Wailuku Federal Credit Union Mortgage Options

• Initial fixed rate interest periods of 5, 7 and 10 years.
• Loan terms up to 30 years.
• When the fixed rate period expires, the loan is subject to increase or decrease on an annual basis.
• There are annual and lifetime interest rate adjustment caps (maximum your interest rate can change).
• Generally will have a starting interest rate lower than a fixed rate loan.
• As high as 97% loan-to-value for first-time home buyer (hasn’t owned a home during the past three years) and as high as 95% for others.
• Greater than 80% loan-to-value requires private mortgage insurance which can be removed when certain criteria are met.

Whether you’re currently shopping or planning for the future, Wailuku Federal Credit Union can help you with financing your first home. If you are ready to purchase a home now or very soon, we offer loans with down payments as low as 3%. We may even cover some closing costs, such as an appraisal up to a pre-determined amount. We also offer loans with little or no closing costs at all. Even if you are a few years away from purchasing your first home, we will let you know what must be done to make the process as smooth and easy as possible. The more prepared you are, the better off you will be, so it’s never too early to start the process.

• Fixed or adjustable rates.
• Loan terms up to 30 years.
• Down payment as low as 3.50%.
• Less strict qualifying requirements than conventional loan.
• The Federal Housing Administration (FHA) provides mortgage insurance.

• Veterans, active duty military personnel, and military spouses are eligible.
• Allows for the purchase of a home with no down payment or mortgage insurance.
• Fixed or adjustable rates.
• Loan terms up to 30 years.
• Usually offers a lower interest rate than a conventional loan.

• Help more borrowers and first-time homebuyers make their first home or next home their dream home.
• Builders don’t have to pay for the construction upfront, then sell the home to a borrower. They can create the borrower’s dream home and get a loan before construction even begins, helping save time and money by only having to close once and cover one set of closing costs!
• We have a contractor approval component. We vet the contractor and obtain references to make sure they are credible. This helps give peace of mind to our borrower that they have chosen a good option.
• Other lenders require intense documentation, high interest rates and large down payments. We help reduce the headaches, keep the project moving, create transparency and peace of mind for all parties involved, and offer the same great service on these loans, as we always do.
• After the first approval, the borrower is good to go, no need to reapprove them!

What is a One-Time Close New Construction loan?

• A One-Time Close New Construction loan is a single closing construction loan. The construction portion is short-term financing that is modified into permanent financing upon completion of the project. A single closing construction mortgage can be closed as a purchase or a refinance.

What is a single closing?

• A single closing construction loan is the combination of financing the construction and the permanent mortgage. There is a single closing transaction that occurs prior to construction beginning.
• Closing costs/fees that the borrower is responsible for are collected at closing. Funds are accessed through draws and there is an initial draw at closing for proceeds to the contractor to begin the construction project.

An easy way to acquire more rental properties

We have a quick and easy way to purchase more investment properties. Our Debt-Service Coverage Ratio (DSCR) loan allows you to qualify for investment properties based on the prospective monthly rental income.

• Finance up to 20 properties
• Loan amounts up to $3M
• Eligible for short-term and long-term rentals
• Low reserves requirement — as little as 3 months needed
• Can be closed in an LLC (Limited Liability Company)
• This is a perfect opportunity to broaden your horizons.

Make applying for a mortgage less taxing. Put bank statement loans to work for you. If you’re self-employed, gathering income documents or tax transcripts for a mortgage application can be a real hassle. That’s why we offer Bank Statement loans — where you can simply provide bank statements to qualify for loans up to $3.5M.

• Min FICO credit score of 620
• No mortgage insurance required
• Available on primary, second home and investment properties
• As little as 6 months reserves required

• Maximum loan-to-value (loan amount divided by property value) is 75%.
• Loan term of 3 to 5 years
• Payment amortized (calculated) over 40 Years*

* This is a balloon loan since the scheduled payment is amortized (calculated) over 40 years but the loan term is 3-5 years. Unless more or larger than scheduled payments are made over the life of the loan, it is likely that there will be a large balance due at the end of the loan.