Fixed Rate Mortgages
(Conventional, FHA, VA, Texas Vet and Re-financing)
We offer 10, 15, 20, 30 and 40 year fixed rate mortgages. The interest rate remains the same for the duration of the loan. Our rates and terms are competitive, plus we offer fast turnaround with timely processing. We can furnish you a pre-qualification letter on you mortgage request within minutes of receiving your application information. Lower interest rates are available with good credit scores and larger down payments.
Conventional loans with a 90% LTV (Loan-to-Value) are still available for buyers with acceptable credit scores and approvable ratios. Buyers must have a minimum of a 10% down payment from their own funds. The seller is limited in paying 3% of buyer's closing costs.
Other available conventional loans include a 30-year Interest Only, Five-year Balloon loan and Seven-year Balloon loans. These loans are designed for buyers who plan to be in their home for a brief period of time.
"MyCommunityMortgage" conventional, fixed rate mortgage loans are designed for low to moderate income buyers. There are limits on buyer's income; however, minimum borrowers contribution is a positive.
Special Home Loan programs are available for buyers with potential credit issues. Contact the First Abilene FCU Mortgage Department for more information.
Adjustable Rate Mortgages (ARMs)
ARMs typically begin with a low annual interest rate that is adjusted each year (or more frequently) to current market conditions. Typically, these loans begin with lower than standard interest rates.
JUMBO Mortgages
For the larger loan mounts on home purchases and re-finances, jumbo mortgages are still available. Although interest rates are usually higher than on conforming loans ($417,000 or less), rates are still affordable.
Single Close Mortgages
At the present time we no longer offer the Single Close mortgage.
First Abilene FCU does not offer financing for manufactured housing.
Payment Examples:
Amount Financed |
$150,000 |
Term |
15 years |
APR |
4.75% |
Monthly Payment |
$1,167.00 |
Amount Financed |
$150,000 |
Term |
30 years |
APR |
4.875% |
Monthly Payment |
$794.00 |
To download a Mortgage Loan Application, click here.
For more information about Home Loans, please contact:
First Abilene FCU Mortgage Loan Department
3324 Catclaw Drive
Abilene, TX 79606
(325) 691-5104 ext 15
fax (325) 690-1035
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