The Queen's Federal Credit Union

Mortgages

How to calculate the amount financed: Loan Amount/Property Value x 100. Where Loan Amount is the amount of the loan you need or want. This amount is used to pay-off your existing loans or what you need buy a new home. The Property Value is usually what the property is appraised at or the City and County Total Tax Assessed Value. The resulting percentage determines which link you need to click.

Home Equity Line of Credit
You may be approved for a Line of Credit up to $100,000.00 based on the equity in your home. The interest rate is adjusted quarterly and you may take up to 15 years to repay. Click here for Rates & Terms. Click here to apply.

1^st Mortgage
The credit union offers a First Mortgage to purchase a new home or to refinance your existing one. We offer competitive rates. Click here for Rates & Terms.

If you have 20% or more to put down on a new property or have more than 20% equity in the property, you can qualify for a Regular Conventional Mortgage. Click the Regular Conventional Mortgage link above to put in an application.

If you have less than 20% to put down on a new home or if your loan amount is more than 80% of the estimated value of the property, click on the FHA Mortgages link.

Investor Mortgage
Investor Mortgages are secured by property that you do not live in. These are typically rental properties. Click here for Rates & Terms. Click here to apply.

FHA Loans

These programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than with conventional financing.

Some of the benefits of FHA financing:

Only a 3.5 percent down payment is required.
Some of the Closing costs can be financed.
Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
More flexible underwriting and credit score criteria than conventional loans

With FHA purchase loans, the seller may assist the buyer by providing allowances or seller credits to offset part or all of the cost of closing the purchase. These allowances/credits may be up to a maximum of 6% of the purchase price.

VA Loans

VA guaranteed loans are guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. In most cases, no down payment is required on a VA guaranteed loan.

Other benefits of a VA loan include:

Closing costs comparable – and sometimes lower - than other financing types.
No monthly mortgage insurance requirement.
Right to prepay loan without penalties

With VA purchase loans, the seller may assist the buyer by providing allowances or seller credits to offset part or all of the cost of closing the purchase. These allowances/credits may be up to a maximum of 6% of the purchase price.