Fixed Rate Mortgage

The interest rate on this agreement stays the same for as long as you hold your mortgage. With this type of mortgage, you know exactly how much you will pay in principal and interest on your home each month.

  • Maximum Loan Amount: Current FNMA Guidelines
  • Various Terms
  • 1-4 Family Owner Occupied
  • Owner Occupied Vacation/Second Home *
  • Maximum 95% of selling price for a purchase**
  • Maximum 80% of value for a refinance
  • Low closing costs

Loan servicing currently retained at Southern Mass Credit Union

* 70% Loan-to-Value on Vacation Homes/Investment Properties.

**Private Mortgage Insurance required for mortgage loans over 80% Loan-to-Value. Loan approval based upon established underwriting guidelines and credit worthiness.

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Adjustable Rate Mortgage

The interest rate on Adjustable Rate Mortgages (ARMs) will adjust at a fixed interval. ARMs are good for buyers who know their income will increase or plan to sell their home in a few years.

  • Maximum Loan Amount: Current FNMA Guidelines
  • Various Terms
  • 1-4 Family Owner Occupied Vacation Homes *
  • Investment Properties*
  • Maximum 95% of selling price for a purchase with Private Mortgage Insurance**
  • Maximum 80% value for a refinance
  • Low closing costs

Loan servicing currently retained at Southern Mass Credit Union

* 70% Loan-to-Value on Vacation Homes/Investment Properties.

**Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Approval of loan is based upon established underwriting guidelines and credit worthiness.Higher APR prevails

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One-Step Construction Mortgage

One easy closing: Construction to Permanent

  • Adjustable Rate Products: 1 year, 3 year or 5/1 ARM*
  • Maximum Loan Amount: $900,000.00
  • Various Terms
  • 80% Value of Property
  • 12 Month Construction Phase
  • Interest only repayment during construction phase.
  • Land must be free and clear of all liens

Loan servicing currently retained at Southern Mass Credit Union

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Land Loans

Reverse Mortgages & Senior Home Loan Programs

Please contact Southern Mass Credit Union and speak to a Member Service Representative for more information.

First Time Homebuyer

The ONE Mortgage program is designed specifically for first-time homebuyers. ONE Mortgage offer homebuyers the comfort of knowing their mortgage is financially sustainable, with features such as an affordable, fixed interest rate, low down payment and low monthly payment saving first time homebuyers hundreds of dollars.

  • Low Down Payment
  • Fixed Interest Rate
  • No Private Mortgage Insurance(PMI)
  • MHP Interest Subsidy
  • Equity Building

To qualify for ONE Mortgage, you must :

  • Be a first-time homebuyer
  • Complete an approved pre-purchase homebuyer education class
  • Meet the program's down payment requirements
  • Have a total household income within the program guidelines
  • Not have more than $75,000 in total household assets
  • Meet the credit and underwriting requirements
  • Agree to reside in the property as your primary residence

For details regarding household income limits, approved pre-purchase education classes and participating ONE Mortgage lenders contact our mortgage department at 1-888-345-7689.

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Massachusetts SoftSecond

VA Mortgages

All Veteran Loans (VA) are 0% down - 30 Year Fixed Rates - 100% Financing - No Private Mortgage Insurance required - Available on purchases and 90% Loan-to-Value cash out.

FHA Mortgages

Federal Housing Administration (FHA) and FHA 203K Rehabilitation Loans require only 3.5% down payment. Purchases or refinances available for members with lower Fico Scores and higher Loan-to-values. Solid fixed rate loans. Another solution for first time home buyers. Prequalify today!

H.A.R.P. 2.0 Mortgages

Home Affordable Refinance Program (HARP) started in April 2009. It goes by several names. The government calls it Making Home Affordable Plan, the Obama Refi Plan, the DU Refi+ and the Relief Refinance.

How do I know if I'm eligible for HARP 2.0?

If you answer "yes" to all of the following questions, you may be eligible!

  • Is your mortgage loan currently owned by either Fannie Mae or Freddie Mac?
  • Was your loan sold to Fannie Mae or Freddie Mac prior to June 1, 2009?
  • Is your current loan-to-value greater than 80%?
  • Is your mortgage up-to-date with all payments made on time in the past 6 months, and no more than one late payment in the past 12 months?
  • If you are HARP-eligible, you must close on your mortgage prior to January 1.

For more information on any of these government type loans or other mortgage products we may offer, please contact the credit union and speak to a Member Service Representative.

Are you interested in a free Mortgage Prequalification?

Before house shopping, find out what homes are in your price range. Receive a free, no obligation prequalification from SMCU.*

Qualified homebuyers will receive a Mortgage Certificate Letter along with a coupon applicable towards closing costs when you finance your home purchase with Southern Mass Credit Union.

* Approval of loan is based upon established underwriting guidelines and credit worthiness.

 

HOME EQUITY LINES OF CREDIT & HOME IMPROVEMENT LOANS

Save money with a low rate home equity loan by using the equity built up in your home to finance your home improvement projects.

Home Equity Line of Credit*

  • Open end life plan or 10 year draw with ten year payback
  • No application fees
  • No points
  • Interest rate and Annual Percentage Rate are variable and subject to change according to the terms of the loan note.
  • Early termination charge may apply depending on term.

Fixed Rate Home Equity*

  • Various Terms
  • Fixed Annual Percentage Rates
  • No application fees
  • No points

* Refinancing SMCU loans excluded. Property Hazard Insurance required and Flood and Appraisal may be required. APR assumes home equity loan does not exceed 80% of the appraised value of your owner occupied 1-4 family principal residence. Some restrictions may apply.

Mass Save® HEAT Loan

0% Mass Save HEAT Loan for the installation of qualified energy efficient home improvements**

  • Attic, Wall and Basement Insulation
  • High Efficiency Heating Systems
  • Central Air Conditioning
  • High Efficiency Domestic Hot Water Systems
  • Solar Hot Water Systems
  • 7 Day Digital & Wi Fi Programmable Thermostats
  • ENERGY STAR® Qualified Replacement WindowsCall Mass Save at 1-866-527-7283 or visit www.MassSave.com/HEATloan for more information.
* Mass Save is an initiative sponsored by the Massachusetts’ gas and electric utilities and energy service providers. Maximum loan amount $25,000 up to 7 year term. Monthly payment per $1,000= $11.91. Own a 1-4 family residence. Some restrictions may apply.