NO COST Home Warranty & Job Loss Insurance Coverage
Sb1 Federal Credit Union, through our partnership with AnnieMac Home Mortgage, is now offering Members a NO COST Home Warranty and NO COST Job Loss Insurance Coverage on all AnnieMac funded Home Purchases!

Mortgages

We make applying for a mortgage as easy as possible.

At Sb1 we've helped hundreds of your fellow members finance homes and properties with our variety of mortgage products. Our dedicated team of Mortgage Specialists process mortgage applications every day. We understand this isn't something you do too often and we're here to help you through the process.

This section of our site contains great resources for you to review if you are considering a mortgage.

Apply Now And Get Pre-Approved

Check your Mortgage status

 

Mortgage Options

Mortgage options to fit your needs.

Sb1 has a variety of options to choose from for purchasing a home. Below we've detailed specifics about each of our mortgage options to help you find the one that's right for you. If you have any questions you can contact one of our helpful Mortgage originators via e-mail at lndng@sb1fcu.org. You can also see our list of Mortgage Originators here.

Fixed Rate Mortgages   Apply Now

Sb1 Fixed Rate Mortgages are available for as much as 97% Loan-to-Value for up to $417,000. A full range of terms are available. Your interest rate and principal payment will remain the same throughout the length of your loan. This option is typically a good fit if you plan to be in your home five years or more and you're relatively certain that you won't need to refinance in the first few years.

Adjustable Rate Mortgages (ARMs) Apply Now

As the name implies, these loans do not have fixed rates. Instead, they feature a rate that may adjust up or down with market conditions. If and when your rate adjusts - your payment will go up or down accordingly. Many members use ARMs because they could potentially offer lower interest rates initially compared to fixed-rate mortgages. The trade-off is the uncertainty of potential rate increases in the future.
1-year, 3-year, 5-year and 7-year Adjustable Rate Mortgages are available.

New Construction Loans  Apply Now

Available if you need funding for construction of a new home.

Balloon Loans  Apply Now

Balloon Loans provide another option for financing a home. The term Balloon is used to describe the way the loan is structured. Initial interest payments are considerably less at the beginning of the loan for a preset period of time until a large payment is due. The loan is structured this way to allow you flexibility if you are expecting a large amount of cash in the future or if you are planning to refinance.

 


 

Sb1 Federal Credit Union, in our mortgage partnership with AnnieMac Home Mortgage, is pleased to offer Sb1 members with a wider range of mortgage options.

Annie Mac

If you have any questions regarding the following mortgages, please call our AnnieMac Home Mortgage Professionals at 888-308-8471 or email at sb1@annie-mac.com

Federal Housing Administration (FHA) Mortgages More Info

FHA loans, which are insured through the Federal Housing Administration, offer many benefits to borrowers even if you have had credit problems in the past or have limited funds available for a down payment or closing costs. Benefits for a FHA purchase or refinance:

  • Minimum 580 FICO Score
  • 3.5% down payment
  • Gift funds can be used for down payment
  • 1st time homebuyer and state bond money programs may be available to reduce or eliminate down payment requirements
  • Ability to use a non-occupant co-borrower when more income is needed to qualify
  • FHA Streamline Refinance requires NO INCOME, NO APPRAISAL and NO CREDIT RE-EVALUATION
  • Consolidate a 1st and 2nd mortgage up to 96.5% loan-to-value with 12 months seasoning on 2nd mortgage
  • Debt-to-income ratios up to 57% per AUS approve/eligible
  • $100 DOWN REO Program

Veteran Affairs (VA) Mortgages More Info

VA Mortgages are guaranteed loans by the U.S. Department of Veterans Affairs that offer financing advantages to Veterans and Active Military homeowners and home buyers.

VA financing empowers Veterans to purchase a new home with no down payment, no private mortgage insurance (PMI) and limited closing costs.  

  • Minimum 580 FICO Score
  • 100% Financing available
  • NO PMI   
  • Streamline refinances available with NO INCOME, NO APPRAISAL and NO CREDIT REQUALIFYING!

Conventional Mortgages More Info

Conventional loans are any mortgage that is not guaranteed or insured by the federal government. Although a conventional loan is not insured or guaranteed by the government, it still follows the guidelines of government sponsored enterprises, Fannie Mae and Freddie Mac.

  • Up to 95% LTV lender paid and borrow paid mortgage insurance.
  • Financing up to 10 properties
  • Non-occupant co-borrower used for primary residence purchase (Freddie Mac)

My Community Mortgage More Info

Home ownership is available to everyone. This affordable, flexible program requires only 3% of your own funds. Below are some of the eligibility requirements and benefits:

  • Purchase or rate and term refinance
  • Primary residence only
  • No reserve requirements
  • Cannot exceed area median income limit
  • Reduced mortgage Insurance
  • Minimal loan level price adjustments for FICO/LTV

203k – Rehab/Renovation Mortgages More Info

The 203K loan program enables you to finance both the purchase and rehabilitation of a one-to-four family property through a single mortgage. The loan can be used to repair or upgrade an existing dwelling that you purchase in one of two ways:

  1. Purchase a home and the land on which the home is located and rehabilitate it
  2. Purchase a home on another site, move it onto a new foundation and rehabilitate it (loan proceeds for the moving of the house cannot be made available until it is attached to the new foundation.

The FHA 203K loan program can be used to refinance a homeowner’s current mortgage and incorporate rehab and/or renovations into the new loan. A vast range of repairs, including room additions, bathroom remodeling, roofing, new flooring and air conditioning systems can be funded into the new loan. Below are some other benefits of the 203K Renovation Loan:

  • Include renovations and rehab work into mortgage - all in one loan
  • Low interest rate, low down payment, streamlined process
  • Average closing takes 35-45 days
  • Creates instant equity

United States Department of Agriculture (USDA) Mortgages More Info

The USDA loan program offers borrowers the ability to purchase a primary residence in a rural area (defined by the USDA) with no down payment. USDA loans offer 100% financing with no private mortgage insurance (PMI).

  • Rural financing
  • 100% financing available
  • NO PMI

Reverse Mortgages More Info

The FHA-insured Reverse Mortgage Program gives seniors the opportunity to access tax-free cash from the equity of their home while still maintaining ownership and control of their property. Use of the funds are not restricted and many homeowners take advantage of reverse mortgages to help pay for medical expenses, home repairs, credit card debts and even vacations. With a reverse mortgage, homeowners are not required to make a recurring monthly mortgage payment. There are no credit score, income or asset qualifications and borrowers have the ability to select one of three flexible draw options.

There are no restrictions on how you can use the proceeds of your reverse mortgage which means you can direct the funds to a variety of purposes, including:

  • Eliminating your existing mortgage payment
  • Consolidating debt
  • Supplementing your retirement income
  • Increasing the value of your home through remodeling or repairing your home
  • Covering healthcare costs
  • Planning for long-term care needs

The reverse mortgage program can also be used to purchase a new residence. This program gives seniors, aged 62 years or older, the opportunity to purchase a new primary residence and live in the home with no monthly mortgage payment. Below are some more of the program’s highlights and eligibility requirements:

  • All homeowners must be at least 62 or older and occupy the home as a primary residence.
  • You can never owe more than the value of your home. A reverse mortgage is a non-recourse loan.
  • You will retain title to the property.
  • You will receive payments instead of making them. * Be sure to ask your Reverse Mortgage Specialist for details about when repayment may be due.
  • You may qualify even if you have an outstanding mortgage balance however the mortgage balance must be paid in full with the proceeds of the reverse mortgage.
  • Condominiums, townhomes, detached homes, planned unit developments (PUDs) and some manufactured homes are eligible.
  • The home must be up to HUD minimum standards. In some cases you can make repairs after your reverse mortgage closing.

Asset Depletion Loan Program More Info

Are you someone with a high net-worth, great credit but your income doesn’t allow you to qualify for mortgage financing? With the Asset Depletion Loan program, borrowers may use liquid assets to assist in meeting full doc debt to income ratio requirements. Utilizing asset depletion income calculations assist in meeting ratio guidelines for borrowers with significant liquidity.

Pledged Asset More Info

The Pledged Asset Loan Program offers financing up to 90% of a home’s value by pledging security assets or savings in lieu of a down-payment, second mortgage or home equity loan. This program is ideal for borrowers who wish to defer capital gains or losses while maintaining their investment strategy and continually benefitting from interest, dividends and investment appreciation.

Eligible assets include:

  • Stocks
  • Bonds
  • Mutual funds
  • CDs
  • Money market
  • Savings, and others (retirement accounts/term instruments are not eligible)

Home Affordable Refinance Program (HARP) More Info

If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.
Below are some of the programs highlights and eligibility requirements:

  • Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Freddie Mac or Fannie Mae on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May 2009.
  • You must be current on your mortgage at the time of the refinance with no late payment in the last six months and no more than one late payment in the past twelve months.
  • The current loan-to-value (LTV) ratio must be greater than 80%.

Jumbo Loans More Info

Jumbo loans are one example of a conventional loan that does not meet Fannie Mae or Freddie Mac guidelines. A jumbo loan is a loan that exceeds the maximum price of $417,000 for a first mortgage.
The average interest rates on jumbo mortgages are typically higher than those for conforming mortgages as they generally are considered higher risk due to the larger amount of money that is being borrowed. Jumbo loans are available as fixed rate loans and adjustable rate loans.

Below are some of our other jumbo loan highlights:

  • Up to 90% with lender paid MI to 750K
  • Maximum loan amount up to 10MM
NO COST Home Warranty & Job Loss Insurance Coverage
Sb1 Federal Credit Union, through our partnership with AnnieMac Home Mortgage, is now offering Members a NO COST Home Warranty and NO COST Job Loss Insurance Coverage on all AnnieMac funded Home Purchases!