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New Professionals Mortgage Program

Call 989-497-1600 ext 1774

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The new professionals mortgage program is for individuals starting out in the professional fields of medical, dental, and legal. The program is designed for those that don’t have a history of their new professional pay level yet in place.

  • For the purchase of primary residence
  • 10, 15, 20 or 30 year fixed terms
  • Current market rate at time of application for loan-to-value (LTV) of 80% or less; .25% higher interest rate for LTV over 80%
  • Low down payment 0% to 5%
  • No PMI
  • No escrow required for taxes and insurance
  • Deferred student loan debt, not included in debt-to-income ratio for extended buying power

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Frankenmuth Credit Union (FCU) will also offer a home equity line of credit to those that qualify, in addition to the first mortgage.

  • FCU will go up to 100% of appraised value, less amount of first lien
  • It’s a line of credit with advances available in:
        -    online, text and mobile banking
        -    in-person at FCU branch
        -    via phone or
        -    with a credit card
  • Security is the home
  • Rate is Prime + .75%

Must meet FCU underwriting guidelines to qualify. Offer may end at any time.

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