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Landings Credit Union offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
95% Jumbo First Mortgage with no Mortgage Insurance
Conventional
FHA
HELOC
Home Improvement
JUMBO
Second Mortgage
VA
Vacant Lot/Land

95% Jumbo First Mortgage with no Mortgage Insurance
Landings offers first mortgage with as little as 5% down with no monthly Mortgage Insurance. Maximum loan amount $750,000

Term: 30 years   Maximum Amount: $750,000

Conventional
Conventional loans are not made by a government entity nor insured by a government entity. Instead the majority of conventional loans use Fannie Mae or Freddie Mac guidelines. Fully amortized conventional loans are considered safe loans because the same principal and interest payments are made every month. Down payment requirement can be as low as 3% but monthly payment will include Mortgage Insurance. A down payment of 20% will eliminate the requirement for Mortgage Insurance and will in most cases lower the interest rate. Typical fixed interest rate loans have a 15 or 30 year term. A shorter-term loan usually results in a lower interest rate.

Term: 30 years   Maximum Amount: $484,350

FHA
An FHA loan is a mortgage issued by a federally qualified lender and insured by the Federal Housing Administration (FHA). There could be a variety of reasons as to why an FHA mortgage would be the best option for your home financing. FHA loans allow the borrower to borrow up to 96.5% of the value of the home. The minimum down payment of 3.5% can come from a gift or grant, which makes FHA loans popular for first time buyers. Interest rates are typically lower in comparison to a conventional loan product putting 3% down. We welcome you to visit with one of our mortgage professionals to prepare estimated mortgage payments of both loan products to help you decide which mortgage would be the best fit for you and your family.

Term: 30 years   Maximum Amount: $331,760

HELOC
Home Equity Line of Credit loans are for members that have equity in their home and would like to use a portion of that equity to do some upgrades to the home, pay for college tuition, or consolidate unsecured debt. Maximum combined-loan-to-value (CLTV) is 80%. Maximum loan amount $100,000. The interest rate is variable. HELOC loans have a 10 year draw period, followed by a 10 year repayment period. No pre-payment penalty. ***We also have Interest Only HELOC option.

Term: 20 years   Maximum Amount: $100,000

Home Improvement
Do you love your home and location but desire to add a pool, landscaping and/or do some home renovations for a larger kitchen or upgraded bathrooms? Our Home Improvement second mortgage could be the perfect solution for you then. Our Home Improvement loan has a recorded Deed of Trust in second lien position (behind your first mortgage). Maximum loan amount is $100,000 that is amortized for 15 years with a 7 year balloon payment. Loan amount of $50,000 or less is amortized for 7 years with no balloon payment. Maximum 125% CLTV (combined loan to value)No pre-payment penalty.

Term: 7 years   Maximum Amount: $100,000

JUMBO
A Jumbo mortgage loan is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac. The conforming limit is currently $453,100 for Maricopa County. These types of loans typically carry higher interest rates and stricter qualifying guidelines.
Maximum Amount: $2,000,000

Second Mortgage
Second Mortgages are for Purchase transactions or rate/term refinances. These loans are amortized for 20 years with a 7 year balloon payment, with loan amounts greater than $30,000. Loan amounts $30,000 and below are amortized for 7 years with no balloon payment. Maximum loan amounts depend on combined-loan-to-value and credit score. These loans could be an alternative to obtaining a Jumbo Mortgage.

Term: 7 years   Maximum Amount: $200,000

VA
The VA loan program was established by the United States Department of Veterans Affairs to help veterans and their families obtain financing. This loan offers up to 100% financing on the value of the home for eligible military personnel. To qualify for a VA loan, eligibility will be determined by the Department of Veterans Affairs with a Certificate of Eligibility, which identifies the borrowers record of military service to the lender. The Department of Veterans Affairs does not directly originate VA loans; instead they establish the rules for those who may qualify, and dictate the terms of the mortgage offered.
Maximum Amount: $424,100

Vacant Lot/Land
This product is designed to provide financing for vacant land. Maximum 70%LTV. Maximum of 5 acres. Fixed interest rate with 7 year amortization.

Term: 7 years  



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $484,350 with closing costs of $9,687. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.