100% Financing options - APL Federal Credit Union offers financing up to 100% towards the purchase of a primary residence. These loans have become very popular in recent years, especially with first-time homebuyers. They require borrowers to have some cash reserves to qualify. Qualified borrowers can borrow up to 100% of the sales price of the property.
Consider this type of mortgage if:
-
Your loan amount is at least $50,000 but does not exceed $417,000
-
You want a 30-year term/amortization.
-
You have limited savings for a down payment or closing costs.
You have demonstrated your credit worthiness. If you are a first-time homebuyer, proof that you handle credit responsibly may include rent payments, utility payments (electricity, water, etc.), and other payments you make on a regular basis. A minimum credit score is required.
Other loan details:
-
A two-month cushion of your total mortgage payment must also be verified
-
No prepayment penalty
-
Private Mortgage Insurance (PMI) may be required
-
Self-employed borrowers are permitted
You may take advantage of our 100% financing loan option
if you are looking to refinance your existing first mortgage
loan. You may also refinance a 1st and 2nd mortgage loan
if both loans were opened the same day, originated for
the purpose of buying the home, and no further advances
taken.
