- Simple, no-hassle process
- Low, straight-forward interest rates
- Wide range of financing options
Finding a mortgage that suits your financial needs can be a daunting task. At Generations, we are dedicated to working with you to find attractive financing options so you are able to enjoy the excitement of purchasing the home you have worked so hard for. We have partnered with CU Members Mortgage to provide several different types of mortgage loans to our members. Pre-qualification status is available the next business day!
Fixed-Rate Mortgage Loans
In general, when people think of mortgage loans, they think of fixed-rate loans. These loans charge a set interest rate throughout the life of the loan, which provides borrowers with a predictable, easy-to-understand payment schedule. The duration of the loan is flexible and determined at the time of loan-application. A loan with a longer life will allow for smaller payments but comes with more interest, whereas shorter loan durations mean higher payments but incur less interest costs. A fixed-rate mortgage is ideal for borrowers with a steady flow of income who plan to own a house for a long period of time.
Adjustable-Rate Mortgage (ARM) Loans
Adjustable-rate loans offer borrowers a fixed interest rate for a given period of time, after which the interest rate is subject to change based on current market rates. During the initial fixed-interest time, an adjustable rate loan often provides a lower interest rate than a similar fixed-mortgage rate, making this an ideal option for those anticipating a growth in income that could benefit from lower up-front payments and/or those who plan to refinance or sell their house within a short amount of time.
Financial Housing Administration (FHA) Loans
Insured by the Federal Housing Administration (FHA), these low-risk loans are designed to make home buying more affordable. FHA loans are ideal for low- to moderate-income persons and/or first-time homebuyers.
Veterans Affairs (VA) Loans
Backed by the Department of Veterans Affairs (VA), these loans help qualified veterans, reservists, and active-duty service members to finance their homes at affordable rates.
Unlike the above FHA and VA loans, conventional loans are not backed by the government, which means they come with higher risk to the borrower and require a better credit score to be qualified. These loans are ideal for borrowers with excellent credit who can afford a slightly larger down payment.
Helpful Mortgage Loan Calculators
We are an Equal Opportunity Lender. The credit union makes loans and extends credit without regard to race, color, religion, national origin, sex, handicap, or familial status. Rates and terms are subject to change.
Table of Contents:
Making Your House a Home: Year One
You've just closed on your new house. The papers are signed, the closing costs are paid and the house is yours. You'll never need to spend any more money again, right? Wrong! Almost immediately, you'll face many first year expenses you might not have considered.
Home Essentials Checklist
This checklist includes a selection of basic essentials all homeowners need to make their new house a home.
Home Equity Checklist
A one-page checklist is designed to help homeowners plan out the terms of a home equity loan.
The True Cost of Tax Refund Loans
The Real Game of Life
Enhancing Small Business Lending
Tighten Your Wallet and Your Waist
Building for your future, now!
Q. What items are typically required on a Loan Application Checklist?
A. Your loan officer is here to make sure your mortgage loan is processed as quickly as possible. Be sure to provide accurate information; otherwise your loan may be delayed or even denied. A lot of information is needed for a home loan, so it’s a good idea to begin gathering the documents you need ahead of time. Here are some of the items you will be asked to provide, for both you and your co-borrower if applicable.
- Picture ID
- Proof of Social Security Numbers or Tax ID
- Residence address for the past two years
- Names and addresses of each employer for the past two years
- W-2s and last two pay stubs
- For each checking and savings account: name of financial institution, address, account number, balance and last two months’ statements
- For each current loan: name of lender, address, account number, balance and monthly payment
- If you are self-employed: last two years’ tax returns, year-to-date profit and loss statement prepared by an accountant
- Loan information and address of real estate(s) owned
- Estimated value of other assets
- Certificate of eligibility or DD214s (VA only)
- Divorce decree if applicable
- Deposit for credit report and appraisal
Your loan officer may ask for additional documents if needed depending on your situation. All information is kept highly confidential and used only for the purposes of underwriting your loan.
Q. What is FHA and why you want to consider an FHA home loan?
A. The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family and multifamily homes through approved lenders throughout the United States. As a part of the FHA program, the FHA loan is supported by government mortgage insurance that protects the lender. If a borrower does not put at least 20% down on their home loan, then the lender is required to have mortgage insurance to protect them from loss should payment not be made. With an FHA loan, mortgage insurance is provided through the government and borrowers can apply for a home loan with as little as 3.5% down. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan. Particularly in today’s challenging financial climate, FHA loans are providing homeownership possibilities for credit union members who haven't been eligible in the past. As mortgage insurance has become more difficult to obtain through more conventional means, FHA loans have opened the door through their government insurance programs.
Q. How can FHA help you buy a home?
A. FHA insured home loans offer many benefits and protections that only come with FHA:
- Easier to qualify. Because FHA insures your mortgage, your credit union can provide you loan terms that make it easier for you to qualify.
- Less-than-perfect credit. You don’t have to have a perfect credit score to get an FHA loan. In fact, even after bankruptcy you can be considered after 2 years of discharge and good credit has since been established.
- Low down payments. FHA loans have a low 3.5% down payment and that money can come from a family member, employer, or charitable organization as a gift. Other loan programs don’t allow this.
- Costs less. FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.
Q. What are the advantages of an FHA loan?
- The borrower’s out of pocket investment can be as little as 3.5% and can be gifted from a family member.
- The seller can contribute up to 3% of the home’s price toward closing costs through a seller’s concession.
- Low fixed rates
- High and flexible qualifying ratios
- Minimum credit score 620*
- US citizenship is not required, but for those who are not citizens, they must be lawful permanent or nonpermanent resident aliens with a valid Social Security Number.
- Borrower may request a streamline refinance.
- Minimum FICO in declining markets is 660.
To be eligible for these products and services, you must live, work, worship, volunteer or attend school in Bexar County, Texas. Family of current members are also eligible for membership.