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NASA FCU offers no- or low-down-payment mortgages
UPPER MARLBORO, Md. (5/3/11)--Saying it wants to offer mortgage products that fit its members’ needs, NASA FCU is offering no-money-down mortgages. NASA FCU is offering a 100% loan-to-value (LTV) mortgage with no private mortgage insurance (PMI) required for new home purchases up to $650,000. The mortgage products are available for a consumer's primary residence in Maryland, Washington D.C. and Virginia. Waiving the PMI requirement will save members hundreds or even thousands of dollars, according to NASA FCU. Also, for new home purchases in the $650,000 to $850,000 range, the credit union is offering a 95% LTV mortgage with 5% down payment is available as is a 90% refinance option for current homeowners. The loan products will be limited to highly qualified borrowers, which will offset the risk of making the no- and low-down payment loans, Bill White, NASA FCU vice president of mortgage lending, told the The Wall Street Journal May 2. White said home prices in the Washington, D.C., area have remained steady in comparison to other regions of the country.


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