We enhance ownership opportunity by offering a wide variety of home loans to meet the needs of our diverse membership. In addition to conventional mortgages at competitive rates and terms, we offer mortgage programs that serve people who might not otherwise be eligible for a mortgage, or who might fall into the trap of a predatory lender. Listed below is an overview of each mortgage we offer. In-depth information can be found on individual information sheets located at our kiosk in the lobby of the Credit Union, on our web page, or by scheduling an information interview with one of our mortgage loan officers.

NEW! You can apply for your Home Loan online
We now have a site dedicated to home loans. Welcome to lendingstation.com where you can research our mortgage products, calculate payments, prequalify for a mortgage and track the process of your home loan application 24/7.

CONVENTIONAL FIXED & VARIABLE RATE MORTGAGES
Conventional mortgages offer the lowest rate for 15-30 year home loans. This mortgage can be used for 1-4 unit residential properties. Owner-occupied 1-2 units requires a minimum 5% down payment or 10% equity for refinances. A higher down payment is necessary for investment properties. Borrowers choose Alternatives for our competitive rates and terms, our caring and knowledgeable staff, and because they want to support the good works of this local institution.

100% Mortgage
Borrowers who can afford the monthly payment for home ownership but have not been able to accumulate the savings necessary for a conventional down payment will consider this loan. The 100% Mortgage allows you to finance 100% of the purchase price of a home. Either 3% of the purchase price, or a minimum of $1500, is required from the borrower towards closing costs. The remainder of the closing costs may be a gift, the seller's contribution, or a loan from Alternatives or elsewhere.

FRESH START MORTGAGE
Are you a member with credit concerns and think you might not qualify for a conventional mortgage? The Fresh State Mortgage may be your ticket to home ownership, without the high interest rates and exorbitant fees. This 30-year fixed-rate mortgage requires 20% down payment for purchases and refinances.

TEN YEAR SWING
Low on savings? Ten Year Swing enables a member to move into home ownership with a minimum amount of cash. It offers the security of a fixed interest rate for ten years with a 3% down payment that can be a gift or a loan. After ten years at a fixed rate, it becomes a 1-year adjustable rate mortgage. This option is for purchases or refinances.

FLEXIBLE PLUS MORTGAGE
Members with obstacles to home ownership, who might not qualify for conventional financing, should explore this mortgage. It offers flexible qualifying terms with a minimum 5% down payment, very low closing costs, no Private Mortgage Insurance, no Title Insurance and no escrow. A 10% down-payment is required for refinances.

"HOME POSSIBLE" 40-YEAR MORTGAGE
With home prices higher than last year, we know that it's hard to afford houses in this area. Before you're convinced that it's impossible to own a home, consider Alternatives' "Home Possible" 40-year home loan that will help lower your monthly payments. This home loan features a 15-year balloon, and does not require Private Mortgage Insurance, Escrow Account or Title Insurance.

HOME EQUITY LINE OF CREDIT
Have funds available when you need them for home improvement projects or other needs using the equity in your home. There are no closing costs if you keep the loan open for 36 months. Interest rates are low. Your equity in the home must be at least 10%, including the proposed loan.

FUTURE VALUE HOME EQUITY LOANS
Do you want to do major home improvements?...or add a bathroom...or build an addition?
We can help by lending what you need - based on the value of your home when the work is done, and your available equity! As with our other Home Equity products, there are no closing costs if you keep your loan open for 36 months. Additional inspection and appraisal fees apply.

CONSTRUCTION LOANS
Do you want to build your own home? This mortgage is designed just for you. For owner-built homes, 25% equity is required with a 12-month construction period. For contractor-built homes, 20% equity is required and the house must be completed in 6 months.

No need to feel confused by our many choices. Our mortgage loan officers will help you plan the best course. Even if you're not quite ready to purchase, or you're not sure if you're eligible for a loan, we're happy to explore the possibilities with you.
Schedule your information interview with one of our mortgage loan officers today!