Whether you’re purchasing a new home, refinancing for a lower rate, or planning to do some remodeling, Partners Financial FCU has a variety of home mortgage loans available to meet your needs. Depending on your previous experience shopping for home loans in Richmond, you may have mixed feelings about beginning this important process. Our team of loan officers is ready to help you understand all the options and walk you through the steps to find the right home loan. Here are the primary types of loans we offer to credit union members…
If you’re looking to purchase a primary residence or vacation/rental property (restrictions apply), and have good credit, steady income and down payment saved, conventional first mortgage loans offer lower interest rates than many other types of loans. Here are some of the features:
Second mortgage loans, also referred to as home equity loans, are available for primary residences in Virginia. These loans allow you to borrow against the equity in your home through your existing first mortgage. Features of this loan include:
Home equity lines of credit apply to primary residences. These are a great option for those who need a flexible, revolving line of credit for various purposes, over an extended period of time. Things like remodeling and home improvements are good reasons why a homeowner would look into HELOC lending, although this line of credit can essentially be used to finance just about anything. Typical HELOC details include:
Partners Financial FCU offers two HELOC programs—Gold and Classic: view rates.
This loan is insured by the FHA and administered by HUD. FHA loans are appealing to borrowers who do not have the standard 20% down for a home loan, but would like to take advantage of less stringent qualification requirements like credit score and history checks. Details for FHA Loans include:
These are mortgage loans for primary residences guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans and/or surviving family members. Features include:
JUMBO loans for amounts exceeding $417,000 are available to Virginia residents on a case-by-case basis. Reverse mortgage loans are offered to borrowers 62 years of age and older. To learn more about specialty loan products offered by PFFCU and available through CU Members Mortgage, or to find out about how to qualify, contact a loan officer today or complete our consultation request and a representative will get back to you shortly.
Mortgages don’t have to be confusing and stressful. At Partners Financial FCU, our loan officers are here to guide you to the best loan product for you and your unique situation. It doesn’t matter if you’re a first time borrower or a seasoned homeowner looking to take the next step, we will help you understand your qualifications and what makes the most sense for you.