Web Teller

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