Mortgage Types - Park Community Credit Union

Conventional Mortgage

Available in 10, 15, 20, 25, or 30 year terms
5% down payment required

_{Rates as of 2/21/2023, 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 7.238% requires 360 monthly payments of $1,010.58. 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.}

Adjustable Rate Mortgage (ARM)

3/3, 5/5, 7/7, or 10/10 ARM

3% down payment required
Available for purchase or refinance
No Private Mortgage Insurance (PMI) required
Credit Scores as low as 585

_{Rates as of 2/21/2023, however, mortgage rates are subject to change daily. 3/3 ARM Repayment Example: $150,000 financed at 5.220% annual percentage rate (APR) with a term of 30 years would result in a principal and interest payment of $816.73. 5/5 ARM Repayment Example: $150,000 financed at 5.472% APR with a term of 30 years would result in a principal and interest payment of $839.96. 7/7 ARM Repayment Example: $150,000 financed at 5.724% APR with a term of 30 years would result in a principal and interest payment of $863.48. 10/10 ARM Repayment Example: $150,000 financed at 5.976% APR with a term of 30 years would result in a principal and interest payment of $887.31. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. The principal and interest portion of your payment may be higher at the beginning of each new ARM term based on market conditions.. Maximum loan amount is $200,000 for borrowers with credit score between 585 - 619. Owner Occupied Single Family Residence and Stand-Alone Condos/Patio Homes only. Loan subject to underwriting and credit approval. Additional restrictions may apply.}

First Time Homebuyer

Fixed rate mortgage or adjustable rate mortgage (ARM) options available
Up to 100% financing available
No Private Mortgage Insurance (PMI) required
Credit scores as low as 620

_{Rates as of 2/21/2023, 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 100% loan-to-value and detached property type. For example, based on a 7/7 ARM (adjustable rate mortgage) $350,000 financed at 6.179% APR with a term of 30 years would result in a principal and interest payment of $2,126.64. The principal and interest portion of your payment may be higher at the beginning of each new ARM term based on market conditions. For example, a $350,000 30-year fixed rate mortgage loan financed at 6.934% APR requires 360 monthly payments of $2,299.25. Loan payment amounts do not include monthly taxes and insurance and your actual payment may be greater. $200,000 max loan amount on a Duplex, financed at 100% LTV. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply.}

West Louisville Mortgage

Fixed rate mortgage or adjustable rate mortgage (ARM) options available
Up to 120% financing available
Available for purchase or refinance with improvements
No private mortgage insurance (PMI) required
Credit score as low as 620

_{Rates as of 2/21/2023, however, mortgage rates are subject to change daily. Based on 100% loan-to-value and detached property type. For example, based on a 7/7 ARM (adjustable rate mortgage): $200,000 financed at 6.207% APR with a term of 30 years would result in a principal and interest payment of $1,215.22. A $200,000 30-year fixed rate mortgage loan financed at 6.963% APR requires 360 monthly payments of $1,313.86. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. The principal and interest portion of your payment may be higher at the beginning of each new ARM term based on market conditions. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply. Subject properties located in Louisville’s West End will have the following exclusive features Refinance or purchase (Owner occupied only). Owner occupied 2-unit properties (duplex). Borrower(s) do not have to be first time homebuyers. Ability to borrow up to 120% LTV if extra is needed for repairs (purchase transactions only). Rate Term Refinance up to 97% LTV. Cash out refi LTV subject to normal underwriting guidelines.}

Residential Professional Mortgages

3/3 ARM loan term
Up to 100% financing available
No Private Mortgage Insurance (PMI) required

_{Rates as of 2/21/2023, however, mortgage rates are subject to change daily. Qualifying professionals include: Chiropractic (D.C., D.C.M.), Dentistry (D.D.S., D.M.D.), Law (LL.B., J.D.), Medicine (M.B., M.D.), Optometry (O.D.), Osteopathic Medicine (D.O.), Pharmacy (Pharm. D), Podiatry (D.P.M., D.P., Pod. D.), Theology (M.Div, M.H.L., B.D., Ordination), Veterinary Medicine (D.V.M., V.M.D.), CPA. Based on 100% loan-to-value and detached property type. For example, based on a 3/3 ARM (adjustable rate mortgage): $500,000 financed at 5.791% APR with a term of 30 years would result in a principal and interest payment of $2,917.86. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. 100% financing up to $500,000 maximum loan amount – For Residents/New Physicians. 95% financing up to $850,000 maximum loan amount – For Established Employees. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply.}

A home loan that never wears out its welcome

Conventional Mortgage

Adjustable Rate Mortgage (ARM)

First Time Homebuyer

West Louisville Mortgage

Residential Professional Mortgages

Got Equity? We've got options!

2nd Mortgage Options

Not sure where to start?

Information

Tools and Resources

Membership

Bank Education