Mortgage - Fort Knox Federal Credit Union

Mortgage Header

Easy and Convenient Mortgage application process:

10-15 minutes to complete
Save your application at any point and come back to it later
View the Loan Status of your application throughout the entire process

Adjustable Rate Mortgage Loans
3/3 - adjustable every three years, payments amortized over 30 years
5/5 - adjustable every five years, payments amortized over 30 years
Finance up to 100% 1 ; no private mortgage insurance (PMI)
Finance up to 25 acres
No closing costs option available; no points

Fixed Rate Mortgage Loans
30, 20, 15, and 5 year options
Finance up to 80% of appraised value or purchase price (whichever is less)
Finance up to 25 acres
Member pays all related closing costs; no points

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Guidelines:

25 acre limit, without survey
Down payment: Minimum 10% (can be lot equity)
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 cost and prevailing mortgage rate locked in at time of closing

Interest Rate (during construction):

With 80% LTV (loan to value): Interest rate is 0.25% over current posted first mortgage rates

With 90% LTV (loan to value): interest rate is 0.50% over current posted first mortgage rates

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Guidelines:

Non-refundable application fee of $199
Maximum Term of 5 years, Amortization over 20 years

Please call (800)285-5669 or visit a local branch for further details.

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Guidelines:

Finance up to 25 acres
Member pays all related closing costs
Terms up to 15 years
Finance up to 70% on raw land

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VA and FHA Loan Programs:


VA loans and FHA loans are two types of government-secured mortgage loans. FHA loans are secured through the FHA, or Federal Housing Administration; while VA loans are secured through the VA, or Veterans Administration. Both of these loan programs involve lower costs and lower down payments than traditional mortgages; there helping place more people into homes. (Source: eHow.com)

FHA Program Purchases/Refinances
620 minimum FICO score 620-639 score rate adjustments apply
96.5% LTV purchases (only 3.5% down)
97.75% LTV rate/term refinances
85% LTV cash out refinances
29%/43% debt ratios (exceptions up to 50% on the back end ratio with compensating factors)
No more than 30 day late payment on a mortgage in the last 12 months to qualify
Up to 6% seller concessions (seller can pay the pre-paids, too)
Down payment can be a gift from a family member (must source the gift)
Down payment CAN be borrowed (must be a secured loan i.e. car, furniture or savings account loan. Will need the terms and promissory note from the loan and the payments must be included in their debt ratio calculations)
FHA licensed appraiser required
Seller must own the property a minimum of 90 days prior to a contract

VA Program Purchases/Refinances
620 minimum score
100% LTV purchases
100% rate/term refinance
90% cash out refinance
29%/43% debt ratios
No more than 30 day late payment on mortgage in the last 12 months
Up to 6% in seller concessions
No seasoning on how long seller has owned the property
Appraisal - once VA eligibility is established VA will assign an appraiser to appraise the property
Need DD214 and/or green eligibility form. If no eligibility form, we can obtain using DD214

Commercial Realestate Loan Programs:


Looking for a better fit for your commercial loans? Fort Knox Federal Credit Union could be your solution. For financing and refinancing options for office buildings, apartments, retail space or multi-purpose facilities; we have a loan sure to fit your need. Starting with:

• Rates as low as 4.50% APR 2
Flexible terms for payments
• US Small Business Administration (SBA) approved lender

To see how much Fort Knox Federal can save you on your commercial loan, please fill out the brief form below.

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You may also call your local branch and talk to Michael Richardson (x6705) for more info.
You may also call your local branch and talk to a Mortgage Representative for more info.