First Time Home Buyers
At Associated Credit Union we know that buying your first home is a major life-event. Plus, paying for Private Mortgage Insurance (PMI)¹ is hard to swallow. That’s why Associated Credit Union is paying the Private Mortgage Insurance for you!
Our First-Time Home Buyers Mortgage is a lender-paid Private Mortgage Insurance Program designed to help anyone realize their dream of owning a home.²
The First-Time Home Buyers Mortgage benefits are:
- Lender-Pay Private Mortgage Insurance (LPMI).
- Initial fixed rate for six years.
- Rate adjusts every six years thereafter.
- Minimum loan amount is $50,000 and goes to up $250,000.
- Up to 95% loan-to-value.
- No prepayment penalty.
Call us at 770.448.8200, ext. 2141 or apply online.
1 Private Mortgage Insurance (PMI) reimburses the lender if you default on your home loan.
2 This is your primary residence and is a single unit property; Debt-to-income ratio is less than 43%; minimum representative credit score of 680. The maximum loan to value (LTV) ratio is 95%.
Rates are subject to change based on market conditions. Subject property must be your primary residence. Minimum representative credit score of 680 required. Maximum 90% combined loan to value on purchase mortgage loans. The minimum loan amount is $50,000 and the maximum loan amount is $1,000,000. Some restrictions may apply.
Adjustment period is every sixth year by no more than 2% up or down per adjustment, with a floor of 2.875%. The lifetime loan interest rate adjustment not to exceed 6.00% above the initial rate. The new interest rate at adjustment is the Index, United States 5 Year Treasury Yield, plus a margin of 2.250%.
Associated Credit Union assumes (unless otherwise noted) that borrower paid costs include: a $75 application fee (which is refunded at closing), an origination fee, loan level price adjustments for credit risk, appraisal fee, attorney costs, title exam and binder, lender’s title insurance, owner’s title insurance (if requested by you the borrower), prepaid interest, escrow reserves, recording fees, state and local taxes on the transaction, Georgia Residential Mortgage Loan Fee (if applicable), termite letter inspection, septic and well inspections (if applicable), other fees may apply. Associated Credit Union will pay the mortgage insurance premium, credit report fee, real estate tax service fee, and the flood certificate fee.
Payment Example: On a $150,000, 6/5 ARM, 30 year amortization, assuming a 740 credit score, 95% loan to value, with an initial rate of 3.875% (4.006% APR), the maximum amount that the interest rate can rise under this program is 6 percentage points, to 9.875%, and the monthly payment can rise from a first year principal and interest payment of $705.36 to a maximum of $1,092.58 starting in the eighteenth payment year. Payments shown do not include taxes and insurance; actual payments may be greater. APR = Annual Percentage Rate. All rates and offers are as of March 27, 2019 and are subject to change without notice. Offer available in the states of Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. Terms may change at any time. We do business in accordance with the Federal Fair Housing Law and the Equal Housing Opportunity Act. NMLS #401922.