FIRST MORTGAGE LOANS & HOME REFINANCING
DCFCU is proud to offer a variety of First Mortgage products, including Conventional Fixed-Rate Mortgages, Jumbo Fixed-Rate Mortgages, FHA Fixed-Rate Mortgages, & VA Fixed-Rate Mortgage Loans.
Types of First Mortgages Loans at DCFCU:
Conventional Fixed-Rate Mortgages
Conventional Conforming Mortgages are loans that meet the guidelines and loan limits of Fannie Mae and Freddie Mac (government-sponsored agencies that establish guidelines for mortgage lenders). Most mortgages in the U.S. conform to these guidelines and are considered conventional loans. Low down payments of as little as 3% are available for qualified borrowers. Loans with an LTV of more than 80% will require mortgage insurance.
Jumbo Fixed-Rate Mortgages
A Jumbo Mortgage exceeds the loan limits established by Fannie Mae and Freddie Mac. If interested in a Jumbo mortgage, contact DCFCU’s mortgage department for the current limit, which generally changes annually. Since Jumbo loans exceed these guidelines, the interest rates are generally higher than a conventional conforming loan.
FHA Fixed-Rate Mortgages
FHA (Federal Housing Administration) mortgage is insured by the U.S. government and must comply with FHA guidelines and loan limits (which differ from Conventional and VA). It is known for low down payment mortgages. FHA loans are popular with first-time homebuyers with limited cash available.
VA Fixed-Rate Mortgages
VA (Veterans Administration) Mortgages have many benefits and allow service members, Veterans and select spouses to take advantage of little or no down payment requirements, no monthly mortgage insurance, and up to 100% financing.
Choose DCFCU as Your Mortgage Lender in Miami-Dade & Broward Counties
With a DCFCU fixed-rate mortgage, you’ll rest assured that your interest rate is guaranteed to remain fixed for the length of the loan. Allowing you to always know what your monthly principal and interest payments will be. DCFCU offers fixed-rate mortgages with terms of 15 or 30 years for FHA and VA mortgages and 10, 15, 20, 25, or 30 years for Conventional and Jumbo mortgages.
First Mortgages are available for your single-family home, townhouse, or villa. No condominiums. No manufactured housing. No vacant land.
DCFCU currently participates in two First Time Home Purchasing Assistance Programs
DCFCU Home Purchasing Assistance program (HPA) for first-time homebuyers offers up to $100,000 in down payment and closing cost assistance for your primary residence in Miami-Dade or Broward County. Homes purchased in target areas will receive 25% of the purchase price and non-target areas will receive 3% of the purchase price, neither to exceed $100,000. The program is subject to income restriction. For more information click below.
FHL Bank Atlanta down-payment-assistance program offers up to $12,500 for first-time homebuyers and up to $15,000 for first-responder homebuyers. The program is subject to income restriction. For more information click below.
Refinance Your Current Mortgage with DCFCU
Dade County Federal Credit Union can also help refinance your existing mortgage to help you lower your interest rate, lower your monthly payment, or both!
Talk to an experienced mortgage advisor today at 305-471-5080.
Start Your Mortgage Journey with DCFCU
Homeownership is the American dream. With so many options and so many mortgage lenders available in today’s marketplace, it’s important to pursue a deal that’s right for you with someone you can trust. Call to speak with an experienced Mortgage Advisor at 305-471-5080.
Whether you’re buying your first home or refinancing your existing mortgage, DCFCU will help walk you through all the steps involved in receiving the financing you qualify for.
*Mortgage loans are subject to credit and collateral evaluation. Products offered, terms, and conditions are subject to change or cancellation without notice. Other restrictions may apply. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE) is a federal law designed to protect consumers and reduce fraud. . https://www.nmlsconsumeraccess.org/. Credit Union Membership required prior to closing. Home Owners/Windstorm is required and Flood Insurance is required if property is located in a Flood Zone.
The NMLS ID unique to Dade County Federal Credit Union is 410320. Individual MLOs working for Dade County Federal Credit Union also have specific NMLR IDs. Please click to see each individual MLO.
