Recently I heard of a new mortgage from NCSECU. Features of this new mortgage option are quite good. I am listing some of the features below & if someone has more information on it, then kindly share it with all of us.
North Carolina State Employee's Credit Union have started a new 15 year fixed rate mortgage. As the credit union holds these loans in the portfolio, the loans have flexible qualification guidelines similar to what they have for adjustable rate mortgages. Some of the features are; no pmi requirement, expanded debt ratios & less restrictive property requirements.
Some other specifics of this mortgage are:
- For loans of up to 90% LTV, the rate is 6% (6.12 APR).
- For loans of 100% LTV, rate would be 6.50% (6.62 APR).
- 100% financing would be available for purchase & no cash out [url=http://www.mortgagefit.com/refinance.html]refinance[/url] of primary residence. (100% finance available for loan amounts up to $400,000)
- 90% financing available for vacation homes (For a second home, 90% financing is available for loans not more than $400,000 and $500,000 if home is in a subdivision type setting. If the loan amount is more than these limits then mortgage available would be for up to 80% of the lower of appraised value or sales price.).
- 80% financing for up to two rental properties.
- Properties located in North & South Carolina, Virginia, Tennessee, Florida & Georgia are eligible for this loan program.
- Origination fee equalling .5% of loan amount but having a cap of $750.
- Application rate can be reserved for 60 days.