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.



• For all mortgage types, properties will be limited to a maximum of 5 acres. Properties with more than 5 acres are subject to a pricing premium of 1%.

1. Share savings or share certificate pledge on deposit with Suncoast Schools Federal Credit Union.



2. 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 State of Florida.