FAQ – Mortgages

  • Minimal Down Payment and Closing Costs. Down payment 3.5% of Sales Price.
  • Eliminates need for separate Mortgage Insurance approval!
  • Gift for down payment and closing costs allowed.
  • No reserves are required.
  • Seller can credit up to 6% of sales price towards buyers closing costs and prepaid items.

Yes. There is a liberal LTV’s 97.75% rate and term: different criteria than conventional loan. Streamlines allowed without an appraisal.

The VA Loan is designed for veterans and service personnel. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980, or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.

For more information on 1st mortgages or refinancing, please call 937.294.1991 or click below to email us.

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Our 85th Annual Meeting will be held on Tuesday, June 30 at 7 PM at our Moraine branch. HELPING ... PROTECTING ... INFORMING - COVID-19 Update: Emergency financial assistance is available for members. Branch services are available through Drive-Thru, Night Drop, ATM and appointments. Learn more about our response to COVID-19
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