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Adjustable-Rate Dream It, Own It Loans
Homeownership with no down payment and lower costs.
Own your home with a lower cost mortgage.
The Adjustable‑Rate Dream It, Own It mortgage loan helps you afford your dream home with no money down and initial interest rates that are typically lower. You can lock in a low rate for your choice of 5, 7, or 10 years, and it will adjust periodically after that.2 Whether you’re a first- or third‑time home buyer, you’ll learn everything you need to know about financing with an adjustable‑rate mortgage in the required home‑buying education session.
Perfect for you if:
- You don’t have a down payment to make.
- You plan to purchase a home for less than $325,000.
- You are looking to build your credit.
Loan Features
- Requires the purchase to be for primary residences only.
- No down payment required.
- Mortgage insurance is not required.
- Only a 0.50% origination fee.
Loan Benefits
- Pay less cash upfront for your closing costs and no down payment is required.
- Down payment and closing costs may come from gift or grant funds, including gifts of equity between family members.
- Great if you expect future income growth or if you plan to move or refinance within a few years.
Considerations
- Borrow up to $325,000.
- Before closing the loan, borrowers must complete homeownership counseling with a HUD approved housing counselor or a Homebuyer Education Certification Program.
- The property being purchased must be located in a county with a Easthigh Credit Union branch location to qualify for the Dream It, Own It loan program.
- Eligibility is subject to specific property location and borrower income restrictions.
- It’s important to have a full picture of homeownership costs. Be sure to ask your Loan Officer to help you compare the overall costs of all mortgage loan products, including the monthly and long‑term costs of home upkeep.
Terms1
Easthigh Credit Union offers the following ARM products:
- 5/1 ARMs: a fixed-rate for 62 months, an adjustment, and then change annually thereafter.
- 7/1 ARMs: a fixed-rate for seven years, an adjustment, and then change annually thereafter.
- 10/1 ARMs: a fixed-rate for ten years, an adjustment, and then change annually thereafter.
Apply online today
Applying for a Easthigh Credit Union mortgage is fast, easy and secure. Before you begin, have the following information on hand.
Financial Information
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Income
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Your total assets
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Monthly expenses
Property Information
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Estimated purchase price and down payment amount (if buying)
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Estimated property value and loan amount (if refinancing)
Ready to get started?
Loans are subject to credit approval. Loan product subject to change.
1For a $300,000 mortgage loan for a term of:
- 5/1 adjustable rate2 of 4.75%, with an APR of 6.484%, the monthly payment would be $1,564.94.
- 7/1 adjustable rate2 of 4.875%, with an APR of 6.26%, the monthly payment would be $1,587.62.
- 10/1 adjustable rate2 of 5.00%, with an APR of 5.971%, the monthly payment would be $1,610.46.
Based on 100% loan to value and 0.5% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.
2Adjustable interest rates and payments are subject to increase after the initial fixed-rate period (62 months for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).