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Mortgages

Rates & Information

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Choose from a wide range of affordable mortgages, offering significant tax benefits to most. Whether the financing is for a purchase or a refinance, members can choose from fixed and adjustable rates.

Funds from a mortgage loan can be used for a variety of credit needs including purchases, rate and term refinances, and cash out refinances that can be used for construction, home improvement, debt consolidation, vacation, college tuition and more!

Purchases

  • Financing available for up to 100% of your home’s value
  • Zero or Low Down Payments Programs
  • Flexible terms up to 30 years
  • Escrows for taxes and insurance available
  • No prepayment penalty

Refinances

  • Rate & term refinances available for up to 95% of your home’s value
  • Cash out refinances available for up to 80% of your home’s value
  • Flexible terms up to 30 years
  • Escrows for taxes and insurance available
  • No prepayment penalty

Loan Options


Rural Development Mortgage

  • 100% financing with 0% down
  • Up to 6% seller concessions allowed for closing costs and pre-paid expenses
  • 30 year fixed rate
  • Escrow for taxes and insurance required
  • Income limits apply
  • Minimum credit score = 620

HomeReady Mortgage

  • Finance with 3% down (can be borrowed or gifted funds)
  • Up to 3% seller concessions allowed for closing costs only
  • Terms from 15 to 30 years at fixed rates
  • Mortgage insurance premium cap
  • Mortgage insurance required for loans in excess of 80% of value
  • Allows for use of income for non-borrowing resident (restrictions apply)
  • Escrow for taxes and insurance required for Loan-to-Values over 80%
  • Requires Homeownership Course completion certificate
  • Income limits apply
  • Minimum credit score = 620

Conventional Mortgage

  • Finance with 3% minimum down (restrictions apply)
  • Up to 3% seller concession toward closing costs and pre-paid expenses
  • Terms from 10 to 30 years at fixed rate
  • Mortgage insurance required for loans in excess of 80% of value
  • Escrow for taxes and insurance required for Loan-to-Values over 80%
  • Minimum credit score = 620

Conventional Portfolio Mortgage

  • Your loan stays with Gerber FCU, which means you make your payment with us
  • Gerber FCU makes all lending decisions
  • Variety of payment options: Auto Transfer, Mobile or Web Teller , Nearest Branch, Mail or Phone.
  • Will finance up to 80% LTV
  • Flexible terms 15, 20 and 30 years available (30 year term does have a 3, 5 or 7 year balloon)
  • Good Rates, great option for any buyer

Construction Loans

  • Low interest-only payment option during construction
  • 12 month construction terms available
  • May be eligible, upon completion, for modification at a minimal cost

Vacant Land Loans

Use funds for the purchase of vacation or hunting property.

  • Finance with as little as 20% down
  • Flexible terms up to 12 years
  • No prepayment penalty


Accidental Death & Dismemberment Ins

Life Insurance

Why did I receive a notice about providing proof of insurance?

Your loan agreement with Gerber Federal Credit Union requires you to maintain full coverage insurance on the collateral pledged for the amount and the term of the loan.  Collateral could be your vehicle, marine, house or recreational vehicle.

We require that you provide us evidence that you have obtained acceptable insurance coverage as outlined in the loan agreement. If you have received a notice or phone call concerning the insurance coverage on the collateral pledged with Gerber Federal Credit Union, our records indicate that we need an update of this evidence.

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