Mortgage Options

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• Fixed Rate Mortgages
• Adjustable Rate Mortgages
• Jumbo Mortgages
• Affordability Program
• Other Programs

Fixed Rate Mortgages

A traditional fixed rate mortgage is where your interest rate remains unchanged throughout the life of the loan.

May be a good option if you:

• Want the security of a predictable mortgage payment
• Plan to remain in the home for at least 10 years
• Do not expect significant increases in your household’s income
• Want to increase the amount of loan for which you can qualify

• Conforming loan amounts up to $417,000
• No down payment options
• 10, 15, 20 and 30 year terms available
• Seller may contribute up to 6% toward closing costs depending on amount of down payment

Adjustable Rate Mortgages (ARMs)

An adjustable rate mortgage has a lower initial interest rate which is subject to changes in the market. This may result in periodic changes in your monthly payments.

May be a good option if you:

• Want to keep your payments low
• Increase your opportunity to purchase a larger or more expensive home
• Do not mind the potential risk (and reward) of adjusting interest rates / monthly payment
• Plan on moving out of the home within the next five to ten years
• Plan to pay-off your home loan within the next five to ten years
• Expect your household income to increase significantly within a short period of time

Highlights of NIHFCU adjustable rate mortgages include:

• Loan amounts up to $1,000,000
• Minimum down payment of 3%
• Seller may contribute up to 3% toward closing costs
• To view full disclosures on our 1, 3, 5, and 7 year ARMs, click here

Jumbo Mortgages

Jumbo mortgages are also known as non-conforming loans. This is a loan with an amount larger than the conventional conforming loan limit of $417,000.

Highlights of NIHFCU Jumbo Mortgage include:

• Fixed and adjustable rates available
• 95% LTV (loan-to-value) up to $500,000
• 90% LTV up to $750,000
• 80% LTV up to $1,000,000

Affordability Program

• Loan amounts up to $417,000
• No down payment option
• Seller can pay up to 3% toward closing costs
• 15 and 30 year terms available
• Expanded qualifying ratios
• Less up-front cash required

Other Programs

• 80/10/10
• 80/15/5
• Second homes
• Equity Loans and Lines of Credit

Additional programs are available. Please contact our Mortgage Services Department at (301) 718-0208 or e-mail us.