FHA/VA/Other Mortgage Loans/Options
DuTrac Community Credit Union offers Federal Housing Administration (FHA) loans for qualifying mortgages.
The most popular FHA home loan program is the standard fixed-rate loan for a 1-4 family, owner occupied, house. The mo st important news... this type of financing requires a minimum down payment of only 3.5% of the proposed loan balance from the borrower and permits 100% of the borrower's money needed to close to be a gift from a relative, non-profit organization, or government agency.
There are many advantages for obtaining FHA loan financing including:
- Less strict credit criteria than conventional loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit may still qualify for FHA financing;
- FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan;
- The lender must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can be partially wrapped into the loan; and
- FHA loans may require less income to qualify.
Many people assume that FHA loans are only available for first-time home buyers. This is not true. FHA loans are available to anyone, whether you are looking to buy your first or fifth home... and can be used to refinance your existing home. If refinancing your current home loan, the current loan DOES NOT have to be an FHA loan.
DuTrac Community Credit Union offers many other loan programs to fit your needs:
- Veterans Loans
- Bridge Loans are a temporary loan that bridges the gap between the purchase time of your new home and the selling of your existing home.
- Lot Loans are ideal for financing to purchase or refinance a residential lot where you will construct an owner-occupied primary or secondary residence.
- Jumbo Loans are mortgages for homeowners looking to finance or refinance more expensive homes.
- Vacation/Second Home Loans can be used for a vacation or retirement home.
If you have further questions regarding DuTrac Community Credit Union’s FHA loans or our other mortgage loan programs, please contact our highly qualified real estate department by e-mail at realestate@dutrac.org, by phone at (563) 582-1331, or (800) 475-1331 to schedule your appointment.
