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FHA MORTGAGE
An FHA Mortgage is insured by the Federal Housing Administration, an Agency of the Federal Government.  This program provides mortgage financing for those who may not qualify using traditional mortgage lending guidelines.

Minimum Loan Amount        
Maximum Loan Amount
$20,000                                  1 Family Dwelling: $729,750
                                             2 Family Dwelling: $934,200
                                             3 Family Dwelling: $1,129,250
                                             4 Family dwelling: $1,403,400
 
Rate  Both Fixed and Adjustable (when available).  Rates are subject to change daily, are reviewed periodically and may be discounted by paying points.  Current rates and terms are available from our Information Center and all branches.
 
Minimum Down Payment  Fixed at 3%. Some allowable closing costs can be included
 
Repayment Term  Minimum:15 years    Maximum:30 years
 
Fees Paid at Application Good faith deposit of $375.  This deposit will be applied toward closing costs.  The mortgage department can supply a current list of fees.
 
Tax Advantages  Deductions are available for interest paid on all or a portion of the mortgage loan.  Member should contact their tax advisor for details.
 
Repayment  Members can arrange for automatic payments from their Checking or Savings account.  Payment coupon books are also available.  Specific terms are subject to the type of mortgage.
 
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