Log In  |  Contact Us  |  Help
Mortgage Loan Types

The information below is general information regarding the mortgage loan options offered by Partners Financial for single family, primary residences.  Terms may vary for other types of properties.

We do not currently offer USDA-RH loans, 203k loans, land only loans, construction loans, or mortgage loans on commercial properties.  Mortgage loans on manufactured (mobile) homes are offered only on properties affixed to a permanent foundation, taxed as real estate, with in-ground and attached plumbing/septic.

Click the links here or simply scroll down to learn about the types of mortgage loans Partners Financial can assist you with.

              Conventional First Mortgage Loans                        JUMBO Loans

              2nd Mortgage/Home Equity Loans                          FHA & VA (Veterans Administration)

              HELOCs (Home Equity Lines of Credit)                 Reverse Mortgage Loans

Conventional First Mortgage Loans

Available for primary residences, second homes/vacation homes that are at least 50 miles away from the primary residence and that will become the primary residence, and rental properties (see special note below regarding rental properties) in all 50 states. The maximum loan-to-value for conventional 1st mortgage loans is 80%. *  (For purchases, the loan-to-value is calculated based on the lesser of the sale price or the appraised value.)  Maximum loan amount is $417,000.

With conventional fixed rate first mortgage loans, you lock in the rate for the life of your loan. The monthly principal and interest payments do not change (although escrow payments for real estate taxes and hazard insurance may fluctuate over the life of the loan).  

We offer 30, 20, 15, and 10 year terms.  There are some advantages to choosing a shorter term.  Usually shorter terms carry a lower interest rate, you own your home much sooner, and you significantly reduce the amount of interest you pay over the life of the loan.  What could be considered a disadvantage of a shorter term is that you usually have to commit to a higher monthly payment.  Many borrowers decide to commit to a longer term but then voluntarily make larger payments in order to pay off their loan in a shorter time and to lower the interest paid over the life of the loan.  Some borrowers consider this approach safer than committing to a higher monthly payment since the difference in interest rates between a shorter or longer term is generally not very significant.  You will want to determine which approach works best for you.

back to top

2nd Mortgage Loans (also known Home Equity Loans)

Available for primary residences located in the state of Virginia.  The maximum combined loan to value (combined loan-to-value takes into account any existing first mortgage loan as well as the new home equity/2nd mortgage loan) is up to 90% *  If you currently have a 2nd mortgage/home equity loan or line of credit, it will need to be paid off/refinanced in with the new home equity/2nd mortgage loan for which you are applying.  The maximum loan amount is $100,000.

Home equity loans (also called 2nd mortgage loans) are loans that take advantage of the equity you have in your home (the difference between what you owe and the current market value – appraised value - of your home).  Most borrowers who have an existing first mortgage but would like to borrow against the equity in their homes can benefit from a home equity loan. 

We offer 20, 15, 10, and 5 year terms at a fixed rate.  The home equity/2nd mortgage loan is for a specific amount disbursed after loan closing and is repaid over the term you choose with a fixed rate and consistent principal and interest payments each month.  

You do not have to have an existing first mortgage to obtain a home equity/2nd mortgage loan with Partners Financial. 

back to top

HELOCs (Home Equity Lines of Credit)

Available for primary residences located in the state of Virginia and North Carolina.  Partners Financial offers two HELOC programs - HELOC Gold and HELOC Classic.  The maximum combined loan to value (combined loan-to-value takes into account any existing first mortgage loan as well as the new 2nd mortgage/home equity loan) is 95%. *  If you currently have a 2nd mortgage/home equity loan or line of credit, it will need to be paid off and refinanced in with the new home equity line of credit for which you are applying. The maximum HELOC limit is $100,000.

Although Home Equity Lines of Credit (HELOCs) are similar to 2nd mortgage/home equity loans in that they also take advantage of the equity you have in your home (the difference between what you owe and the current market or appraised value of your home), they do differ significantly from 2nd mortgage/home equity loans.  

HELOCs have a maximum credit limit (similar to a credit card maximum limit).  The interest rate is variable (subject to change monthly) and based on the Prime Rate as published in the Wall Street Journal.  The term is 15 years, with a draw period of 10 years. 

HELOCs can be a good choice for members who would like to borrow for varied purposes and at different times and are comfortable with a variable rate.  For example, if you are considering home improvements and are not yet sure how much you will need overall a HELOC may be a good choice for you.  

We provide HELOC checks to you at no charge that will allow you to obtain advances at your convenience over the 10-year draw period.  You can also stop by any of our convenient branch locations to obtain advances. 

HELOC Gold: Prime plus (+).50%, with a floor rate of 3.75%, up to 85% LTV (loan-to-value); Prime + 1.00% with a floor rate of 3.75%, up to 95% LTV.  The minimum credit line is $20,000 with a minimum initial advance of $5,000 required.  Qualified applicants may be offered the HELOC Gold Plan.  For applicants approved for the Gold Plan, Partners Financial will pay closing costs other than the appraisal, application fee, or any other unusual costs as long as the Line of Credit remains in place for a minimum of three years, maintaining a balance of at least $3000 and with an initial advance of $25,000.  Not all applicants will qualify for the HELOC Gold.   (Minimum APR is 3.75%. Maximum APR is 18.00%.  APR = Annual Percentage Rate.)

HELOC Classic: Prime plus (+) 1.00%, with a floor rate of 4.25%, up to 85% LTV (loan-to-value); Prime plus (+) 1.50%, up to 90% LTV.  The minimum credit line is $10,000 with an initial advance of $5,000 required.   (Minimum APR is 4.25%. Maximum APR is 18.00%.  APR = Annual Percentage Rate.)

Please see our Home Equity Early Disclosure on our Print Applications & Docs page for more information about the HELOC programs Partners Financial offers.

 back to top

JUMBO Loans

Available for primary residences located in the state of Virginia.

Mortgage loan amounts above $417,000 are considered Jumbo loans.  Jumbo loans are considered on a case-by-case basis and are available to qualified borrowers only. ** 

back to top

FHA Loans*

Available for primary residences in all 50 states.  The maximum loan-to-value is 96.5%.  Private Mortgage Insurance is required for loan-to-values above 80%.  For purchases, the loan-to-value is calculated based on the lesser of the sale price or the appraised value.

FHA loans are mortgage loans insured by the Federal Housing Administration and administered by the U.S. Department of Housing and Urban Development (HUD).  FHA loans are a great option for borrowers who do not have the customary 20% down-payment for a home loan and who would like to take advantage of less stringent qualifications requirements. 

back to top

VA (Veterans Administration) Loans*

Available for primary residences in all 50 states (within VA guidelines).

VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs.  VA loans are designed to offer financing to eligible American veterans or their surviving spouses (certain restrictions apply to surviving spouses).  Generally, a down-payment is not required for VA loans and the qualification requirements are usually less stringent than those of conventional mortgages.  However, if you do have a down-payment and are not seeking less stringent qualification requirements, you may wish to compare the terms of a VA loan with those of conventional loans offered. 

To determine if you are eligible for a VA loan, you should request a Certificate of Eligibility (COE) from the VA by completing the Request for a Certificate of Eligibility for VA Home Loan Benefits form (VA Form 26-1880) and submitting it to the VA.  The COE will indicate not only your eligibility for this type of loan but will also show the amount of available entitlement or guaranty.

To learn more about VA loans, determine eligibility, and obtain a COE, please click here.  Your browser will be directed to the Veterans Administration website. 

back to top

Reverse Mortgage Loans* 

Available for borrowers age 62 and above for properties in all 50 states. 

If you are interested in obtaining additional information regarding Reverse mortgage loans or are interested in applying, please click on the Request Consultation button to the left.  A mortgage loan officer will contact you within 24-48 hours.

back to top

 

*Special note regarding FHA loans, VA (Veterans Adminstration) loans, Reverse Mortgage Loans, and mortgage loans for rental properties:  Partners Financial is pleased to offer FHA loans, VA (Veterans Administration) loans, Reverse Mortgage loans, and mortgage loans on rental properties to our members through our mortgage partner.  If you are interested in obtaining specifics about one of these types of mortgage loans or are interested in applying, please click on the Request Consultation button to the left.  A mortgage loan officer from our partner mortgage company will contact you within 24-48 hours. 

 

**The information contained on this page does not constitute and should not be construed as an offer to extend credit.  Eligibility for any available mortgage programs can only be determined once a completed application has been submitted and a review of each applicant's credit score, credit history and overall creditworthiness has been completed.**

Partners Financial Federal Credit Union - NMLS# 460266
P.O. Box 2980, Henrico, VA  23228
Office:  (804) 649-2957 Ext. 356
Toll Free:  (800) 321-5617
Fax:  (804) 608-8222
mortgagedept@partnersffcu.org
Copyright © 2017 Partners Financial Federal Credit Union
Privacy Policy  | Security Statement  |  Site Map