UPPER MARLBORO, Md., April 14, 2011 /PRNewswire-USNewswire/ -- NASA Federal Credit Union (NASA FCU) has added two unique high loan-to-value (LTV) mortgages to its home loan portfolio of products and services. For a limited time, NASA Federal Credit Union is providing a 100 percent Loan-to-Value (LTV) mortgage with no private mortgage insurance (PMI) required for new home purchases up to $650,000. For current homeowners, 95 percent LTV refinances up to $650,000 with cash out is also available with no PMI. These unique high LTV mortgage products are available for a consumer's primary residence in Maryland, DC and Virginia.
The Loan-to-Value (LTV) ratio is the amount of a first mortgage loan as a percentage of the total appraised value of the property being purchased or refinanced. High LTV mortgages aren't readily available from most financial institutions and in most cases, if available, require borrowers to purchase mortgage insurance. Both mortgages will save consumers hundreds, possibly thousands of dollars a year because Private Mortgage Insurance (PMI) is not required. Also, for new home purchases in the $650,000-$850,000 range, a 95 percent LTV mortgage with 5 percent down payment is available as is a 90 percent refinance option for current homeowners. These options are also available to new NASA Federal Credit Union members, including those not employed by NASA, who meet membership requirements.
"Changing times call for innovative and flexible mortgage products," said Doug Allman, President and CEO of NASA Federal Credit Union. "For a limited time, consumers can get additional flexibility and affordability with our two unique mortgages not readily available through other home lenders."
For more information on NASA Federal's 100 percent Loan-to-Value mortgage, the 95 percent refinance mortgage, or other products and services, visit www.nasafcu.com or call 1-888-627-2328 extension 207. NASA employment is not a membership requirement for new NASA Federal Credit Union members. Contact the credit union for details.
NASA FCU is an Equal Housing Lender. Offer valid on approved credit and primary residences in Maryland, DC and Virginia only. Additional terms and conditions apply.
About NASA Federal Credit Union
NASA Federal Credit Union is a not-for-profit financial cooperative owned entirely by its members and operated for the benefit of all who belong. Chartered in 1949, NASA Federal Credit Union serves the diverse needs of 76,000 members with a full array of financial services and the strength of more than $1 billion in assets.