Generations’ Mortgage Loan Program is for all members looking to purchase a home and includes: first time homebuyers, members seeking to refinance a home or those needing a second mortgages for home improvements or to pay for education. The credit union will guide you through the entire process beginning with pre-qualification.
The homebuyer mortgage program coupled with the home counseling workshops will successfully prepare members for homeownership while providing them access to an affordable product. For more information on obtaining a home loan or registering for a Homebuyers Workshop, please contact your local branch.
- 2 year ARM (Initial rate is fixed for 2 years)
- 1% maximum change every two years (Rate will adjust every two years)
- 8% maximum upward adjustment over life of loan.
- Adjustment Index: One Year Constant Treasury Maturity
- Loan Term: 30 year fully amortizing
- Minimum Credit Score: None
- Origination Fee: 1% of loan amount