Wailuku Federal Credit Union Mortgage Options

  • The interest rate and therefore, monthly principal and interest rate payment is fixed for the life of the loan.
  • Loan terms up to 30 years.
  • Generally, the shorter the loan term, the lower the interest and the higher the monthly payment will be.
  • 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.
  • 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.
  • Maximum loan-to-value (loan amount divided by property value) is 75%.
  • Loan term of 1 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 1-5 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.