Mortgages and Home Equity Loans

First Mortgages

Home ownership is the American dream. With so many options and so many lenders available in today’s marketplace, it’s important to pursue a deal that’s right for you with someone you can trust. Forget the games and anxiety that come with home financing and let Dade County Federal Credit Union make your dream of owning a home a reality. With no hidden fees, gimmick rates and terms, and the best rates and terms available, Dade County Federal Credit Union proudly offers competitive fixed and adjustable rates for purchases and re-financing. Simply call (305)471-5080 and we’ll get you started down the road to home ownership in no time at all.

 

 

 

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Dade County Federal Offers FHA Loans!

The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

Minimal Down Payment and Closing Costs

  • Down payment as low as 3.5% of sales price.
  • Gift for down payment and closing costs allowed.
  • No reserves are required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines

  • Credit Scores of 640 and Higher Considered.
  • FHA may allow a home purchase two years after a Bankruptcy.
  • FHA may allow a home purchase three years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines

  • Higher Debt Ratio’s than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals can qualify.
  • FHA SECURED is an option that gives Homeowners with Non-FHA adjustable rate mortgages (ARMs) the ability to refinance their loans.

These advantages of the FHA loan program have made it one of the best options for most first time home buyers.

You do not have to be a first time buyer to obtain a FHA loan. Anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

  • Remind your friends and family that they do not have to be a current member of Dade County Federal Credit Union to apply.

If you have any questions about our FHA program, please do not hesitate to call our mortgage counselors at 305-471-5080.

Home Equity Rates as of 9/12/11

Program Repayment Terms APR*
Fixed Rate Home Loan  Up to 20 years  As low as 6.156%**
 Home Equity Line of Credit**  Up to 240 months  As low as 4.646%**

*APR= Annual Percentage Rate
**APR= Annual Percentage Rate. Home Equity line rates expressed above are based on the prime rate at 3.25% as of November 5th, 2009 based on Wall Street Journal Prime Rate Index. Variable rate based on prime rate + 1.25%. Maximum rate that may be assessed is 18%. The Home Equity line of credit is a variable rate loan tied to Prime Rate. Floor rate will be 4%. Closing Cost; is approximately 2.5% of the loan amount. Average closing costs for a $50,000 loan are estimated at $1,300.

Home Owners Insurance is required and Flood Insurance is required if property is located in a Flood Zone. Florida properties only and must be owner-occupied. Rates and terms subject to change without notice. Credit union membership required.

Rates and terms subject to change without notice.
Your final rate may be different than what is shown above and is dependent on your credit score and other factors. For up-to-date rates 24 hours a day, simply call Tellerline 24 at (305)471-5335 or (800)696-5962.

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The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE) is a federal law designed to protect consumers and reduce fraud.

To be registered in the Nationwide Mortgage Licensing System and Registry (NMLSR) all residential loan originators must meet the definition of Mortgage Loan Originator.

//www.nmlsconsumeraccess.org/

Each agency regulated institution, including Dade County Federal Credit Union is assigned a unique entity ID number for the NMLSR. The NMLSR ID unique to Dade County Federal Credit Union is 410320. Individual MLOs working for Dade County Federal Credit Union also have specific NMLSR IDs. Please click below to see each individual MLOs.

MLO