100% Financing Mortgage Loans

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Finance your Ohio home without making a down payment

Take advantage of KEMBA Financial Credit Union's 100% financing, 7/1 Adjustable-Rate Mortgage (ARM) loan. This mortgage type enables you to finance the entire purchase price of your new home without making a down payment, giving you more purchasing power as you navigate the housing market. Click here for more details about the ARM loan.
  • Reduce the up front expenses of buying a new home
  • Skip forward to home ownership without years of saving for a down payment 
  • Use down payment savings for other expenses, such as moving costs 
 

FAQs

What is the advantage of this loan type?

The borrower can finance the full purchase price of the home, eliminating the need for a down payment.

Do closing costs still apply?

Yes, standard closing costs apply.

Can I take advantage of this loan type on a rental property or second home?

No, it must be used on your primary, owner-occupied, residence.

Can I use this loan to refinance my home?

No, it is only available on new purchases.

What is the minimum credit score to qualify?

700 for this product.

What is the maximum loan amount?

$550,000

Does Private Mortgage Insurance (PMI) apply to this type of loan?

Yes, PMI is required.

What is an Adjustable-Rate Mortgage?

Click here for full details.

 

 

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At KEMBA Financial Credit Union, we provide trusted personal banking services in Central Ohio, as well as a full suite of personal banking products and services tailored to meet the financial needs of individuals and families. Our offerings include: low-rate credit cards with rewards, competitive-rate mortgages, home equity loans and refinancing options, low-interest auto loans in Central Ohio, personal and student loans, and financial wellness blogs and counseling services.

Discover why more Central Ohioans are searching for "best credit union near me" and choosing KEMBA.

To learn more, call us today at 614.235.2395, option 4, or visit one of our local branches in Pickerington, Gahanna, Bellefontaine, Clintonville, Grove City, Hamilton Quarter, Hilliard, Lewis Center, Powell, Reynoldsburg, Westerville or Whitehall. Our dedicated associates will help you navigate your individual financial situation and help you discover why KEMBA is a better way to bank.

Disclosures
100% Financing Mortgage available on 7/1 Adjustable-Rate Mortgage (ARM) only, with 30-year amortization. 700 credit score and 43% debt-to-income (DTI) required. $550,000 maximum loan amount. Private Mortgage Insurance (PMI) required. Limited to purchase of a single-family primary, owner-occupied residence, proof of eligibility may be required. 100% financing of the purchase price/appraised value, whichever is lower. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes, consult with a tax advisor for further information. The 7/1 ARM will have a fixed interest rate for the first seven years and may adjust annually thereafter based on market conditions. Under this ARM program your interest rate may not be increased during the initial seven-year period. During the remainder of the term, your interest rate may not be increased or decreased by more than five percent (5%) at the initial rate adjustment and then no more than two percent (2 %) at each following periodic adjustment. Your interest rate cannot increase more than five percent (5%) over the term of the loan. The subsequent interest rate is based on a margin of 2.75% plus the weekly average one-year constant maturity rounded to the nearest 0.125%.  Payment example, $250,000 financed for 7-year term ARM at 5.875% equals a monthly payment of $1,478.84 for 7 years. Payment example does not include amounts for taxes and insurance premiums. If applicable, the actual payment obligation may be greater. 7-year fixed-to-adjustable rate: Initial 5.875% rate is fixed for 7 years, then becomes variable based on an index and margin. Loans subject to credit and collateral approval. Rates, terms and programs subject to change without notice. Restrictions may apply. Equal housing lender. NMLS#292230.

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