This loan is designed to help borrowers purchase a home with minimal or no money down plus closing costs.
This loan is available with all mortgage products except the 10, 15, 20, 30, and 40-year fixed rate loans, which are sold in the secondary market.
- The maximum loan amount is $700,000.
- The maximum Loan-to-Value is 100% with a sponsor pledge.
- Private Mortgage Insurance (PMI) is not required.
- Escrow for taxes and insurance is required. This means your monthly payment may increase based on changes to your annual property tax and hazard insurance amounts.
- The sponsor's pledge can be released when the borrower's loan balance is reduced to 80% of the market value or approved LTV, subject to qualifying restrictions and subject property current market value.
- As long as the borrower makes regular payments the Sponsor pays nothing.
- In the event the borrower defaults, we would require the sponsor to honor their guaranty (sponsor) amount.
- Share savings or share certificate pledge on deposit with Suncoast Schools Federal Credit Union.
- Sponsor's home (equity is calculated by using 80% of the current appraised property value minus any outstanding liens). Property must be located in the same county that the subject property of the loan is located and applies to Florida properties only.
Normal underwriting guidelines apply. Terms or conditions may change without notice.