First Time Home Buyer Program with Freddie Mac Home Possible®
The Freddie Mac Home Possible® mortgage program offers more options and credit flexibilities than ever before to help more borrowers attain the dream of owning a home.
In addition to its down payment requirement of as little as 3%, Home Possible now offers more options to responsibly increase homeownership. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more –all with competitive pricing and the ease of a conventional mortgage.
By offering this program, we’re helping to provide affordable solutions and enhance our communities at the same time. For more information on the Freddie Mac Home Possible® program please contact one of our Mortgage Loan Officers.
Freddie Mac CreditSmart® Homebuyer U
Learn about buying a home with Freddie Mac CreditSmart Homebuyer U. This free tool gives you helpful tips and meets the homebuyer course need for the HomePossible program. You’ll find useful tools and trackers that show you what’s involved in buying a home, making the whole process clearer and easier. Available in English and Spanish.
Loan Options
Adjustable-Rate Home Loans
A powerful tool to maximize your borrowing, adjustable-rate mortgages (ARM) from Excite Credit Union provide low-cost and high reward home loan options.
We offer three unique types of 30-year ARMs, including 3/1, 5/1, and 7/1. These mortgages will adjust their rates every one year after an initial fixed period.
Other benefits of an adjustable-rate home loan include:
- Taking advantage of falling interest rates
- Low introductory rates
- Up to $2M
Fixed-Rate Home Loans
Ranging from 15 to 30-year terms, Excite Credit Union’s fixed-rate mortgages may be the best financial decision for you and your family.
This type of home mortgage provides security and predictability in many ways, including:
- Fixed payments from month-to-month
- Protection from rising rates
- Competitive interest rates
Refinance Loans
No matter how you want to refinance your home, trust Excite Credit Union to deliver the outcomes you want in any situation.
We offer refinanced home loans in a variety of terms, including:
- 30 Year Fixed
- 20 Year Fixed
- 15 Year Fixed
- 3/1, 5/1, and 7/1 ARM
Home Equity Line Of Credit (HELOC)
Get access to a revolving line of credit using the equity value in your home. Use pooled funds to finance exactly what you need, tapping into a resource that remains open to you no matter when, how, or where you want it.
Discover outstanding features such as:
- Low-cost funds accessible for any need
- Check, online banking, and in-person withdrawals
- Affordable monthly payments
FHA Loans
With all the uncertainty a new home can bring, looking into a Federal Housing Administration mortgage may be the perfect decision for you and your family.
Get incredible deals on your next home with:
- Low down payments (3.5% of the purchase price)
- Zero earning limits or income ceilings
- First-time buyer services
- Fixed-rate loan options
VA Mortgages
To all active-duty military, veterans, and reservists - Excite Credit Union salutes your service! VA members have access to low cost, flexible mortgages that may greatly improve your home buying process.
Enjoy benefits such as:
- 100% financing
- No down payment for qualified borrowers
- Fixed-rate loans options
- Flexible credit guidelines
Home Loans Calculator
Enter your information below to determine how much your home loan would cost over time.
Meet Our Mortgage Team
Excite Credit Union has experienced mortgage loan officers ready to help with all your home financing needs!
Disclosure
*$250 Fast Track Rewards for 5 day mortgage application completion. All credits will be applied at the time of closing if requirements are meet.
** APR = Annual Percentage Rate. The promotional rate of 8.00% APR for qualified borrowers is fixed for the first 3 months from the funding of your new home equity line of credit. The promotional rate will convert to your approved APR (Wall Street Journal Prime Rate Index + Margin) per your loan documents and will be variable thereafter during both the draw and repayment period. The outstanding balance at the end of the initial 3 months will convert to the standard interest rate your loan was approved for based on your credit score and loan-to-value. This offer is only available for new loan applications submitted between July 1 and December 31, 2024. Member paid closing costs apply. Programs, rates, terms and conditions are subject to change without notice.
The minimum home equity credit line is $15,000. The minimum payment will equal interest only during the 15 year draw period. After the 15 years, the draw period will close and further advances will not be available. The loan will then be recalculated to pay the loan off in an additional 15 years. Monthly interest only payment example: $10,000 loan amount at 8.500% APR = $70.83. Monthly interest only payment example after initial promotional rate offer assuming you have a FICO credit score of 750 or greater: $10,000 loan amount at 9.25% APR = $77.08. An early termination fee of up to $1,500 applies when a home equity line of credit is paid off and closed within the first 3 years (not applicable for North Carolina properties with loan amounts of less than $150,000). Other fees, terms and conditions may apply. Maximum credit limit is subject to credit qualification and appraised value; standard underwriting guidelines apply. This is not a commitment to lend.
Please note: The subject property must be a single family home occupied by the Member as their primary residence; located in California or North Carolina; mobile homes are excluded. Offer cannot be used for an existing home equity line of credit.