in 15 year and 30 year terms
· Available for purchases, refinances and cash-out refinances
· 3.5% down payment required
· Minimum credit score of 600
· Gift funds allowable
· No pre-payment penalty
· Assumable
· Escrow waiver not permitted

VA Mortgages for members who are looking for affordable financing,
no down payment requirements and competitive non-risk based mortgage rates

· Available in 15 year and 30 year terms
· Fixed rate loans available for purchases, IRRRLs, and cash-out refinances
· No down payment
· Minimum credit score of 600
· Gift funds allowable
· No pre-payment penalty
· Assumable
· No monthly MI
· Escrow waiver not permitted
· Borrower must be a veteran, active duty, reservist, or surviving spouse

USDA-Rural Development Mortgages for members who would like
no down payment and more relaxed credit requirements and the property is in an
eligible area and income that meets USDA eligible area and income that meets
USDA eligibility criteria

· 30 year term only
· No down payment
· Minimum credit score of 620
· Credit waiver required if running GUS Refer
· Gift funds available
· Assumable
· 0.35% annual MI (calculated in monthly payment)
· One time 1% guarantee fee (can be included in loan amount)
· Not limited to first time homebuyers
· Purchase Money Maximum LTV = closing costs and prepaids financed up
to 102.75% appraised value

Home Ready Mortgages for creditworthy members with low-to-moderate
income, with expanded eligibility for financing homes in designated low-income, monitory and disaster impacted communities

 

Adjustable Rate Mortgages for members who intend to live in the property for a limited amount of time

 

Geismar Complex FCU  NMLS # 483968