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Mortgage Features
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Disclosure
1First-time homebuyer is defined as an individual who has never owned a home before, an individual who has not owned a home for at least three years and for married couples, if one spouse is a homeowner but the other spouse has never owned before, then, according to the FHA, both spouses are considered first-time homebuyers.
2Housing and Urban Development Area Median Income
3In Arizona, California or Nevada. Such property may include (1) single-family homes, such as a condominium, cooperative housing, and manufactured homes, and (2) housing with two to four dwelling units with at least one owner-occupied unit.
4WISH Set-Aside funds may be used only as a grant toward the down payment and/or reasonable and customary closing costs for the purchase by an eligible household of an owner-occupied housing unit to be used as the
household’s primary residence.
5Meet income eligibility guidelines, as published by the Bank at the time of enrollment in the WISH Program and is at or below 80% of the HUD area median income.
6The homebuyer must have successfully completed, and the Member must certify completion of, a homebuyer’s counseling program provided by, or based on one provided by, an organization recognized as experienced in
homebuyer counseling.
7First-time homebuyer is defined as an individual who has never owned a home before, an individual who has not owned a home for at least three years and for married couples, if one spouse is a homeowner but the other spouse has never owned before, then, according to the FHA, both spouses are considered first-time homebuyers.
8A one-time processing fee is charged as a part of your mortgage loan.
9APR=Annual Percentage Rate. Rates, terms and conditions are subject to change and may vary based on credit worthiness, qualifications and collateral conditions. All loans are subject to approval. For a $250,000 loan with a 20% down payment a 6.77% APR for a 30 year term, the monthly payment would be $1,281 (excluding property tax and insurance); for a $250,000 loan with a 20% down payment at 6.64% APR for a 15 year term, the monthly payment would be $1,742 (excluding property tax and insurance). 1% Origination Fee may apply.
