Special Loans for Unique Needs

Special loans are loans that are identified by unique features that don't exactly fit in with standard fixed rate loans or adjustable rate loans. See the description of our special loans below to see if you can benefit from their unique features.

Jumbo Loans

A Jumbo Loan (also known as a non-conforming loan) is any mortgage with a loan amount higher than $417,000. The reason this type of loan is considered "non-conforming" is that the amount exceeds eligibility limits for purchase by the secondary mortgage market (i.e. Fannie Mae, Freddie Mac, etc.)

Jumbo Loans are available with either fixed or adjustable rates and have more liberal ratios for loans with an LTV 90% or less. Rates on Jumbo Loans tend to be slightly higher than loans of a lesser value, because lenders generally have a higher risk on these loans.

Consider this option if you want to:

• Finance larger and/or more expensive properties and can handle larger monthly payments
• Leverage your assets more effectively (i.e. investment-minded buyers)

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Interest-Only Loans

An interest-only mortgage requires that interest payments are made during a fixed period of time. Interest-only mortgages usually have an interest-only payment option during the first 1, 3, 5, 7, or 10 years of the mortgage. For example, a 3/1 interest-only ARM has a fixed interest rate for the first three years of the mortgage during which time, only interest payments are required. Since only an interest payment is due, interest-only mortgages usually have a lower monthly mortgage payment than mortgages that require principal and interest payments.

After the end of the fixed term, interest-only mortgages have three options:

1. Refinance to another loan type
2. Pay the loan balance in a lump sum OR
3. Start paying off the principal balance of the current loan (payments will increase significantly)

Consider this option if:

• Your income is mostly in the form of infrequent commissions or bonuses
• You expect to earn a lot more in a few years
• You are trying to increase monthly cash flow

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FHA Loans

LIMITED-TIME OFFER!*

• No origination fee
• No points
• Very low rates

NASA Federal offers FHA loans up to $729,750!* Federal Housing Administration (FHA) loans are insured by the Federal Housing Administration. The FHA loan is often considered the original first-time homebuyer program.

FHA loan benefits:

• Expanded qualifying criteria
• Requires smaller down payments on purchases - as little as 3.5%
• Refinance up to 97.75% of appraised value
• 30 year fixed rate
• Seller contribution toward closing costs allowed up to 6%
• Save hundreds in closing costs

Consider this option as an alternative to a conventional loan if you:

Are a first-time homebuyer

Have little or no down payment

Need to finance closing costs

You must meet certain FHA guidelines to qualify for an FHA loan.  FHA loans through NASA Federal are currently available only for properties located in Maryland, Virginia, DC, Delaware and Pennsylvania.

* Special offer for MD, VA, DC ,DE and PA properties only. Rates, points and closing cost assistance are subject to change without notice. Rate not guaranteed until locked. All borrowers must meet qualifying guidelines in effect at time of lock-in. Other rates and terms available. Loan amounts vary by county. Applications for second homes or investment properties are not eligible for this special offer.

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VA Loans

Veterans Administration (VA) loans* are made possible by the Department of Veterans Affairs and are available for qualified members/veterans of the U.S. armed services. VA loans offer long-term loan options with little or no down payment, more flexible qualifying standards, and possibly, lower interest rates. A variety of fixed loan options are available.

Consider this option if you are a Veteran of the U.S. armed services AND:

• Are a first-time homebuyer
• Have low to moderate income
• Have little down payment
• Need to finance closing costs

Click here ONLY if applying for a Veterans Administration Loan.

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Reverse Mortgages

A Reverse Mortgage** gives older homeowners (age 62 and above) the ability to convert the equity in their homes into tax-free income or extra cash without having to sell the home, give up title or take on new monthly mortgage payments. A Reverse Mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the homeowner. 

Consider this option if you are at least 62 years of age AND:

• Want to reduce month-to-month financial burdens
• Need to supplement your income (to offset medical expenses, pay for home repairs or improvements, enjoy additional leisure activities, etc.)
• Need relief from existing debt  
• Would like to establish a resource to help grandchildren and loved ones

We understand each member’s needs are unique.  Determining whether a reverse mortgage is the right thing to do is an important decision. That’s why we offer a variety of reverse mortgage products and use a personalized, consultative approach to help you make the most of your resources. Reverse Mortgages are offered through our affiliated mortgage partner, Credit Union Mortgage Association.

Click here ONLY if applying for a Reverse Mortgage Loan.

*Higher loan amounts possible. Requires board approval.
**NASA Federal Credit Union does not process these loans. Reverse Mortgage loans are processed by our affiliated mortgage partner, Credit Union Mortgage Association. For specific tax advice, consult a tax professional.

For help or more information, write us or call 301-249-1800 or 1-888-NASA-FCU (1-888-627-2328).