Fixed Rate Mortgage

Our Fixed Rate Mortgage Loan features an interest rate that remains unchanged for the term of the loan.   

  • Mortgage interest rate does not change for the life of the loan, guaranteeing fixed payments.
  • Fixed Rate Mortgage Loans are a popular choice for First Time Home Buyers, Home Purchasers, or Refinance Transactions.
  • 1-4 Unit purchase or refinance transactions available on primary, second, and investment occupancy.
  • Conventional Fixed Rate Mortgage Loans available for First Time Home Buyers, Existing Homeowners, and Construction/Rehab loans.
  • Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Subject to credit approval.

 

Adjustable Rate Mortgage

Our Adjustable Rate Mortgage, or ARM, features an interest rate that remains fixed for a period of time and then adjusts annually based on a preselected index, causing interest rates and payments to rise and fall with the market.

  • An ARM features an interest rate and payments that are generally lower than comparable fixed rate mortgage loans for a period of time and then may go lower or higher periodically according to an index.
  • ARMs may offer additional savings through changes in interest rates.
  • 1-4 Unit purchase or refinance transactions available on primary, second, and investment occupancy.
  • Conventional Adjustable Rate Mortgage Loans available for First Time Home Buyers, Existing Homeowners, and Construction/Rehab loans.
  • Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Subject to underwriting approval.
  • We offer the following range of ARM Products
    • *10-1 ARM – This loan has a fixed rate for the first 10 years and then may change every year thereafter.
    • *7-1 ARM – This loan has a fixed rate for the first 7 years and then may change every year thereafter.
    • *5-1 ARM - This loan has a fixed rate for the first 5 years and then may change every year thereafter.

*The initial interest rate is fixed for a period of time and then may increase or decrease with movements in the index rate specified in the promissory note. Generally, interest rate increases result in higher monthly payments.

 

Construction/Renovation Mortgage

Our Construction/Renovation mortgage is used to finance a new home construction or the renovation of an existing home. If you’re looking to build a new home or renovate an existing one, Southern Mass Credit Union will make the process easy and efficient.

  • Construction loans are available to construct a home on your land or combine a lot purchase with construction.
  • One time closing with interest paid and funds advanced incrementally during the construction period.
  • Fixed Rate Mortgage and Adjustable Rate Mortgage products available
  • 1-4 Unit construction/renovation available on primary and second home occupancy.
  • Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value.
  • Subject to credit approval. 

 

Land Loans

Southern Mass Credit Union has Land Loans to assist in the acquisition of a buildable lot.  Whether you’re looking to purchase land to construct your dream home now or in the future, Southern Mass Credit Union can assist you with your financing needs.

  • Purchase or Refinance available.
  • 15 and 10 Year Fixed Terms Available
  • Lot must be buildable.
  • Subject to credit approval.

 

Home Access First Time Homebuyer Program

Southern Mass Credit Union has affordable loan programs to assist Homebuyers in purchasing their first homes. (Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Subject to credit approval.)

  • No down payment or 3% down payment programs available (credit terms may vary).
  • Fixed Rate Mortgage Option.
  • Down Payment Funds may be gifted in its entirety.
  • 1 Unit Owner Occupied Purchase Transactions.
  • Mass Housing Partnership One (MHP-One) Program Available.
    • No Private Mortgage Insurance.
    • Mass Housing Partnership Interest Subsidy.
    • Owner Occupied Only.
    • Income and Asset Restrictions Apply.
    • Subject to Credit Approval.

 

Government Loan Programs

Southern Mass Credit Union offers FHA, VA, and USDA loans guaranteed by the U.S. Government. Subject to credit approval.

  • FHA
    • Fixed and adjustable rates available on a purchase or refinance transaction.
    • Up to 96.50% Financing on an eligible 1-4 unit owner occupied property.
    • Streamline refinance on a primary, second home, or investment property available.
    • Reduced Credit Score Requirements.
  • VA
    • Up to 100% financing for eligible military personnel.
    • Fixed and adjustable rates available on an eligible 1-4 unit owner occupied property.
    • Streamline refinance on a primary, second home, or investment property available.
    • Reduced Credit Score Requirements.
  • USDA
    • Fixed Rate Product available for the purchase or refinance transactions.
    • Up to 100% financing on eligible 1 unit owner occupied properties.
    • Geographic and income restrictions apply.

 

Home Assist Affordable Housing Program

Southern Mass Credit Union offers low down payment and flexible mortgage options design to assist income eligible low-to-moderate income families in purchasing or refinancing their homes. Subject to credit approval.

  • Fixed interest rates over the life of the loan so your payment never changes.
  • Up to 97% financing with reduced mortgage insurance.
  • Secondary financing up to 105% on an eligible property with an eligible grant or down payment assistance program.
  • Purchase or refinance an eligible 1-4 unit owner occupied residence.
  • Income and geographic eligibility apply.

 

Community Heroes Program

Southern Mass Credit Union honors our community heroes by offering special purchase and refinance options in the state of Massachusetts to Military Veterans, Firefighters, Police Officers, Licensed Doctors and Nurses, Emergency Medical Technicians (EMTs), Paramedics, Teachers and School Administrators, and Government and Municipal Employees. Subject to credit approval.

  • Fixed interest rates over the life of the loan so your payment never changes.
  • 99% financing for approved professions on an eligible 1-unit owner occupied property.
  • 97% financing available for First Time Homebuyers on eligible 1-unit owner occupied property.
  • Free appraisal and reduced costs on private mortgage insurance.
  • Rate reduction with auto pay available.

 

Doctor Program

Southern Mass Credit Union offers flexible financing options for licensed physicians, veterinarians, and medical residents looking to purchase or refinance a home. Subject to credit approval.

  • Fixed and Adjustable Rate Options.
  • Up to 95% financing with no Private Mortgage Insurance.
  • Purchase or refinance an eligible 1-4 unit primary residence or second home.
  • Loan Amounts up to $1,000,000.

 

Asset Depletion

The asset depletion program enables a borrower to qualify for a mortgage loan using assets to qualify.  Asset depletion is used to establish monthly income for borrowers based on eligible assets. Subject to credit approval.

  • Fixed and adjustable rates available.
  • Up to 80% financing.
  • Purchase and refinance transactions on eligible 1-2 unit primary or second home.
  • Minimum net asset requirements apply.

 

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.

 

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