Secondary Market Mortgages

• Fixed Rate Loans Available
• Rates may be a little lower than In-House Mortgage Loan
• Borrow up to 97% of the Value of Your Home (Private Mortgage Insurance is Required)
• No Application Fee or Prepayment Penalty
• No Escrows Required if Loan-to-Value Less than 80%
• More personal financial documentation is required with loan application than with an In-House loan application.

*Secondary Market Mortgage Loans are written to secondary market guidelines and are not in house loans serviced by CoVantage Credit Union. Payments are made once per month.

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Programs for First-Time Home Buyers

WHEDA (Wisconsin Housing and Economic Development Authority)
A WHEDA Home Loan offers long-term, below-market, fixed-rate financing for low- to moderate-income, first-time homebuyers. If you are not a first-time buyer, you are still elgible for a WHEDA loan if: it's been more than three years since you owned a home, you are a military veteran, the property you are purchasing is located in a "target area," or the property you are purchasing will be the subject of a qualified major rehabilitation.

• Low cost, fixed interest rate.
• Up to a 30-year term.
• 3% down, 5% down, or 10% down payment plans.
• Down payment assistance available (see WHEDA grant below).
• There are income and purchase price limits for the county where you'll buy a home.
• For more information, click here or talk to a CVCU Mortgage Loan Specialist.
  

WHEDA Grant
Eligible WHEDA borrowers in 28 select rural Wisconsin counties, which include Langlade, Menominee, Shawano, Forest, Lincoln, and Oneida, have access to a $5000 forgivable grant that will cover down payment and closing costs, including credit counseling and home buyer education expenses.

• Eligible first-time homebuyers must be under 80% of the county median income. For example, for a 4-person household in Langlade County, the maximum allowable gross annual household income is $43,900.
• Buyers must also invest a minimum of $500 in the loan transaction and participate in homebuyer education.
• Buyers must use a WHEDA mortgage to purchase their home.
• For more information, click here or talk to a CVCU Mortgage Loan Specialist.

Guaranteed Rural Housing (GRH)
The GRH program assist low to moderate-income homebuyers in obtaining a 30-year fixed rate mortgage without the down payment or monthly mortgage insurance typically required by conventional lenders. Home mortgages can be made for up to 100% of the dwelling's appraised value and in some cases, may include closing costs and repairs.

• Property must be in an eligible rural area or community.
  
• Property must be a new or existing stick built or modular home meeting HUD guidelines or a new manufactured home on permanent foundation.
• Applicant must have an adjusted annual household income that does not exceed the moderate income limits for the area.
• Applicant must demonstrate adequate repayment ability (i.e. 29% principal, taxes, insurance and interest; maximum 41% total debt ratio).
• No limitation on source of closing costs.
• Guarantee fee of 2% of the loan amount can be financed up to 102% LTV.
• For more information, click here or talk to a CVCU Mortgage Loan Specialist.

Easy Reverse Mortgage - NEW!

• Similar to a traditional reverse mortgage, it can be used as source of income to help pay monthly expenses, travel the world, or just live retirement as you intended.
• If you are age 62 or older, and live in the home on which the mortgage would be applied, you may be eligible for this loan. Perfect for retirees.
• Can provide a fixed income for the next 10 years.
• Attractive to those who are planning to stay in their home for a few more years, who have limited or no debt against their home, and who prefer dealing with a local lender.
• The borrower’s house may include additional acreage or properties as long as the house is part of the property.
• No monthly maintenance fees and very low start-up costs.
• Fees due up front will typically total about $2,300 for a home valued at $150,000.
• Unlike a traditional loan, there are absolutely no monthly payments.
• Interest rates are fixed for the term of the loan and the balance will be due at the end of the loan term.
• Borrowers will be required to pay taxes when due and provide proof of payment within sixty days of when it is due.  The borrower will also be required to provide proof of homeowners insurance.  If the Credit Union is required to pay those items, it will be taken out of the next year’s draw.
• An appraisal is required. If the appraisal indicates deferred maintenance, it will need to be determined if that maintenance will need to be done prior to, or concurrent with, the loan.
• Borrower must have a history of using credit wisely and managing their finances. 
• To ensure a reverse mortgage is in their best interest, all borrowers will be counseled on the pros and cons of the mortgage prior to signing for the loan. Borrower will need to attend counseling sessions provided by Fannie Mae; or provide a letter of opinion from their attorney or financial planner (not related to CoVantage) stating that they have reviewed the proposed mortgage.
• The Loan is serviced in-house by local CoVantage staff.

CLICK HERE FOR A COMPARISON OF A COVANTAGE EASY REVERSE MORTGAGE VS. A TRADITIONAL REVERSE MORTGAGE

Refinance your Current Mortgage

• Lower the interest rate you currently pay on your mortgage loan. You can save thousands of dollars with just a small decrease in your interest rate.
• Use the lower rate as your opportunity to shorten the term on your mortgage loan. Pay your mortgage off sooner than you thought possible.

To find out which mortgage is right for you, call us at 715-627-4336 or
toll free 1-800-398-2667.

(Weekly or Bi-weekly Payment options not available on Secondary Market Mortgage Loans.)
*APR=Annual Percentage Rate
Home Mortgage Protection
Keeping your home in the family is critical if you or your co-borrower dies or becomes disabled. Home Mortgage Protection will reduce or pay off your mortgage if you or your co-borrower should die. For details about this invaluable insurance, speak to a Mortgage Loan Officer at any of our offices.

Figure out a mortgage payment with our Mortgage Calculator!