You may apply for a Home Equity Line of Credit any time after the first six (6) months of any previous mortgage loan transaction have elapsed.
Home Equity Lines of Credit are a variable-rate loan and as such, rates may change at any of the following dates: the first day of January, April, July or October. An increase in rate may result in a change in your monthly payment.
The maximum amount of a Home Equity Line of Credit from OAS FCU is 80% of the home’s equity. The applicant will pay the costs associated with the Home Equity Line of Credit which include: credit report, flood certification, settlement/closing, property ownership and encumbrances search, and recording, property search. OAS FCU will attempt to establish value of the property through an independent method. However, if an appraisal is required, that cost will be paid by the applicant(s). Property insurance is required for this loan.
OAS FCU will consider all Home Equity Line of Credit applications for members on their primary residency properties located in the continental US, except Texas and Alaska.
Interest paid on a HELOC may be tax deductible; consult a tax advisor for further information regarding the tax deductibility of interest and charges.
The minimum Home Equity Line of Credit amount is $20,000 with an initial advance of $5,000. Subsequent advances will be of a minimum of $500. The draw period will extend for the first five (5) years of the opening of the line of credit. Changes and defaults on your Home Equity Line of Credit during the draw and repayment period may result in a lump “balloon” final payment being due upon the maturity of your loan.
There will be a late payment penalty equivalent to 4% of the payment assessed to any Home Equity Line of Credit payment that is made over ten (10) after its due date.
OAS FCU dos not lend on:
- Mobile homes
- Co-ops or time-shares
- Properties that are currently listed on the market for sale (except special Bridge Loans)
- Commercial property or property used for commercial purposes, even if a residence is part of the property
- Undeveloped property (land only)
- Properties with more than 4 units
- Properties that are currently under major construction/renovations. Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).
Other terms and conditions may apply. Call 202-458-3834 to speak to a Lending Department specialist who can assist you, or email us at [email protected]
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act