Park Community Credit Union - Mortgage Types

When it comes to buying a home with Park, you have options.

Whether you’re looking to buy a home, refinance, or use your home’s equity, Park Community can help you make the right choice for your situation.

Not sure where to start? Call 502.968.3681 (800.626.2870).

Estimate your payment with us.

Use this calculator to help you determine your monthly mortgage loan payment. Enter purchase price/loan amount, down payment and select a term to calculate your monthly payment.

First Time Homebuyer Program

  • No down payment*
  • $800 towards your closing costs*
  • No PMI* (private mortgage insurance)
  • Local underwriting
  • Fast turnaround time
  • Details

    *Based on 100% loan-to-value and detached property type. For example, based on 7/7 ARM (adjustable rate mortgage) $150,000 financed at 5.475% annual percentage rate with a term of 30 years would result in a principal and interest payment of $839.96. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. $800 credit will be given on your HUD-1 settlement as a promotional credit. $800 credit only for loans qualifying and closing under the First Time Homebuyer program. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply. Originator ID 421794. Equal Housing Opportunity.

Adjustable Rate Mortgages (ARMs)

Adjustable Rate Mortgages offer immediate savings with a lower rate for a fixed time. With our rate caps and other protections, you can be confident that your payment won’t go above the amount listed at closing. Talk to one of our mortgage reps today to see if this is a good option for you.

    • Lower initial payments
    • Great option if you plan on moving
    • 3/3, 5/5, 7/7 and 15/15 ARMs available*
    • No PMI (private mortgage insurance)
    • No or Low Closing Costs**
    • Up to 97% Loan-to-Value (LTV) Financing on purchases and 95% LTV on refinances***
  • Details

    Rates as of 7/2/2018, however, mortgage rates are subject to change daily. The 3/3 ARM rate adjusts every 3 years, the 5/5 ARM rate adjusts every 5 years, the 7/7 ARM rate adjusts every 7 years, and the 15/15 ARM rate adjusts every 15 years. 3/3 ARM Repayment Example:$150,000 financed at 3.952% annual percentage rate (APR) with a term of 30 years would result in a principal and interest payment of $705.36. 5/5 ARM Repayment Example: $150,000 financed at 4.038% APR with a term of 30 years would result in a principal and interest payment of $716.12. 7/7 ARM Repayment Example: $150,000 financed at 4.164% APR with a term of 30 years would result in a principal and interest payment of $726.97. 15/15 ARM Repayment Example: $150,000 financed at 4.541% APR with a term of 30 years would result in a principal and interest payment of $760.03. The principal and interest portion of your payment may be higher at the beginning of each new ARM term based on market conditions. Owner Occupied Single Family Residence and Stand-Alone Condos/Patio Homes only. Loan subject to underwriting and credit approval. Additional restrictions may apply. No Closing Costs on the 3/3 and 5/5. Member still responsible for appraisal, owner’s title insurance (if applicable), and prepaid items. Low closing costs on the 7/7: $800 credit will be given on your Closing Disclosure as a promotional credit. 15/15 is regular closing cost with no additional credits. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply.

    Originator ID 421794. Equal Housing Lender.
    **No Closing Costs on the 3/3 and 5/5. Member still responsible for appraisal, owner’s title insurance (if applicable), and prepaid items. Low closing costs on the 7/7: $800 credit will be given on your Closing Disclosure as a promotional credit. 15/15 is regular closing cost with no additional credits.
    ***Minimum 3% down payment required for purchase transactions and minimum 5% equity for refinances.

Conventional Loan

A conventional loan is just what it sounds like: a regular ol’ loan. Once you’ve found a house you’d like to purchase and are approved for the loan, you’ll put down as little as 5% down payment, and choose from terms ranging from 5 to 30 years. Closing costs are low, and there’s no penalty for paying before the term is up.

    • Wide range of mortgage financing options: your choice of 5-30 year terms*
    • Minimal out-of-pocket expenses: Financing available with as little as a 5% down payment
    • No prepayment penalty, pay before the term is up
    • Low closing costs
  • Details

    Rates as of 7/2/2018, however, mortgage rates are subject to change daily. Interest rate would be based on current day pricing when locking the rate with an originator. Based on 80% loan-to-value and detached property type. For example, a $150,000 30-year fixed rate mortgage loan with an Annual Percentage Rate of 4.834% requires 360 monthly payments of $782.47. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply.

Jumbo Mortgages

For loan amounts that exceed the limit for conventional mortgages, we also offer jumbo mortgages.

  • 15 and 30 year terms available
  • Loan amounts up to $850,000
  • Max LTV/CLTV 90%
  • Condos and patios homes up to 80% LTV
  • Fixed Interest Rate*
  • Local underwriting
  • Fast turnaround time
  • Details

    *Mortgage example, a $500,000 30-year fixed rate mortgage loan with an Annual Percentage Rate of 4.152% and an APY of 4.125% requires 360 monthly payments of $2,423.25. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply. Originator ID 421794. Equal Housing Lender.

Express Home Refi

  • Available on properties without a first mortgage
  • Fixed Rate
  • 5 and 10 year terms available*
  • Financing up to 80% of market value
  • Loans from $5,000-$75,000

  • Details

    *Repayment example: $30,000 financed at 4.125% annual percentage rate with a term of 10 years would result in a principal and interest payment of $305.59. Taxes, property insurance, and flood insurance (if applicable) are not included in the monthly payment amount. Your actual payment amount may be higher. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.

Second Mortgages

  • Flexible mortgage financing options: your choice of 5-15 year terms*
  • Financing available up to 90% of market value, less first mortgage balance
  • Low closing costs
  • Details

    *$5000.00 minimum loan amount. Repayment example: $50,000 financed at 4.99% annual percentage rate with a term of 15 years would result in a monthly payment of $359.29. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Maximum LTV is 90% for loans $100,000.00 or less. Maximum LTV for loans over $100,000.00 is 80%. Home equity loans available in KY and IN. Owner occupied properties only. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.

FHA Loans

An FHA loan is insured by the Federal Housing Administration, which requires both lenders and borrowers meet certain requirements. FHA loans require a lower down payment — as low as 3.5% — and are good options for many first-time buyers.

  • Flexible mortgage financing options: your choice of 15 or 30 year terms*
  • Minimal out-of-pocket expenses: Financing available with as little as a 3.5% down payment
  • No prepayment penalty
  • Low closing costs
  • No gift restrictions
  • Details

    FHA mortgage loan based on 96.5% loan-to-value, with a loan amount of $152,625 financed on a 30-year fixed rate ($150,000 base amount plus $2,625 for prepaid mortgage insurance) at 5.762% APR and an APY of 4.875%, would result in a principal and interest payment of $807.70. Loan payment amount does not include required monthly PMI, taxes and insurance and your actual payment may be greater. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions may apply. Originator ID 421794. Equal Housing Lender.

USDA Loans

US Department of Agriculture loans are specifically designed for rural and suburban homebuyers. They require no down payment and offer low interest rates.

  • Available to members whose property and income meet the USDA eligibility criteria
  • Flexible mortgage financing options: your choice of 15 or 30 year terms*
  • No down payment
  • No reserves required
  • 0.4% annual mortgage insurance (calculated in monthly payment)
  • One time 2% guarantee fee can be included in the loan amount
  • No maximum purchase price limit
  • Not limited to first-time homebuyers
  • No prepayment penalty
  • Low closing costs
  • No gift restrictions
  • Details

    *USDA mortgage loan based on 100% loan-to-value, with a loan amount of $151,500 financed on a 30-year fixed rate ($150,000 base amount plus $1,500 for the Guarantee Fee) at 5.275% APR and an APY of 4.875%, would result in a principal and interest payment of $801.75. Loan payment amount does not include required annual fee of .35%, taxes and insurance and your actual payment may be greater. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions may apply. Originator ID 421794. Equal Housing Lender.

Home Equity

  • Variable Option

    • Standard, everyday rates as low as 4.49% APR*
    • 10 year draw period*
    • 20 year repayment period*
    • Interest only payments available
  • Fixed Rate Option

    • Terms up to 10 years*
    • $2,500 minimum advance
  • Multiple-Lock Feature

    • One credit line, with up to 4 loans
    • Up to 3 fixed-rate advances at a time
    • Financing up to 90% of market value, less first mortgage balance
    • $5,000 minimum line of credit
    • Possible tax deductible**
  • Details

     *Annual percentage rate. The 4.24% APR is for illustrative purposes only and assumes a borrower with excellent credit. Rates are subject to change without notice. All loans are subject to approval. Availability, terms, rates, and conditions may vary, are subject to change, and are based on loan to value, lien position, creditworthiness, qualifications, and the condition, location, and type of collateral. Available on primary residences only. Fees and costs of $866 fee to open the plan apply. Loans are not available in all states. Property insurance is required. Other restrictions and limitations may apply. $5,000 minimum line of credit. Interest-only repayments may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Variable rate and fixed rate advances available. Variable rate advances: Interest only payments are required. Your monthly payment due may change quarterly based on rate changes. The APR is based on an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal Prime Rate plus or minus a margin as determined by credit score and loan-to-value ratio. As of April 4, 2018, the variable rates ranged from 4.24% APR to 15.0% APR. Fixed rate advances: 120-month maximum term. 0.5% APR will be added to the qualifying rate with a minimum rate of 5.0% APR. No more than three fixed rate advances at one time. Minimum advance is $2,500.

A community of opportunity.

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