MVFCU - Mortgage Loans

FHA TITLE I HOME IMPROVEMENT

LOAN PROGRAM

Home Improvement Loan (FHA Title I Program):
1st or 2nd lien position. This is a great program for home improvement projects! Most projects will qualify provided you haven't yet started the work. If your home was new construction when you purchased it you must have owned it for at least 90 days; if your home was existing construction no minimum amount of time is required before applying for a Home Improvement loan with this program. This program generally cannot be used to finish a home that is considered incomplete, although some exceptions, such as an unfinished basement, will be allowed. No minimum equity is required to qualify for this program! Call us for more details. Rates shown below are effective August 1, 2007.

(see Note 1 below)

FIXED RATE OPTIONS	MAXIMUM TERM	INTEREST RATE	ANNUAL PERCENTAGE RATE
Yes	5 years	7.75%	9.49% APR
Yes	10 years	8.00%	9.39% APR
Yes	15 years	8.25%	9.53% APR
Yes	20 years	8.50%	9.72% APR

• Maximum loan is $25,000 for a single family property
• Loan limits vary for 2-4 unit properties, please call us for details
• Maximum loan term is 20 years

• Home Improvement project cannot be started prior to approval of loan application.

Notes on FHA Title I Home Improvement Loans:

Note 1: APR on FHA Title I Home Improvement Loan programs has been calculated based on $25,000 loan with prepaid finance charges of 1% HUD MIP, $15 flood review & $75 lender inspection fee. Actual APR may vary.

Note 2: All property financed under the MVFCU Real Estate Loan programs shown above must be owner occupied and must be located in the State of Alaska. The primary borrower must be an MVFCU member or able to become an MVFCU member prior to closing of the loan.

We may be able to offer financing on investment or rental property under the category of Commercial or Business Loans.

Interest rates on the programs listed immediately above are structured based on lien position, loan term, and the members credit rating. Property taxes and insurance will not not be included with the loan payment. Loans made within the MVFCU Real Estate Loan Programs listed immediately above will be serviced by MVFCU. All rates and terms are subject to change without notice.