LOANS & CREDIT
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Learn the facts about mortgage loans
All mortgage programs are not the same, and it’s important to understand the differences. Whether you're buying your first home, making your next move or simply refinancing, NASA Federal Credit Union has the terms, features and options designed to make getting a mortgage easier. Let us help you understand all the choices you have when it comes to a home mortgage.
Fixed Rate Mortgage
Predictable Monthly Payments
A fixed-rate mortgage allows you to know your exact monthly payment throughout the entire loan term. Options are available for both conventional and jumbo loan mortgages.
Fixed-rate mortgages are a great option if you:
- Prefer the stability of a fixed principal/interest payment
- Plan to stay in your house for many years
Conventional Fixed-Rate Loan
If your mortgage will be for an amount up to $417,000, a conventional mortgage may be your best option. We'll help you design a plan by choosing from a variety of rates, terms and points options.
- Requires at least a 5% down payment
- Available for owner-occupied primary residence, second home, investment property (maximum term required) and 1-4 unit properties
Jumbo Fixed-Rate Loan
If your mortgage will be for an amount higher than $417,000, a jumbo mortgage may be an option. Jumbo home loans may have a higher interest rate and different down payment requirements than conventional home loans.
- Loan amounts up to $850,000
- Additional options available for larger loan amounts
Adjustable Rate Mortgage
Low Initial Interest Rates
With an Adjustable-Rate Mortgage (
After the lower initial rate period of an ARM, the rate will adjust to a fully indexed rate, and your rate and payments may increase. ARMs have different options for how long the initial interest rate will be in effect before it can be adjusted due to market conditions. For example, you could get a 5/1
Adjustable-rate mortgages are a great option if you:
- Are planning to move in a few years (before the end of the initial rate period) and therefore aren't concerned about possible rate increases
- Expect your income to rise enough in the coming years to cover any increase in payments resulting from an increase in the interest rate
- Want a lower initial monthly payment than a fixed-rate mortgage usually offers
- Think interest rates may fall in the future
The Federal Housing Administration (FHA) offers government-insured mortgage loans. This loan type has features that offer less restrictive qualifying guidelines than conventional loans, especially for first-time homebuyers, to obtain:
- Low down payment
- 30 and 15 year fixed-rate loans available
- Insurance from the federal government replaces private mortgage insurance
- Maximum loan amounts up to $729,750- maximum loan amounts vary by county
Consider this option as an alternative to a conventional loan especially 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 Credit Union are currently available only for properties located in Maryland, Virginia, D.C., Delaware and Pennsylvania.
Mortgage Option for U.S. Veterans
The U.S. Department of Veterans Affairs (VA) offers government-insured mortgage loans. This loan type has features that are less restrictive than conventional mortgage loans for veterans, including:
- No down payment loan option
- 30 and 15 year fixed-rate loans available
- More flexible qualification guidelines than conventional loans
Specialized Mortgage Options
Mortgage Programs Customized For You
Whatever your situation, NASA FCU has a mortgage option that’s right for you. We can help you find the right financing strategy with terms to fit your budget. You’ll experience friendly, reliable service you can trust. There are many specialized options including but not limited to:
- First-Time Homebuyer
- High Loan to Value Mortgage – Limited-Time Special Offer!
- No PMI
- Reverse Mortgage
First-Time Home Buyer
One of the most challenging obstacles to buying your first home is saving enough money for the down payment and closing costs. We offer loan types that are ideal for buyers who may not have the resources for a large down payment or who require low monthly payments when they're first starting out.
Our First-Time Homebuyer Program features:
- As little as 3.5% down payment required
- Up to 96.5% financing of the purchase price
- More flexible qualifying guidelines than traditional mortgage loan plans
High Loan to Value Mortgage – Limited-Time Special Offer!
For a limited time, NASA FCU is offering a mortgage option not readily available through other lenders. This is a unique loan that does not require mortgage insurance, and is available for new primary residence purchases or refinances of a current primary residence, in Maryland, Pennsylvania, Virginia or the District of Columbia (DC).*
Our High Loan to Value Mortgage features:
- Up to 100% financing for a primary residence purchase up to $650,000 (95% financing from $650,001 up to $850,000)
- Up to 95% cash out refinancing on a primary residence up to $650,000 (90% cash out from $650,001 up to $850,000)
- Financing available for primary residences in MD, PA, VA & DC
- No mortgage insurance required
*This offer is limited to well-qualified applicants. Some restrictions may apply. Offer is valid for primary residence only. Speak with a NASA FCU First Mortgage Loan Specialist for loan details and rates.
- Saves you the cost of monthly private mortgage insurance
- Builds equity faster because you pay off the second mortgage in a shorter time
- Is available on fixed-rate and ARMs for both conventional and jumbo loans
A Reverse Mortgage provides 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. Reverse Mortgages are offered through our affiliated mortgage partner, Credit Union Mortgage Association.
Consider this option if you are at least 62 years of age and:
- Want to reduce monthly financial burdens
- Need to supplement your income (to offset medical expenses, pay for home repairs or improvements, etc.)
- Need to pay down existing debt
- Want to use the equity in your home now to help grandchildren or loved ones
This link will take you to a NASA FCU affiliate, Credit Union Mortgage Association (CUMA), who will assist you with a Reverse Mortgage loan application and processing.
*Special loan programs offered to well-qualified applicants. Some restrictions may apply. Programs only available in the following designated areas: CO, CT, DC, DE, MA, MD, ME, MN, NC, NH, OR, PA, RI, TX (new purchases only), VA, VT, WA & WV. Speak with a NASA FCU First Mortgage Loan Specialist for loan details and rates. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Payment Example: A $250,000 30-year fixed rate with zero points and an interest rate of 3.75% (3.887% APR) would have a monthly principal and interest payment equal to $1,157.79. The monthly payment shown does not include PMI, taxes, insurance or other applicable escrows. The actual payment obligation will be greater when these are applied.