FHA and VA Loans
Both FHA and VA Loans have a minimum credit score requirement of 620 and mortgages are available for owner occupied dwellings only (condos require FHA or VA approval). These loans are for MD, DC and VA only.
FHA Loans
- Available for purchases and refinances
- Minimum down payment is just 3.5% (plus closing costs), although Mortgage Insurance is required
- Gifted down payments are permitted
- Non-occupant co-borrowers (must be a relative of the primary borrower) are allowed
VA Loans
- Must be VA eligible (A Certificate of Eligibility (COE) and form DD 214 are required)
- Borrow up to 100% for both purchases and rate/term refinances
- Mortgage Insurance not required
- Funding fee can be rolled into the loan amount (closing costs must be paid separately)
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Investment and Rental Loans
If you are looking to purchase an investment/rental property, or wish to refinance a property you already own, APL FCU can help.
- Available in 47 states and the District of Columbia (everywhere except Alaska, Hawaii and Texas, with some restrictions in Florida)
- Loan amounts from $100,000 to $417,000
- Low 15% down payment requirement
- Cash-out and standard refinances can be written for up to 75% of the home's value
- Single unit properties are eligible, as are detached properties of 1 or 2 units (such as a duplex).
The rates for investment/rental properties may differ from our published rates for standard mortgages. To view the current rates for investment/rental properties, please use the rate button below and be sure to select "Investment/Rental Property" when it asks what the loan will be "Used For."
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Lender Paid Mortgage Insurance (LPMI)
Lender Paid Mortgage Insurance (LPMI) mortgages can be a great option for members who don’t have a lot of money saved for a down payment. Purchases require a minimum down payment of just 5%, while refinances can be written for up to 95% of the appraised value.
LPMI loans have slightly higher rates than conventional mortgages, but in many cases your initial monthly mortgage payment could actually end up lower. You pay more in Principal and Interest (P&I), but save even more by not paying Mortgage Insurance (MI).
Here is how LPMI compares to a conventional mortgage on a $400,000 townhouse in Howard County with a $380,000 mortgage (minimum 5% down payment):
Borrower-Paid Mortgage Insurance
3.250% rate = $1,654 P&I plus $180 MI = $1,834
Lender-Paid Mortgage Insurance
3.625% rate = $1,733 P&I plus $0 MI = $1,733
The LPMI option would initially save you a little more than $100 per month and more than $1,200 per year.
Keep in mind that the monthly payment on the conventional mortgage would eventually be lower, once the equity position is large enough that MI is no longer required. Which mortgage is right for you depends on the amount of your down payment and how long you intend to stay in the home.
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Reverse Mortgages
A Reverse Mortgage is a unique loan that allows homeowners, 62 years of age and older, to convert part of the equity in their home into monthly income or cash without having to sell the home, give up title, or take on additional monthly mortgage payments.
Qualifications
- The home must be a single family residence, condo, or townhouse. Manufactured housing built after June 1976 also would be eligible*
- The home must be a primary residence located in Delaware, Maryland, Virginia or Washington, D.C.
- If there is more than one applicant, they each must be at least 62 years of age. For example, a 64-year-old husband and 59-year-old wife would not be eligible until the wife turns 62
- The home must be a single family residence, condo, or townhouse. Manufactured housing built after June 1976 also would be eligible*
- The Home does NOT need to be owned "Free & Clear"
- There are NO income or medical requirements to qualify
- There are NO credit/credit score requirements
To apply for a Reverse Mortgage or to speak to our Reverse Mortgage Specialist, please click on the Contact Us button below.
Reverse Mortgage Info
*Manufactured Housing refers to dwellings manufactured off-site in advance, usually in standard sections that can be easily shipped to the home site and assembled. It is sometimes referred to as Prefab Housing.
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