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| In House Conventional Fixed Rate Mortgages |
| Secondary Market Conventional Fixed Rate Mortgage |
| Flexible Plus Mortgage |
| Ten Year Swing Mortgage |
| 80% Home Equity Line of Credit |
| 90% Home Equity Line of Credit |
| Future Value Home Equity Line of Credit |
| Construction Loan Program |
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In House Conventional Fixed Rate Mortgages
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 15% down payment (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.
Term: 30 years
Maximum Amount: $200,000
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Secondary Market Conventional Fixed Rate Mortgage
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.
Term: 30 years
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Flexible Plus Mortgage
Members with obstacles to home ownership, who might not qualify for conventional financing, should explore this mortgage. It offers flexible qualifying terms with a minimum 15% down payment, low closing costs, no private mortgage insurance and no title insurance. The rate on this loan adjusts every five years.
Term: 30 years
Maximum Amount: $200,000
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Ten Year Swing Mortgage
This loan offers the security of a fixed interest rate for ten years with a 15% down payment, 10% of which 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.
Term: 30 years
Maximum Amount: $200,000
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80% Home Equity Line of Credit
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.
Term: 15 years
Maximum Amount: $100,000
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90% Home Equity Line of Credit
Term: 15 years
Maximum Amount: $40,000
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Future Value Home Equity Line of Credit
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.
Term: 15 years
Maximum Amount: $100,000
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Construction Loan Program
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.
Maximum Amount: $150,000
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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