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Purchasing a home is one of the biggest investment decisions you will ever make. You can trust OceanAir for professional guidance and efficient processing to make your experience easier.
Whether you’re looking to buy a home or refinance, we have you covered.
Conventional Loans (Ventura County)
Loans up to $766,550. Loan to Value (LTV) of up to 80%.
HomeReady from FNMA is based on Loan to Value (LTV) of up to 97%.
Loans with LTVs greater than 80% require Private Mortgage Insurance (PMI) which will increase the APR and Impound Account will increase the monthly payment.
An estimated payment example is provided by clicking on each APR and is based on a loan amount of $766,550. Estimated payment examples do not include PMI, taxes, or insurance.
Conventional High Balance Loans (Ventura County)
Loans between $766,551 to $954,500 Ventura County. Loan to Value (LTV) of up to 80%. Loans with LTVs greater than 80% require Private Mortgage Insurance (PMI) which will increase the APR and Impound Account will increase the monthly payment.
An estimated payment example is provided by clicking on each APR and is based on a loan amount of $954,500. Estimated payment examples do not include PMI, taxes, or insurance.
Jumbo Loans (Ventura County)
Loans between $954,501 to $1,500,000. Loan to Value (LTV) of up to 80%. Loans with LTVs greater than 80% require Private Mortgage Insurance (PMI) which will increase the APR and Impound Account will increase the monthly payment.
An estimated payment example is provided by clicking on each APR and is based on a loan amount of $1,500,000. Estimated payment examples do not include PMI, taxes, or insurance.
Adjustable-Rate Mortgage Loans (ARMs)
5/6 Adjustable-Rate Mortgage (ARM)
Variable rate loan, interest and payments may adjust after consummation. For the first 5 years, rate is fixed. After that, the Secured Overnight Financing Rate (SOFR) index may adjust every 6 months, with a maximum adjustment of no more than 2%. The total lifetime adjustment is capped at 5%. The maximum loan to value (LTV) is 95% for both conforming and high balance purchases and refinances.
7/6 ARM Adjustable-Rate Mortgage (ARM)
Variable rate loan, interest and payments may adjust after consummation. For the first 7 years, rate is fixed. After that, the Secured Overnight Financing Rate (SOFR) index may adjust every 6 months, with a maximum adjustment of no more than 5%. The total lifetime adjustment is capped at 5%. The maximum loan to value (LTV) is 95% for both conforming and high balance purchases and refinances.
Federal Housing Administration (FHA) Loan
Maximum loan amount will vary based on county. Loan to Value (LTV) will vary based on specific loan parameters.
Loans require monthly Mortgage Insurance Premium (MIP) and Up Front Mortgage Insurance Premium (UFMIP) which will increase the APR and Impound Account will increase the monthly payment.
An estimated payment example is provided by clicking on each APR and is based on a loan amount of $766,550. Estimated payment examples do not include MIP, taxes, or insurance.
Veterans Affairs (VA) Loan
Available to eligible service members and Veterans. VA loans are backed up by the Department of Veterans Affairs.
All VA rules, guidelines, and additional program requirements will apply. All loans subject to approval. OceanAir Federal Credit Union has no affiliation with U.S. Department of Veterans Affairs or any other government agency.
An estimated payment example is provided by clicking on each APR and is based on a loan amount of $766,550. Estimated payment examples do include the first time use Funding Fee.
Terms and Conditions:
*APR= Annual Percentage Rate. The annual percentage rate (APR) is the cost of credit over the term of the loan expressed as an annual rate.
Must meet membership and account criteria. All loans and loan programs are subject to credit qualifications and approval. Loans are secured by a lien against the property. Mortgage loans from OceanAir Federal Credit Union may not be available in all states. Mortgage rates and terms will vary based on collateral and credit. Programs, rates, terms, conditions, and services are subject to change or cancellation without notice. For borrowers with less than a 20% down payment, Private Mortgage Insurance (PMI) may be required which will increase the APR and Impound Account will increase the monthly payment.
Rates displayed are “as low as” and accurate as of the date on rate sheet but are subject to change at any time without prior notice. Rates are not automatically locked in at the time of application. Loan rate locks can be requested in writing after your loan has been pre-approved by OceanAir. For payment examples, please click on each APR under the specific loan type. Payments may be higher with property taxes and insurance. Not all applicants will qualify for the lowest rate. Actual rate will vary depending on your creditworthiness, income, loan amount, loan to value, and other factors specific to your transaction. Other rates and terms may be available. Additional restrictions may apply.
For more information on these and other mortgage loan programs, contact a Mortgage Loan Officer at 805.988.2151 ext 8504. NMLS #460876
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