At St. Mary's Credit union, we understand that every homebuyer's financial situation and lending needs are different. That's why we offer an array of home mortgage programs that cater to various needs and lifestyles.
If you have questions about any of these options and programs, simply call us at (866) 585-7628 to get started or click on the "Contact Us" link at the top of your screen to send us a secure message.
Fixed Rate Mortgages
With a fixed rate mortgage, your interest rate remains the same for the entire term of the loan, which means that your monthly principal and interest payments also remain the same. We offer a variety of standard length terms and other special terms may be available.
Adjustable Rate Mortgages
An adjustable rate mortgage, commonly referred to as an ARM, is a loan that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an current market index. In other words, any interest rate changes, up or down, are based on the most current economic conditions. Most often these interest rate changes are limited by a rate change cap and a lifetime cap. If you apply for an adjustable rate mortgage, we will provide you with an ARM program disclosure which spells out the terms of the loan.
Jumbo mortgages are those home loans that exceed a loan amount of $726,200 for owner occupied single family, non-rental second homes or owner occupies condominiums. Jumbo mortgages are also available for other types of properties, each with their own loan amount minimums. St. Mary's Credit Union offers loans up to a maximum of $1,150,000 for qualified borrowers.
First Time Homebuyer Mortgages
If you're looking for your first home, St. Mary's Credit Union has several products designed to help you open the door to homeownership at rates that may be lower than the industry standard. Programs are typically for one to four-family owner occupied homes and condominiums.
Some programs also offer additional interest rate discounts for income eligible households, and we are currently offering mortgages that require as little as 3% down through Massachusets Housing Partnership Fund.
Plus, if you need some help coming up with a downpayment or closing costs, we may be able to provide you with grant money through the Federal Home Loan Bank Equity Builder Program (more information below.) Contact one of our Lending Experts today at (866) 585-7628 to find the first time homebuyer program that is right for you.
Massachusetts Housing Partnership Fund
St. Mary's Credit Union is an approved lender for the Massachusetts Housing Partnership Fund, which means we can offer loan products in support of affordable housing opportunities. Massachusetts Housing Partnership Fund One loans are available to eligible borrowers under their guidelines. Our goal is simple - to help people buy homes with financing they can afford and NO surprises! Read more about our Massachusetts Housing Partnership Fund loans here, or visit Massachusetts Housing Partnership Fund's website at ONE Mortgage - MHP.
Federal Home Loan Bank Equity Builder Program
This program allows participating lenders to access a pool of grants which provide households with incomes at or below 80% of the area median income with down payment or closing cost assistance. Income eligible first-time homebuyers may qualify for grants up to an amount set annually by FHLB. As long as the homeowner occupies the home for at least five years - the second mortgage used to secure the grant is discharged with no obligation to the homeowner. Grant funding is limited and is allocated quickly.