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Technology CU offering jumbo home loans
SAN JOSE, Calif. (11/19/09)--Technology CU announced that it will offer adjustable-rate home mortgages (ARMs) up to $1 million. The mortgages target buyers who seek an affordable home loan in California’s Bay Area housing market. The loan’s start rate adjusts after five years, the San Jose, Calif.-based credit union said. “For the last several years, ARMs have developed somewhat of a negative reputation, but today’s ARM is serving a far different market than it was a year or so ago,” said Steve Donahue, Technology CU assistant vice president of mortgage origination. Tighter underwriting standards often require 20% down, which transforms ARMs into a high-end product for buyers with good credit and significant resources, he added. Homebuyers also are eligible for an $8,000 tax credit for purchasing a principal residence through April 30. A $6,500 credit also is available for repeat homebuyers. Technology CU has $1.2 billion in assets.
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