Buckeye Community Federal Credit Union

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Current Rates:

*rates subject to change without notice.

Homes

15 Yr Fixed 5.75%

20 Yr Fixed 5.95%

Mobile Home and Land

15 Yr Fixed 6.750%

20 Yr Fixed 7.250%(30% down payment or equity required)

Home Equity Loans

Line of Credit 4.00%(line of credit, variable rate)

Fixed Rate Home Equity

Home: 6.45%

Mobile Home: 7.750%(70% CLTV MAX)

30 YEAR FINANCING ALSO AVAILABLE

as low as 5.000%

We have loans for every need:

Vacant Land-as low as 8.00%

Second Home

1.	How much cash will I need to purchase a home? Answer
2.	How do I know how much house I can afford? Answer
3.	Can I finance a Mobile Home and Land package with BCFCU? Answer
4.	I would like to buy a new home, can I borrow money from BCFCU or any other financial agency for my down payment? Answer
5.	How do I know which type of mortgage is best for me? Answer
6.	What does my mortgage payment include? Answer
7.	Are escrow accounts required for all mortgage loans with BCFCU? Answer
8.	My loan officer told me I would need Private Mortgage Insurance (PMI), what is this? Answer
9.	How long do I have to pay for Private Mortgage Insurance, also known as "PMI"? Answer

Q :	How much cash will I need to purchase a home?
A :	The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied when you make an offer on the house. This typically between $500 and $2000. Down Payment: A percentage of the cost of the home that is due at settlement. Usually 20% of the purchase price, but in some instances can be as little as 5%. All First Mortgage transactions with BCFCU require at least 5% down payment with Private Mortgage Insurance. In cases where Private Mortgage Insurance is now available, 20% is required. Closing Costs: Costs associated with processing paperwork to purchase or refinance a house vary with each loan transaction. Your loan officer will provide a Good Faith Estimate of closing costs within 3 business days of receiving your completed application.

Q :	How do I know how much house I can afford?
A :	Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. Give us a call, and we can help you determine exactly how much you can afford.

Q :	Can I finance a Mobile Home and Land package with BCFCU?
A :	Yes, BCFCU can finance Mobile Home and Land packages, however this type of loan has a slightly higher rate than those offered on houses. A down payment of 20% is required as we finance up to 80% of the purchase price or appraisal (which ever is less) only, and no PMI is available on these loans. You must own the land or have a purchase contract to do a Mobile Home & Land Mortgage. All other proccessing guidelines apply. Mobile Home Only (no land) loans are available as well, contact a consumer loan officer at 850-223-7100 for more information.

Q :	I would like to buy a new home, can I borrow money from BCFCU or any other financial agency for my down payment?
A :	When purchasing a home, any down payment that is required will need to be verified with bank statements. The money being used for your down payment must have been in accounts under your name for at least 2 months prior to closing.

Q :	How do I know which type of mortgage is best for me?
A :	There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Buckeye Community Federal Credit Union can help you evaluate your choices and help you make the most appropriate decision.

Q :	What does my mortgage payment include?
A :	For most homeowners, the monthly mortgage payments will include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes.

Q :	Are escrow accounts required for all mortgage loans with BCFCU?
A :	Escrow accounts are only required on First Mortgage transactions. Home Equity Lines of Credit loans and Unimproved Porperty loans do not require escrow accounts.

Q :	My loan officer told me I would need Private Mortgage Insurance (PMI), what is this?
A :	Private Mortgage Insurance or "PMI" is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI. PMI plays an important role in the mortgage industry by enabling borrowers with less cash to have greater access to homeownership. With this type of insurance, it is possible for you to buy a home with as little as a 5 percent down payment. This means that you can buy a home sooner without waiting years to accumulate a large down payment.

Q :	How long do I have to pay for Private Mortgage Insurance, also known as "PMI"?
A :	Cancellation Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan. Automatic Termination Under HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date. For high risk loans, mortgage lenders or servicers are required to automatically cancel PMI coverage once the mortgage is paid down to 77 percent of the original value of the property, provided you are current on your loan.