Residential Mortgages

 

Fixed Rate Mortgages

1-4 family, owner occupied homes and condos with repayment terms up to 30 years.  Up to 95% financing available, Private Mortgage Insurance required on all loans that exceed 80% of the appraised value or the sales price (whichever is less). Click HERE for current rates

 

Adjustable Rate Mortgages

1 year ARM, 3 year ARM, 5/1 ARM, 7/1 ARM

1-4 family, owner occupied homes and condos with repayment terms up to 30 years.  Up to 80% financing available, Private Mortgage Insurance required on all loans that exceed 80% of the appraised value or the sales price (whichever is less). Click HERE for current rates

 

First Time Homebuyer Program – Fixed rate mortgage offered through Massachusetts Housing Finance Agency (MHFA). Mass Housing 

Benefits of MassHousing Financing:

  • Reduced Interest Rates
  • 100% LTV products
  • Mortgage terms up to 40 years
  • Unemployment insurance
  • Discounted Interest Rate and MI Premium for lower income borrowers
  • Opportunities for homebuyer counseling

  • First Time Homebuyers Plans are offered through the Massachusetts Housing Authority.   

 

Maximum Income Limits

Standard:

1-2 Person, Annual Income - $75,700.00

3 or More, Annual Income - $87,000.00

 

 

Permanent Construction Mortgages

 

Polish National Credit Union offers adjustable rate construction mortgages with just one closing.  Construction period is 12 months during which monthly payments are interest only.  Total loan amount cannot exceed 70% of the appraised value of the property. Click HERE for current rates

 

Land Loans

Total Loan amount cannot exceed 65% of the appraised value or purchase price (whichever is less).  Maximum term is 10 years.  Mortgage product is the 1 year ARM.  Click HERE for current rates