Greater Option (GO) Loans
As a credit union, helping people is literally our mission. And that’s why we are so happy to introduce Greater Option Home Financing (or GO Loans) to you.
Our teams spent a year researching how to swing the door of home ownership even wider, so that more members could achieve home ownership. We traveled to places where other credit unions were already doing this well. We listened. We learned. And we built a program designed to reduce or eliminate barriers that had previously prevented many from their home ownership goal.
Here’s how GO Loans can help you:
Down Payment as low as 3%*
Whether you are starting out with your first home, or stepping up to a larger home, a high down payment can be a significant obstacle. So, we lowered the amount required to pay upfront. GO Loans are available for as little as 3% down. That’s even lower than an FHA down payment.
NO PMI – Fewer Fees Help You Reach Your Down Payment
When we can spare our members fees, that’s what we do. We’re committed to it. When you pay less in upfront fees, you have more to invest in your home. Many loans, including FHA, require Private Mortgage Insurance (PMI), a Mortgage Insurance Premium (MIP) or an Upfront Fee of up to 1.75% of your loan. GO Loans have none of these.
And, with many loan programs, you’re not finished with PMI and MIP fees after you pay them upfront. Most loan programs will require you to pay an annual percentage of your loan at least until you you’ve paid 20% of your home’s value. The current FHA annual MIP fee is 0.85% of the loan.
GO Loans do not have any annual PMI or MIP fees.
Wider Range of Credit Scores Qualify
If your credit score is a work in progress, GO Loans may be able to help. You could qualify for a GO Loan beginning with a credit score of 620. And while you’re sitting down with our Lenders, we’d be happy to give you tips to help you fast track your credit score goals. It’s what we do!
Many Home Types Qualify
Whether you’re financing a manufactured home or a Jumbo Mortgage (a mortgage above $484,350), we can help.
We’re Here for PEOPLE, Not Accounts
We make our decisions locally and we handle the servicing for the entire time you have it. Have a question over the next 10, 20 or 30 years? Come back to talk with us. Your mortgage will be right here where you left it.
Ready to get started?
*Membership and qualification standards apply. Annual Percentage Rate (APR) is as low as 6.875% as of 5/1/2019. Requires down payment of as little as 3% of purchase price. Estimated payment schedule for a loan amount of $100,000 with a credit score of 640 would be 360 payments of $637.22. Payment estimate is for principal and interest only and does not include taxes or insurance.