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Types of Loans

Flex 97 Mortgage Program
Don’t let a cash down payment stop you from reaching your homeownership goal! The Flex 97 Mortgage allows first-time home buyers to use a low down payment, gifted funds and more: 3% down payment, down payment funds can be gifted, fixed-rate loan with terms up to 30 years, and no first-time home buyer education required. Buy or refinance – it’s the low down payment option that’s perfect for first-time and previous home buyers!

This program is for primary residence purchases only with Loan-to-Value (LTV) ratios greater than 95% up to 97%. Not available for manufactured homes. At least one borrower must be a first-time home buyer.

Fixed Rate Mortgages
A Columbia Fixed Rate Mortgage is ideal for long-term homeownership or if you prefer the security of a fixed rate. It maintains its original interest rate throughout the term of the loan and is available in 10, 15, 20 and 30-year terms. It is offered for mortgage amounts up to $417,000 and is available for primary residence, second homes and investment properties

Adjustable Rate Mortgages
Hybrid Adjustable Rate Mortgages (ARMs) are also called 3/1, 5/1 and 7/1 ARMs. They offer lower interest rates and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Jumbo Loans
Jumbo loans are for those who are borrowing more than $417,000. Please contact our Home Loans Team for more additional information.

80+20 Home Loan
This type of mortgage is designed to be affordable, with zero down payment and up to 30 year amortization. 80% of the purchase is your first mortgage, and 20% of your purchase (essentially your down payment) is your second mortgage. There are no surprises with this mortgage - you’ll have fixed rates for the life of your home loans. In addition, seller contributions are allowed and there is no PMI.

30-year Fixed Mortgage with 15-Year Balloon
This mortgage is perfect for those who plan to move within 15 years. This fixed-rate mortgage is otherwise known as a 30/15. It is amortized like a 30-year mortgage, but at the end of 15 years, the remaining balance (a.k.a. the balloon) comes due. This means you would need to pay off the loan, sell the home or refinance within 15 years.

Custom Construction Loan
Columbia Credit Union offers two popular programs: Adjustable Rate or Fixed Rate. Enjoy interest-only payments during the construction phase (up to 12 months). You will also save time and money with a single closing – one set of loan fees for both your construction-phase financing and permanent mortgage.

Land and Lot Loans
A Land and Lot Loan helps finance the purchase of a residential lot or land so you’re ready to construct your new home in the near future. This loan offers competitive fixed rates and easy conversion to a construction loan. Up to 75% Loan to Value (LTV) of purchase price.

Living Green Mortgage
An energy-efficient home can help the planet while saving you money through lower energy and water bills. Columbia Credit Union’s Living Green Mortgage SM can save you up to $1,500 when your home is certified for energy efficiency through LEED (Leadership in Energy and Environmental Design), Energy Star or Earth Advantage. Talk to a Home Loans Officer to find out how you can get rewarded for your green values with the Living Green Mortgage.

RetireIt! Mortgage
Refinance and enter retirement mortgage free! The RetireIt! Mortgage is the perfect borrowing choice to free up your income before you retire. With a variety of terms and outstanding low rates, you’ll pay off your mortgage quickly (with terms from 5 to 12 years) to “retire” your payments with outstanding savings. Free up your income so you’re free to enjoy life! Enjoy low rates, low closing costs, quick approvals and an easy application.

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