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- - Rewards CheckingAvailable to all members; in order to qualify for rewards, you must have your salary deposited at OAS FCU and meet other requirements
  - Overdraft Line of CreditAvailable for all members in the US, and for members who live abroad whose salary is deposited at OAS FCU
- - Share SavingsAvailable to all members, worldwide
  - RoundUp Savings AccountAvailable to all members, worldwide
  - Share CertificatesAvailable to all members, worldwide
  - Savings ClubAvailable for all members who can make monthly deposits
  - Retirement Account (IRA)Available to all members who have salary in the United States. Note that not all members may benefit from the tax exemption on deposits to an IRA account
  - InvestmentsOur investment services are available to all members, worldwide
- - Signature LoanAvailable for all members in the US, and for members who live abroad whose salary is deposited at OAS FCU
  - International Personal LoanFor those that live outside of the US, have been a member of OAS FCU for over one year and have a regular income
  - Green Loan
  - Deposit Secured LoanAvailable to all members who have savings at OAS FCU
  - Post-Secondary Education LoanAvailable for all members in the US, and for members who live abroad whose salary is deposited at OAS FCU
  - Private Student Loan
  - Student Loan RefinancingAvailable for all members in the US, and for members who live abroad whose salary is deposited at OAS FCU
  - Loan Payment Portal\
  - Insurance
- - Vehicle LoanAuto loans for vehicles in the United States only. Members living outside the qualifying areas but whose payroll is deposited at OAS FCU might qualify
  - Vehicle RefinanceRefinancing available for vehicles in the United States only. Members living outside the qualifying areas but whose payroll is deposited at OAS FCU might qualify
  - Auto Equity LoanAvailable for vehicles in the United States only. Members living outside the qualifying areas but whose payroll is deposited at OAS FCU might qualify
  - Auto Buying ServiceAuto loans for vehicles in the United States only. Members living outside the qualifying areas but whose payroll is deposited at OAS FCU might qualify
  - Loan Payment Portal\
  - Insurance
- - Mortgage LoansWe finance properties in certain areas in the United States. Members of OAS FCU who live abroad but have their salaries deposited at OAS FCU may qualify
  - Home Equity Line of Credit
  - Loan Payment Portal\
  - Insurance
- - OAS Retirement & Pension Plan LoanAvailable to all members who participate in the OAS Retirement and Pension Plan
  - IICA Recognition of Years of ServiceAvailable to all members who receive the Fund in Recognition for Years of Service benefit from IICA
  - OAS Benefits LoanAvailable to all members who are OAS Staff
  - Recognition for years of service CAF
  - Loan Payment Portal\
- - Debit CardNav
  - Travel Notice

Join OAS FCU

Home Equity Line of Credit

A truly flexible loan

Get a better rate using the value in your home

Apply Today

Available in these Regions

GET IN TOUCH

Home repairs and more

A Home Equity Line of Credit (sometimes called a HELOC) is the loan that has it all. It’s a loan with generous repayment terms, low rates, and complete flexibility to spend the money however you need it. Make improvements or repairs to your home, or cover another big important expense, such as medical debt. Because the loan is a credit line, you’ll only need to pay interest on the money you actually spend, not the total amount of the loan. Plus, your interest payments may even be tax-deductible. Get in touch with us today to start the application process.

Get more: no application fee and competitive rates
Save more: interest payments may be tax-deductible (consult your tax advisor)
Spend less: generous repayment terms up to 15 years

Rates Important Information Questions

A truly flexible loan

Get a better rate using the value in your home

Apply Today

Interested in buying a home? While the process can seem overwhelming, we make it all manageable with a variety of loans at extremely competitive rates.

Rates

Home Equity Line of Credit

APR* Term

8% - 13% For the remainder of the term - up to 15 years

* The OAS FCU Home Equity Line of Credit currently has an Annual Percentage Rate (APR) that is non-variable for the first 12 months of the loan. After that, the interest rate will be variable -indexed based on the Prime Rate, to which a margin is added- and therefore subject to change without notice on any of the following dates: the first day of January, April, July, or October each year. To view OAS FCU’s current HELOC rate, visit our Rates page. The rate after the 12-month introductory fixed rate period ends would currently be X.XX% APR as of [Date]. The rate on this loan will never exceed 18% APR. An OAS FCU Home Equity Line of Credit is available for owner-occupied properties only. It is subject to a credit and repayment evaluation process, and you may not qualify or may qualify for a loan with different terms. OAS FCU will lend a maximum of 80% combined Loan-to-Value (CLTV) based on the appraised value of the property. The minimum Home Equity Line of Credit amount is $20,000 with an initial advance of $5,000. Later advances will be at least $500. The draw period will extend for the first five (5) years after the opening of the line of credit. Appraisal, tax recording and other closing costs apply and will be at your expense. Please consult a tax advisor on the tax deductibility of interest.

FAQs

A home equity line of credit (HELOC) is revolving credit line. It is also secured by the equity in your home, but instead of receiving a lump sum of cash as with the Home Equity Loan, you have the ability to make draws on your revolving line of credit account. You can then borrow and pay back money as you need it, up to the approved credit limit. HELOCs usually have a variable interest rate, so your monthly payment will depend on current interest rates and the amount of the credit line being used.

After you have been approved for the loan, you can easily access your funds through our online or mobile banking system.

Fees

Loan Fees

Processing vehicle titles $50 + DMV cost
Skip-a-Payment $5 each loan
Single debit origination to pay for a loan No charge
Recurrent monthly debit origination to pay for loan No charge
Late fee for consumer loans 4% of the monthly payment after 30 days past due
Late fee for HELOCs 4% of the monthly payment after 10 days past due
Late fee for mortgages 5% of the monthly payment after 15 days past due

Important information about our Home Equity Lines of Credit

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

Leaving Our Website

You are leaving OAS FCU’s website and linking to an alternate website not operated by the credit union. OAS FCU is not responsible for the content of the alternate website and does not represent either the third party or the member if the two enter into a transaction. The privacy practices of the alternate site may differ from those practiced by the credit union. You should review the privacy policy of any site before providing any information.