Warrantable means all units and common areas are complete and not subject to additional phasing, unit owner’s control HOA, and at least 90% of units have been conveyed to the purchases other than developer.
- Down payments as low as 10%
- Available for purchase or refinance
- Smartmove refinance option available
Unwarrantable means new projects not 100% complete, builder controlled HOA, or over 25% of total building square footage is commercial use. PMI is normally not obtainable which requires a larger down payment.
- 20% down payment or equity
- 20- and 15-year fixed rate options
- 10/6, 7/6, and 5/6 ARM options
80/10/10 Unwarrantable Condo Purchase Special
- Down payments as low as 10% (typically 20%)
- Your first mortgage will cover up to 80% of the purchase price. Terms 20 and 15 year fixed, 10/6, 7/6, 5/6 ARM.
- You’ll receive second mortgage for 10% of the purchase price. Terms of 5, 10, or 15 years are available
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Rates accurate as of October 22, 2021 and are subject to change throughout the day. All mortgage rates include Extra Credit Discount.
Loans are subject to credit review and approval. Closing costs may apply. A sample principal and interest payment on a (30)-year $150,000 fixed rate loan amount with a 4.625% interest rate (4.719% APR) and 10% down is $694.09. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. An ARM is an adjustable-rate mortgage that has an initial interest rate for the first three, five, seven or ten years and an adjustment interval of six months thereafter. The 7/6 product listed above is a 30-year loan where the initial interest rate is fixed for the first seven years (84 payments). After the initial seven year period, it is possible that the interest rate, APR and payment may increase substantially over the remaining term of the loan. After the initial seven year period, your interest rate can increase or decrease biannually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the Secured Overnight Financing Rate (SOFR) index as published on the New York Federal Reserve website, plus our margin, which varies among ETFCU adjustable-rate mortgage products. Any change may significantly impact your monthly payment. The rate on 80% adjustable-rate home equity line of credit is the prime rate as published on the first business day of each month in the Wall Street Journal. Our 95% adjustable-rate home equity line of credit has the same benefits and uses the same index with a rate of 1.5% above the prime rate. There is a maximum cap of 18% APR. Offer available for new primary mortgage loans and mortgage loans already established at ETFCU when refinanced with at least $10,000 new money. This offer is available on conventional conforming financing of purchases for primary residences only. Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer. ETFCU mortgage lending product availability may vary based on property location.