Something Special from NE PA Community Federal Credit Union
***We are currently running a No Fee Mortgage Special through September 30th, 2015. What this means is no closing costs. The mortgage must contain at least $50,000 new money and the term must be 15 years or more. We do require twenty percent (20%) equity for a purchase or refinance. Title insurance is still required, but could be rolled in to the new mortgage.***
No minimum credit score required
No origination fees
Terms ranging from 15-30 years
80% loan-to-value ratio
No Private Mortgage Insurance (PMI)
Frequently Asked Questions:
Do I need to have an account at the credit union to apply for a mortgage? Yes, you need to open a share/savings account with $25.00 and pay a one-time membership fee of $1.00. The requirements to opening an account are either live, work, worship, or attend school in Monroe or Pike Counties.
Does a buyer need a minimum credit score to apply and be approved for a mortgage? No, we have no minimum credit score requirements. Our mortgage process consists of reviewing the credit history, length of employment, and how much of a down payment the member will be making.
Does the credit union sell the mortgages after they are closed? The credit union has the option to sell their mortgage loans, however, our mortgage loans are kept in house. The mortgage loans are retained and serviced by the credit union. The loan staff is always available to assist the members when needed.
Does the credit union amortize their loans? The credit union does not amortize their loans. Our mortgage loans are always due 30 days from the closing date (not the 1st of the month). Interest is calculated daily on the unpaid balance, therefore the frequency of payments and any extra will decrease the amount of interest you pay on your loan.
For more information or to apply, please contact:
NE PA Community Federal Credit Union
337 Clay Avenue
Stroudsburg, PA 18360
570-421-5585 ext. 1126