FAQ Category: Home Mortgage
What is a Conventional Mortgage Product?
A conventional mortgage is a home loan not insured or guaranteed by the federal government. Unlike government-backed loans such as FHA, VA, or RD/USDA loans, conventional mortgages are funded and serviced by private lenders, banks, credit unions, or...
Continue ReadingWhat is a Super Conforming Mortgage product?
A Super Conforming mortgage is a mortgage loan that falls between the conforming loan limits set by the Federal Housing Finance Agency (FHFA) and the jumbo loan limits. In the United States, conforming loan limits are the maximum loan amounts that...
Continue ReadingWhat is a Construction Mortgage product?
A construction mortgage, also known as a construction-to-permanent loan, is designed to finance the construction of a new home or major renovations to an existing property. This type of loan differs from a traditional mortgage because it funds the...
Continue ReadingWhat is a HomeReady® (Fannie Mae) Mortgage product?
A HomeReady® mortgage is a type of home loan product offered by Fannie Mae, one of the government-sponsored enterprises (GSEs) in the United States. The HomeReady® program is designed to make homeownership more accessible and affordable for low to...
Continue ReadingWhat is a Home Possible® (Freddie Mac) Mortgage product?
A Home Possible® mortgage is a type of home loan product offered by Freddie Mac, one of the government-sponsored enterprises (GSEs) in the United States. The Home Possible® program is designed to make homeownership more accessible and affordable for...
Continue ReadingWhat is the difference between Fannie Mae and Freddie Mac?
If you’ve started exploring home loans, you may have heard of Fannie Mae and Freddie Mac. Their names sound friendly and familiar, but many first-time homebuyers aren’t sure what these organizations actually do, or why they matter when you’re...
Continue ReadingWhat is a Fannie Mae Fixed-Rate Mortgage product?
A Fannie Mae Fixed Rate Mortgage product refers to a type of mortgage loan that is originated, funded, and serviced by a lender but is ultimately sold to Fannie Mae, a government-sponsored enterprise (GSE) established to provide stability and liquidity...
Continue ReadingWhat is a Freddie Mac Fixed-Rate Mortgage product?
A Freddie Mac fixed-rate mortgage product refers to a mortgage loan that is originated, funded, and serviced by a lender but is ultimately sold to Freddie Mac, a government-sponsored enterprise (GSE) established to provide stability and liquidity to the...
Continue ReadingWhat is an Adjustable Rate Mortgage (ARM) Loan?
An Adjustable Rate Mortgage (ARM) Loan is a type of home loan where the interest rate can change periodically based on the performance of a specific benchmark or index. This means that the monthly payments can fluctuate over time. Here are the key...
Continue ReadingWhat’s the difference between a Freddie Mac Fixed Rate Mortgage and a Fannie Mae Fixed Rate Mortgage?
For most borrowers, there’s very little difference between a Freddie Mac Fixed Rate Mortgage and a Fannie Mae Fixed Rate Mortgage. Both are government-sponsored enterprises (GSEs) that purchase loans from lenders like PDCU, and both offer conforming...
Continue ReadingWhat is a NMLS ID?
The NMLS ID# (Nationwide Multistate Licensing System & Registry Identification Number) is a unique identifier assigned to mortgage loan originators (MLOs) and institutions involved in mortgage lending. This system was established to improve supervision...
Continue ReadingWhat mortgage products are available?
People Driven Credit Union offers the following mortgage products: Conventional Products: Freddie Mac Fixed Rate Fannie Mae Fixed Rate Adjustable-Rate Mortgages Home Possible (Freddie Mac) Home Ready (Fannie Mae) Construction ...
Continue ReadingMortgage Documents Needed:
Copy of your driver’s license Last 2 years W2’s Most recent 30 days span of paystubs Last 2 years Federal Tax Returns Most recent two months bank statements, all pages Contact information for homeowner’s insurance...
Continue ReadingHow Can I Qualify for a Mortgage Skip Pay?
To request a skip-a-pay on a People Driven Credit Union mortgage, please get in touch with your mortgage processor, who is currently servicing the mortgage payments. If your mortgage application was processed by: Member First Mortgage call (866)...
Continue ReadingDoes People Driven Credit Union offer Mortgages?
People Driven Credit Union wants to be your mortgage lender! We partner with Member First Mortgage to provide you with a wide range of mortgage services. Whether buying your first home, building your dream home, moving up, or scaling down, Member First...
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