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).
Adjustable Rate Mortgages available for purchases and refinances.
Conforming Mortgages: For loan amounts from $65,000 to $1,089,300. Loans above that limit are considered Jumbo Loans, and are also available; you can obtain specific information with our Lending Department.
Loans with a LTV of 80% or greater may be subject to private mortgage insurance (PMI). The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.
The applicant is responsible for the following fees and costs at the time of closing, unless a pre-stated promotion is in place:
- Application fee: None
- Advance origination charge: an advance of $500 is required, which will later be applied to the closing costs if your loan closes with OAS FCU
- Credit report: $26.20
- Placement fees or points: 1 point (1.25 points for investment properties)
- Collection charges: As allowed by law
- Late charges: 4% of payment due if over fifteen (15) days late
- Escrows are required on certain transactions, and additional reserve requirements may apply.
Escrows are required on certain transactions, and additional reserve requirements may apply.
If you withdraw an application that was locked, we will not reimburse the advance origination charge.
OAS FCU does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.