Mortgage Programs

SbCU Mortgage Programs

Fixed Rate Mortgages
The monthly principal and interest payments remain the same throughout the life of the loan. The most common fixed rate mortgage terms are 15, 20 and 30 years.

Home Ready
Fixed rate mortgage offered for borrowers that meet certain income limits. Purchases can have as little as 3% down. Borrower is not required to be a first-time buyer. Program offers cancelable and reduced Private Mortgage Insurance coverage. Down payment can include gifts, grants , Community Seconds or cash-on-hand. Homeownership education is required.

Adjustable Rate Mortgages (ARMs)
The monthly principal and interest payments change after a set period of time ( 3, 5, 7 or 10 years), based on a financial index. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional annual adjustable-rate loan, based on then-current rates for the remaining 25 years.

Lot Loans
A lot loan allows you to start paying on land before you start construction. Once you're ready to build, your lot loan can become a construction loan. (Certain restrictions apply)

Construction Loans
A construction loan allows us to make payments to the builder as the work progresses and you make interest payments on the funds that have been disbursed during construction.

Conforming and Jumbo Mortgages
A conforming mortgage has a loan amount that is less than or equal to $726,200. A jumbo mortgage has a loan amount that exceeds $726,200, which is the maximum amount allowed by most mortgage investors .

Veterans Administration Loan (VA)
VA loans are guaranteed by the United States Department of Veterans Affairs (VA). VA loans provide Veterans an opportunity to purchase a home with no down payment. VA loans also can be used to refinance properties.

USDA Rural Development (RD)
This program assists low and moderate income borrowers in purchasing homes in eligible areas with no down payment.

WHEDA Advantage
WHEDA offers fixed rate, low down payment options for primary residence. WHEDA allows for Community Seconds for down payment. Homebuyer education is required and income limits apply.