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.
