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NCUA

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productsMortgage Loans

first mortgage | first mortgages for refinance
second mortgages/home equity | raw land

First Mortgage Loans
Florida Aircraft Federal Credit Union offers First Mortgages to the membership on their primary residence located in our immediate area. We have attractive rates and affordable payments. If you are purchasing, we will finance up to 80% of the appraised value or the selling price, whichever is lower, for either fifteen year or thirty year terms. All mortgages shall be originated in conformity with the standards of the established secondary market.

First Mortgages for Refinance
Refinanced First Mortgage loans are also welcome at the Credit Union. The following guidelines pertain to these loans:

15-year term The Credit Union will finance up to 80% of your appraised value.
 
30-year term To refinance ONLY the existing balance of your current loan, the Credit Union will finance up to 80% of the appraised value.
 
If you wish to pull cash-out from the equity then the Credit Union will finance up to 75% of the appraised value.
 
The 30-yr First Mortgage refinances must conform to the standards of the established secondary market.
 
The property must be in our immediate area.

Second Mortgages and Home Equity Loans
Our Second and Home Equity Loans are also offered at competitive rates and payments. These are also loaned on your primary residence in the immediate area and are based on the appraised value less what is owed on your existing first mortgage.

Raw Land
Raw Land loans are offered at 50% of the appraised value or selling price, whichever is lower. The term is for 12 years at an interest rate of 10.50%. The property must be in our immediate area.

For details please contact our Mortgage Department experts at their respective locations. Phone Sally Jacobs at our Branch Office (561) 694-0722 Ext. 177, or at our Main Office contact Ginny Mead (561) 775-2525 Ext. 155.


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