Deep Roots, Strong Community:
Mortgage Loans
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Mortgage FAQs
Conventional / Conforming Fixed rate |
Jumbo loans |
Portfolio loans |
Home Equity |
Heloc |
FHA Loans |
VA Home Loans |
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Ideal mortgage product for: | This is a wonderful option for a family who has excellent credit and is looking for a low fixed monthly payment. It is great for those wanting to stay in their home long term. | Jumbo loans are available when the borrowing needs exceed the limits set conforming loans. These loans with AZCCU go up to 3 million dollars | AZCCU created our portfolio product line to assist borrowers who need something other than the traditonal mortgage products. This product offers a no down payment on purchases, flexible underwriting options when the property or other underwriting factors do not meet the traditional guidelines | A family who wants to tap into the equity in their home with an immediate need for the money. We lend up to 100% of the property value for any reason and up to 133% of the home’s value for Home Improvements. This product also pairs with our portfolio loan on purchases to allow for no down payment. | A family who currently owns a home with equity and wants a line of credit available without an immediate need for the funds. This product provides the option for interest only paments on funds used for the first 10 years. | Families who have limited down payment funds saved. FHA also have more flexible options for borrowers who may have credit or debt-to-income issues. | Borrowers who are veterans, active duty service members, and surviving spouses. |
Down Payment required for a purchase: | 3% for first time homebuyers; 5 for non first time homebuyers; 20% down is needed to avoid Private Mortgage Insurance (PMI) | The down payment for a Jumbo loan varies based on the needed loan amount and credit of the borrower. The traditional down payment is normally 5-20% down. | This product allows up to 100% financing in one loan or split into two loans (with a home Equity loan) to avoid Private Mortgage Insurance (PMI) | When paired with a Portfoliio loan, this product allows for up to 100% financing on a purchase loan. No Private Mortgage Insurance is needed when we do the loans simultaneously. | This product is not available for purchases. | This product requires 3.5% down payment. The down payment may be gifted from a qualified family member. | This product offer up to 100% financing of the purchase price. |
Interest Rate | Fixed Rate | Fixed Rate | Fixed rate. Typically .125-.375% higher interest rate than a traditional conforming loan. | Fixed Rate | Variable rate – The rate is tied to the prime interest rate. As the Prime interest rate changes, so does the rate on our HELOC product. The minimum rate on our HELOC loans is 5% and the maximum rate is 18%. The rate can change monthly. | Fixed Rate | Fixed Rate |
Term Options | 10, 15, 20 and 30 year repayment options | 10, 15, 20 or 30 year repayment options | 10, 15, 20 or 30 year repayment options | 10, 15 or 20 year repayment options | Draw for 10 years with interest only payments; Repay on year 11 through 25 full principal and interest payments | 15 and 30- year repayment options. | 15 and 30- year repayment options. |