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Finance Options

Mortgage Finance Options

At TEGFCU, we take great pride in helping our members put down roots in our community. One of the first steps in the mortgage process is figuring out what home loan is suitable for your situation, whether you are looking for a traditional fixed-rate mortgage, an adjustable-rate mortgage, or perhaps you are considering a specialty mortgage. Our team includes local lenders and processors, so you can rest assured we have expertise in the local housing market.

Conforming Fixed Rate Mortgages

Conforming Loans are those that meet Fannie Mae and or Freddie Mac underwriting requirements. In other words, income, credit, and property requirements must meet nationally standardized guidelines. Conforming loans are subject to loan amount limits that are set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). These limits vary based on the region in which the subject property is located and the number of legal units contained in the subject property.

The interest rate on a fixed-rate mortgage remains fixed for the life of the loan, and monthly payments of principal and interest payments never change. The most common fixed-rate terms include the 30-year term, 20-year term, and 15-year term. Generally, the interest rate will be lower with a shorter term, but the principal and interest payments will be higher.

Adjustable Rate Mortgages (ARMs)

The main difference between an adjustable-rate mortgage (ARM) and a traditional fixed-rate mortgage is that the interest rate changes with an ARM. It changes according to a set of formulas (typically one year) for the life of the loan. Usually, your monthly payment changes with the interest rate.

Federal Housing Administration (FHA)

The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly called HUD. FHA loans were created to provide affordable mortgages to the average homebuyer. The federal government insures FHA loans or guarantees participating lending institutions against loss from default on qualifying loans.

Veterans Administration (VA)

Veterans Administration loans were created to help US Military veterans finance the purchase of their homes with favorable loan terms. For the VA program, “veterans” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans or guarantees VA-approved lending institutions against loss from default on qualifying loans.

Jumbo

Jumbo loans are those that exceed the loan amounts allowed by FNMA and FHLMC.

Portfolio Loans (Non-Conforming Loans)

For mortgages that don’t meet traditional secondary market standards, TEG will look at the big picture and may still be able to provide a solution.

Home Equity Lines of Credit

A home equity line of credit loan is a line of credit that is secured against real estate. The credit line amount depends upon the subject property’s equity. Lines of credit are typically designed for borrowers who intend to repay the borrowed funds within a short period. Equity lines of credit are processed and underwritten similarly to traditional mortgages; however, lender guidelines vary widely.

Rehab Loans

Including 203K Streamline, 203K Full and FNMA Homestyle.

Residential Construction-to-Perm Loan

A Construction Loan is a short-term loan used to finance the construction of a home. It allows you to build your home from scratch and convert your loan to a traditional mortgage once construction is complete.

Bridge Loans

A bridge loan is a short-term mortgage loan used for temporary financing. It can be used to bridge the gap during the transitional period when you want to purchase a new home while waiting for your current home to be sold.

Lot Loans

Lot loans finance a parcel of land on which you want to build a home.

Matthew Bannan

SENIOR MORTGAGE OFFICER

NMLS# 404022
Jessica Schoen headshot

Jessica Schoen

Senior Mortgage Officer

NMLS# 22486

Darren Dibenedetto

Senior Mortgage Officer

NMLS# 404038
Scott McNally headshot

Scott McNally

Mortgage Officer

NMLS# 1841508
Kevin Arduino headshot

Kevin Arduino

Mortgage Officer

NMLS# 2514289
Jeffrey Shields headshot

Jeffrey Shields

Mortgage Officer

NMLS# 1466211

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

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