First Step Mortgage

Summary

Dreaming of buying a home but don’t have a down payment? Let Infinity Federal Credit Union (FCU) make your dreams of homeownership a reality with our First Step Mortgage.

Benefits:

  • 100% Loan to Value (LTV) Ratio with pledged assets for 10% of the loan amount from a family member
    • The family member must open a 7-year Share Certificate** that will serve as a guarantee to secure the mortgage.
    • The pledged amount will be released to the family member upon 7-year maturity or upon reaching 90% LTV based on original home appraisal value
  • Private Mortgage Insurance (PMI) is required only until 80% LTV is reached
  • 5/1 Adjustable Rate Mortgage (ARM)*
  • No income or geographic restrictions like government programs
  • Flexible payment options
  • No pre-payment penalty
  • Free pre-qualification
  • In-house underwriting and processing for quick decisions
  • Flexible closing times/days available

*ARMs begin with a low, fixed rate, and then adjust upward or downward after the initial fixed term. ARMs contain two numbers: the first refers to the number of years the interest rate at closing remains fixed, the second is the number of years in between interest rate changes after the initial fixed term expires. Our 5/1 ARM has the same interest rate for five years after closing. After the 5th year of the loan term, the rate will be subject to change based on the 12-month US Libor Index with a margin of 2.75%. Applicant must qualify for credit approval. Property must be an owner-occupied Maine dwelling with proof of insurance. Infinity FCU Membership and direct deposit of net pay required for the borrower.

**Share Certificate Requirements. Dividends have to be rolled in to the principal balance and funds cannot be withdrawn until 7-year maturity or until 90% LTV is reached based on original home appraisal value, whichever comes first. There is no penalty for early withdrawal once the requirements are satisfied. See our rate schedule for details. Infinity FCU Membership required for the family member.