Hanscom Federal Credit Union recently welcomed Allyson and Bryan Ingram to the Hanscom FCU family when they became the first members to purchase a home through the credit union’s new 100% financed mortgage program. Earlier this month employees from the credit union’s mortgage department hand-delivered a gift basket filled with home essentials to help the Ingrams settle in to their new home.
This spring Bryan attended a Hanscom FCU mortgage workshop where he learned what he and his wife would need in cash to buy the home they wanted. “It was way more than we had estimated,” Allysann said. “We had only saved enough for a 3% down payment and weren’t prepared for all the closing costs.”
But then Hanscom FCU’s mortgage expert told Bryan about the credit union’s new 100% financed mortgage for first-time home buyers, a 30-year 7/1 Adjustable Rate Mortgage with no down payment requirement.
“We jumped at the deal,” said Allysann. “We met all the requirements and the mortgage process was fast. Once we got the pre-approval, we found a house within the next few weeks. After we put the offer down, everything clipped along. We thought it would take a few months, but we were closing within a month.”
“We’re happy this young couple could take advantage of our limited-time mortgage product,” said Paul Marotta, Hanscom FCU’s Chairman of the Board. “We realize that it’s difficult for many first-time homebuyers to save enough for that initial down payment, not to mention the money needed for closing costs. Our 100%-financed mortgage gives members who meet our lending requirements – excellent credit, a debt-to-income ratio of 43% – a leg-up in the real estate market.”
Hanscom FCU’s 30-year 7/1 Adjustable Rate Mortgage with no down payment requirement is available for a short time for members purchasing a primary residence with a loan amount of up to $453,100 in any of the six New England states, or Virginia, Maryland, or Washington DC.