MANHATTAN BEACH, Calif., March 30, 2011 /PRNewswire/ -- Kinecta Federal Credit Union has expanded its slate of wholesale mortgage loan products to include a Federal Housing Authority (FHA) program. This new loan program will be added to Kinecta's current mortgage offerings which include fixed and adjustable rate conforming and super-conforming loans, along with adjustable rate portfolio (jumbo), interest only, and piggyback HELOCs.
Following an initial trial period in March involving its Midwest regional market, Kinecta is now ready to roll out these federally-insured loans – including first-liens, refinances, and high balance loans – to all of its 17 states nationwide.
"We're excited to offer this new loan product. FHA loans offer several distinct advantages, such as lower down payment options and flexible credit terms, which benefit our business partners in connecting with borrowers during challenging times," said Todd Helmerson, Director of Wholesale Loan Production.
Kinecta Federal Credit Union is a direct lender providing a range of fixed and adjustable home loans for purchase or refinance. It offers attractive loan products through agency and portfolio lending, in addition to special loan programs offered in conjunction with leading mortgage insurance providers.
Kinecta Federal Credit Union is one of the nation's largest credit unions, with approximately $3.5 billion in assets and more than 220,000 members nationwide. Headquartered in Manhattan Beach, Calif., Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services, Apollo Insurance Services, and Kinecta Alternative Financial Solutions, dba Nix Check Cashing. Kinecta Federal Credit Union is a not-for-profit, financial cooperative that is solely owned by its members. For more information about Kinecta's Wholesale Mortgage Lending division, visit www.LoanKinection.com.
Director of Corporate Communications
SOURCE Kinecta Federal Credit Union