Peabody Municipal FCU is proud to offer our members Federally Secure Mortgage Programs – FHA, VA, USDA Rural Housing, Reverse Mortgages Conventional Loans and more.
There are several options for members looking to purchase or refinance and receive cash out. 96.5% and 100% financing available.
FHA and FHA 203K rehabilitation Loans
FHA and FHA 203K rehabilitation Loans require only 3.5% down payment.
Purchases or Refinances available for members with lower Fico scores and higher LTV’s. Solid fixed rate loans. FHA and FHA 203K rehabilitation Loans require only 3.5% down payment. Purchases or Refinances available for members with lower Fico scores and higher LTV’s. Solid fixed rate loans.
VA – Veteran Loans
- All VA loans are 0% down
- 30 Year Fixed Rates
- 100% Financing
- No PMI
- Available on purchases and 90% LTV cash out
H.A.R.P. 2.0 Mortgages
Home Affordable Refinance Program (HARP) started in April 2009.
It goes by several names. The government calls it Making Home Affordable Plan, the Obama Refi Plan, the DU Refi+ and the Relief Refinance.
How do I know if I’m eligible for HARP 2.0?
If you answer “yes” to all of the following questions, you may be eligible!
- Is your mortgage loan currently owned by either Fannie Mae or Freddie Mac?
- Was your loan sold to Fannie Mae or Freddie Mac prior to June 1, 2009?
- Is your current loan-to-value greater than 80%?
- Is your mortgage up-to-date with all payments made on time in the past 6 months, and no more than one late payment in the past 12 months?
- If you are HARP-eligible, you must close on your mortgage prior to January 1, 2014.