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Mortgages

Mortgages

Now more than ever, it is critical to work with a mortgage lender you can trust. Our mission is to enrich the financial lives of our members. You can trust our local mortgage experts to listen to your needs, answer all your questions, and explain the details, so there are no surprises!

What You’ll Need To Qualify for a Mortgage Loan

Types of Mortgages

We offer a variety of low-rate mortgage loans with low closing costs and easy payment options – all designed to save you money. While many financial institutions require 90 days to process a Mortgage, we can close your Mortgage in 45 days or less in most cases. We can do mortgages on a primary residence, vacation home and investment property for all our members in all 50 states.

Mortgages

Conventional Mortgage
  • Fixed Rate – A great choice if you are planning to stay in your home for more than seven years. These mortgages offer a constant interest rate and monthly payment. The 30-year and 15-year fixed mortgages are popular choices.
  • Adjustable Rate Mortgages (ARM) – An ARM is an ideal choice if you are planning to live in your home for a short time or planning to refinance in the future. With these mortgage mortgages you can lock an interest rate for 3, 5 and 7 years.
Downpayment Plus® Program

If you want to buy a home and have a steady income and good credit, NuMark Credit Union and the Federal Home Loan Bank of Chicago can help.

Through the Downpayment Plus® Program*, up to $6,000 may be available to eligible homebuyers in 2017 to use toward down payment and closing costs. Ask one of our loan officers today about the Downpayment Plus Program to see if you are eligible.

Homebuyers must meet income eligibility requirements and:

  • Contribute at least $1,000 to the purchase of the home
  • Participate in pre-purchase homebuyer counseling
  • Live in the home as your primary residence

NuMark Credit Union is committed to helping our neighbors. We can help lower your borrowing costs if you qualify for the Downpayment Plus Program. In 2017, you could receive up to $6,000 for the purchase of a home!

To Learn more about this program call us at 815-744-7497.

* Downpayment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago. NuMark Credit Union is an Equal Housing Opportunity Lender. Credit Union NMLS #405831. Loans subject to credit approval. This is not a credit decision or commitment to lend. Additional restrictions may apply. Rates are subject to change without notice. Addition fees and charges may apply (e.g. appraisal, inspection, title and recording fees). Federally Insured by the NCUA.

Government Loans
  • FHA Loan – Since 1934 the Federal Housing Administration (FHA) loans have been helping people become homeowners. Perfect for those buyers who are looking for lower down payment and low closing costs.
  • VA Loan – is perfect for American Veterans or their surviving spouses to help finance a home with no down payment.
  • USDA/Rural Development Loan – Guaranteed Rural Housing Loans offer no down payment for those with income that does not exceed 115% of the median area income.
Reverse Mortgages
  • Perfect for those age 62 and over who are looking to enhance their retirement years by accessing equity in their home to improve their cash flow.
  • No monthly mortgage payment is due.
  • In most cases, a borrower’s credit score is not used in the credit decision.
Jumbo Mortgage

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $424,100 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $636,150).

Jumbo loans are available for primary residences, second or vacation homes and investment properties. These mortgages are available in a variety of terms including fixed-rate and adjustable-rate loans. A jumbo loan will typically have a higher interest rate, stricter underwriting rules and require a larger down payment than a standard mortgage.


If you have any questions please call us at 815-744-7497 or email us at ask@numarkcu.org

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