Suncoast Owned Property Mortgage Loans
Products available:
- 5/1 Adjustable Rate
- Interest rate caps on the ARM products are 1.50% annually with a 5.0% lifetime cap, subject to a floor of 4.0%. The index is the average of the prior 3 months, 3-Year Constant Maturity. The margin is 1.0%
Interest Rate:
- 50 basis point (1/2%) reduction from posted rate for selected product as shown on our daily posted rates (subject to normal rate lock policies).
Criteria:
- For the purchase ONLY of a Suncoast Owned Property that will be your primary residence.
- Maximum loan-to-value 95%.
- Minimum credit score of 680.
- Maximum housing ratio of 28% and total debt ratio of 38% of gross monthly income.
- 2 months reserves for PITI (principal, interest, taxes and insurance) must be on deposit prior to closing.
- Automatic transfer from Suncoast account for monthly payment is required.
- Verification of income and employment required.
- Closing costs may be gifted.
- Escrow for property taxes and hazard insurance required. This means your monthly payment may increase based on the changes in your annual property tax and hazard insurance amounts.
To take advantage of this special product, please contact our Mortgage Call Center at (813) 621-7511, or toll-free (800) 999-5887 extension 86391 to apply for the Suncoast Owned Property Mortgage over the phone.
You may also print the application from the link shown below and mail the completed and signed application to:
Suncoast Schools Federal Credit Union
PO Box 11904 LOA 054
Tampa, Fl 33680
or you may take your completed application to your local branch.
to print your application.