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Construction Loan Guidelines

Must be for construction of primary residence within a 50 mile radius of either the FKFCU Main Office or the Danville branch, 25 acre limit, without survey

Maximum loan amount: $417,000

Down payment: Minimum 10%

Interest Rate: Interest rate is .25% over current posted first mortgage rate, member pays closing costs. That is if the member has 20% Equity or 80% appraised value or purchase price, whichever is lower. With 10% Equity, 90% appraised value or purchase price, whichever is lower, the interest rate is .50% over posted first mortgage rate, member pays closing costs

Maximum loan to value: 90% (with no PMI)

Monthly interest only payments during construction process (generally, 9 months consisting of 5 draws)

One time closing and prevailing mortgage rate locked in at time of closing.

Raw Land Loan

• 30% Equity (finance up to 70% of appraised value or purchase price, whichever is less)
• Finance up to 25 acres
• Member Pays all related closing costs
• Mortgages within a 50-mile radius of any branch within the state of KY
• Terms up to 15 years
• Interest rate will be 7.95% APR*

Home Equity Line of Credit

If you're ready to remodel your home, build a deck, go on vacation or just consolidate bills, our Home Equity Line of Credit may be for you. Discover your options today!

• Financing up to 100% of appraised value minus first mortgage
• Rates as low as 3.20% APR**
• NO CLOSING COSTS†
• $249 application fee
• 10 year draw period
• 15 year repayment period

Fort Knox Federal's Home Equity Line of Credit allows you to access advances anytime, up to the limit of your line of credit. You can access your line of credit with Convenience Checks or make advances through tellers or Phone Facts. If you prefer, use our Home Equity Fixed Rate Loan to borrow a specific amount. Both options offer great rates and no closing cost. Plus, the interest you pay may be tax deductible.** Use your Home Equity Loan for planned purchases or for unexpected emergencies.

Minimum advance of $250.00.

Fixed Rate Home Equity Loan

*APR- Annual Percentage Rate. Quoted APR is for qualified borrowers. Must be within a 50 mile radius of any branch and within the state of Kentucky or selected counties in Indiana.  Please contact us for eligible counties in Indiana.
** APR-Annual Percentage Rate. Quoted APR is variable for qualified borrowers. The rate is indexed with margin to the prime rate and subject to change on a quarterly basis. Consult with your tax advisor about interest deductibility.
†In the event the real-estate loan is paid off and closed out within three (3) years of the closing date, the member shall reimburse the Credit Union for those closing cost associated with the loan.

Current as of July 12, 2010. Call for current rates.

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