1Certain restrictions do apply. Subject to credit approval. Homebuyers at or below median income levels, exceptions for underserved areas. Family income limits of 100% of FNMA/FHLMC HUD median income. Escrows for Real Estate Taxes and Insurance is required. Minimum of one consumer credit counseling consultation required to underscore member's financial preparedness. Renewal rate (4th year) based upon one-year Treasury constant maturity, plus a margin added of 2.75%. This is subject 1% maximum annual cap and a 5% lifetime cap from the original rate at inception of the loan. The initial 3-Year rate will be set weekly by NECU, reflecting a discount from the national average of 3/1 ARM programs.
Home Loan Payment Relief (HLPR)
We offer the Home Loan Payment Relief (HLPR)1 mortgage for first-time home buyers looking for an affordable mortgage.
HLPR Mortgage Benefits:
- Discounted initial rate and lower monthly payments
- No private mortgage insurance (PMI)
- Reduced closing costs
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