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Home Loans

1st Mortgage Loans

• Terms up to 30 years

• Fixed rates, adjustable rates & balloon notes

• Conventional loans with as little as 5% down

• Construction Loans

• Financing anywhere in the U.S. with appraisal

• Financing for condominiums, vacation homes, double wides, townhouses, patios and planned urban developments.  Financing is not available for farms or time shares

• Sharefax does not hold any loan with a term exceeding 15 years.

• Any loan with a term greater than 180 months is sold to a third party

Preferred Mortgage Program

This program is designed for members who want a repayment period of 180 months or less.  The rates in this program are lower than most mortgage programs but guidelines are tighter

• A minimum down payment of 5% is required on residential mortgages, 25% on investment property

• Residential property must be owner occupied.  Residential property can contain no more than 4 unit.

• Closing costs are also lower than those of most other institutions

Necessary information when applying for a 1st Mortgage Loan:

• Last 2 years of W-2's

• Four most recent Paycheck Stubs

• 1st Mortgage information

• Copy of Deed

• 2nd Mortgage info (if applicable)

• Copy of Sales Contract (if applicable)

• Homeowner's Insurance Info

Closed End Second Mortgage Loans

Closed End 2nd Mortgage Loans are best for those who need a one-time lump sum of money. You can borrow up to 100% of the appraised value of your home, minus any outstanding mortgages.

• Fixed loan amount
• Fixed interest rate
• Fixed term of up to 15 years
• Maximum amount of $200,000
• Minimum of $1000
• Closing costs plus a $125 application fee

Line of Credit Home Equity Loans - No Annual Maintenance Fees!

Our variable rate 2nd Mortgage allows members to have greater flexibility. You are approved for a maximum amount and then you can advance the loan whenever you need the funds.

• Variable Rate Line of Credit based on the Wall Street Journal's Average Banks Prime Rate
• Rate can change quarterly (14th of January, April, July, October)
• Maximum interest rate increases 2% a year and 6% over the life of the loan; minimum rate of 7%
• 7 year draw period
• Maximum repayment period of 10 years from the date of the last advance
• Maximum loan amount of $200,000
• Minimum advance of $100

Necessary information when applying for a 2nd Mortgage Loan:

• 1st Mortgage information
• Three most recent Paycheck Stubs
• 2nd Mortgage info (if applicable)
• Copy of Deed
• Homeowner's Insurance Info

Mobile Homes

• Used mobile homes must be newer than 7 years
• Double-wides on a foundation may qualify for a standard mortgage loan

• Requires a 20% down payment

• Member must own the property or locate in a zoned trailer park

• Other conditions apply

Vacant Land Loans

• A minimum down payment or equity of 30% of the appraised amount or purchase price, whichever is less, is required. 
• Only adjustable or fixed rate mortgages of 15 years or less are permitted. 
• Maximum acreage financed is 50 acres.
• Interest rates will be based on current commercial loan pricing.
• A certified appraisal, survey and title search are required.
• Call for additional details. 

Construction Loans

• Terms up to six months 
• Maximum LTV - 80% 
• Interest only 
• Experienced builder required – references needed 
• Will not finance manufactured homes
• 20% down payment deposited into Sharefax or unencumbered building lot owned. 
• Draws & payees will be authorized after inspections by CUSO ($100 per draw).
• Builder’s risk insurance required.
• Copies of building plans, specifications sheet, furnishings 
• Title search required prior to construction.
• Checks are payable to contractor, subs, suppliers and members. 
• Only personal residences, when resided in by the member, may be financed. 
• Call for additional details. 

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