Conventional mortgages offer the lowest rates for 15-30 year home loans. This mortgage can be used for owner-occupied single family or duplex residential properties. Requires a minimum 5% down payment or 10% equity for refinances (Private Mortgage Insurance is required for less than 20% down). Borrowers choose Alternatives for our competitive rates and terms, our caring and knowledgeable staff, and because they want to support the good works of this local institution.

Alternatives works with a Secondary Lender to provide mortgages for non owner occupied (income) properties or loans in excess of $200,000. Requires a minimum 10% down for 1-2 units or 25% down for 3-4 units. Private Mortgage Insurance is required if there is less than 20% equity. Although these loans are sold and serviced by our secondary lender, the income generated from the sale is used to support the good works of our local institution.

Borrowers who can afford the monthly payment for home ownership but have not been able to accumulate the savings necessary for a conventional down payment may consider this loan. The 100% Mortgage allows you to finance 100% of the purchase price of a home. Either 3% of the purchase price, or a minimum of $1500, is required from the borrower for closing costs. The remainder of the closing costs may be a gift, the seller's contribution, or a loan from Alternatives or elsewhere.

Are you a member with credit concerns and think you might not qualify for a conven-tional mortgage? The Fresh State Mortgage may be your ticket to home ownership, without the high interest rates and exorbitant fees. This 30-year fixed-rate mortgage re-quires 5% down payment for purchases and 10% for refinances.

Low on savings? Our Ten Year Swing Mortgage enables a member to achieve home ownership with a minimum amount of cash. It offers the security of a fixed interest rate for ten years with a 3% down payment that can be a gift or a loan. After ten years at a fixed rate, it becomes a 1-year adjustable rate mortgage. This option can be used for purchases or refinances.

Members with obstacles to home ownership, who might not qualify for conventional fi-nancing, should explore this mortgage. It offers flexible qualifying terms with a mini-mum 5% down payment, very low closing costs, no private mortgage insurance, no title insurance and no escrow. 10% equity is required for refinances.

Have funds available when you need them for home improvement projects or other needs using the equity in your home. Closing costs are waived if you keep the loan open for 36 months. Borrow up to 80% of the value of your home, minus any outstanding liens.

Have funds available when you need them for home improvement projects or other needs using the equity in your home. Closing costs are waived if you keep the loan open for 36 months. Borrow up to 90% of the value of your home, minus any outstanding liens.

Have funds available when you need them for home improvement projects or other needs using the equity in your home. Closing costs are waived if you keep the loan open for 36 months. Borrow up to 100% of the value of your home, minus any outstanding liens.

Do you want to do major home improvements - say add a bathroom...or build an addition?
We can help by lending what you need - based on the value of your home when the work is done! As with our other Home Equity products, closing costs are waived if you keep your loan open for 36 months. Additional inspection and appraisal fees apply.

Do you want to build your own home? This mortgage is designed just for you. For owner-built homes, 25% equity is required with a 12-month construction period. For contractor-built homes, 20% equity is required and the house must be completed in 6 months.