Loan Options
Conventional
A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA) and U.S. Department of Agriculture (USDA). Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.
Conventional Highlights
If you have good credit and stable income, a conventional loan might be the right option for you since it offers:
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Lower interest rates for borrowers with good credit
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Flexible mortgage insurance options
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Fewer penalties and fees
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Flexible loan terms
APR is Annual Percentage Rate, Canvas membership is required. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. See https://www.canvas.org/personal/loans/mortgage for details. All loan programs are subject to credit, underwriting and property approval. NMLS# 410592. Equal Housing Opportunity. Insured by NCUA.
100% Home
Find out if you and the home you are looking for are eligible for 100% Home by Canvas--which means 100% fincancing and no down payment.*
100% Home Highlights
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No more saving for a large down payment
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No closing cost option
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Reduced mortgage insurance premium
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Faster-than-a-rocket application to help you breeze through paperwork
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No confusing words so you can feel totally confident in the papers you are signing
*With a 100% financed mortgage, the borrower remains responsible for payment of closing costs, prepaids, and escrows at closing. A borrower may get this loan product without closing costs, by opting for a higher rate, though the borrower will remain responsible of prepaids and escrows at closing. Closing costs include origination fee title policy, appraisal, and credit report. "Prepaids" include, but are not limited to, items such as odd days' interest (which is interest from closing to the first of the next month) and paying for the first year of property insurance. Adequate property and flood insurance required, if applicable.
Additional terms and conditions apply. All loans are subject to standard underwriting and eligibility guidelines and credit approval. Program rates, terms and conditions subject to change at any time due to market conditions and/or credit profile; this program may be discontinued at any time. Consult a tax advisor for further information regarding the deductibility of interest payments and charges. Membership is required. Canvas Credit Union NMLS ID 415092.
*With a 100% financed mortgage, the borrower remains responsible for payment of closing costs, prepaids, and escrows at closing. A borrower may get this loan product without closing costs, by opting for a higher rate, though the borrower will remain responsible of prepaids and escrows at closing. Closing costs include origination fee title policy, appraisal, and credit report. "Prepaids" include, but are not limited to, items such as odd days' interest (which is interest from closing to the first of the next month) and paying for the first year of property insurance. Adequate property and flood insurance required, if applicable.
Additional terms and conditions apply. All loans are subject to standard underwriting and eligibility guidelines and credit approval. Program rates, terms and conditions subject to change at any time due to market conditions and/or credit profile; this program may be discontinued at any time. Consult a tax advisor for further information regarding the deductibility of interest payments and charges. Membership is required. Canvas Credit Union NMLS ID 415092.. Insured by NCUA. Equal Housing Opportunity.
Refinance
Refinancing may be the right decision if your home value significantly increased or current interest rates are low. You may even be able to:
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Shorten your loan’s term to save even more money
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Refinance to a lower interest rate which might also lower your monthly payments
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Combine a first and second lien to a single loan for simplicity and savings
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Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments
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Turn your home equity into cash
Cash-Out Refinance*
A cash-out refinance allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt or home improvements.
*Appraised property value may affect loan amount.
APR is Annual Percentage Rate, Canvas membership is required. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. See https://www.canvas.org/personal/loans/mortgage for details. All loan programs are subject to credit, underwriting and property approval. NMLS# 410592. Equal Housing Opportunity. Insured by NCUA.
Jumbo
A jumbo loan*, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $625,000; however, the limit is $822,375 in higher cost areas.
If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:
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Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
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Higher purchase limits allow borrower to purchase more house
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Convenience of one loan for the entire loan amount
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Primary residence, second home or investment property
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Fixed-rate or adjustable-rate mortgages (ARM)
*Eligibility subject to program stipulations, qualifying factors, applicable income requirements, and property limits.
APR is Annual Percentage Rate, Canvas membership is required. This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. See https://www.canvas.org/personal/loans/mortgage for details. All loan programs are subject to credit, underwriting and property approval. NMLS# 410592. Equal Housing Opportunity. Insured by NCUA.
Medical Professional
Early in their career, Doctors are often at a disadvantage when applying for a traditional mortgage due to student loan payments and ability to save for a sufficient down payment. The Medical Professional Loan at Canvas Credit Union is a perfect solution, offering favorable student loan repayment calculations, 0% Down Payments, and NO Private Mortgage Insurance!
Program Highlights:
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0% down payments up to $1,000,000 loan amount
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5% down payments up to $1,250,000 loan amount
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10% down payment up to $1,500,000 loan amount
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NO private mortgage insurance
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30 year fixed rate
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Favorable student loan repayment calculation
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Very competitive rates and low fees
The Canvas Credit Union Doctor Loan Program is ideal for licensed Interns, Residents, or Fellows in a medical residency or Doctors who have completed residency within the last 36 months including:
· Medical Doctors (MD)
Dr. of Osteopathy (DO)
Dr. of Dental Surgery (DDS)
Dr. of Dental Medicine (DMD)
Dr. of Optometry (OD)
Dr. of Ophthalmology (MD)
Dr. of Podiatric Medicine (DP)
Dr. of Surgery (DCH)
Dr. of Psychiatric Medicine (DPM)
Dr. of Veterinary Medicine (DVM)
Dr. of Chiropractic (DC)
Dr. of Pharmacy (PharmD
Physician Loan program is designed for new medical professionals entering the field. Qualifying proof of future income such as employment offer or contract is required. Minimum credit score of 720 is required for loans up to $1.25M, minimum of 740 for loans up to $1.5M. Maximum loan amount $1.5M. Maximum LTV of 100% allowed for loans up to $1M. Canvas Credit Union NMLS ID 410592. Equal Housing Opportunity. Insured by NCUA.
ARM
An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.
Rate noted is for a 5/6 adjustable-rate mortgage (ARM) product; 5/6, 7/6, and 10/6 ARM products available. Variable rate may increase after account opening. 5/6 ARM product is a fixed rate for an initial five-year period; following the initial five-year period, the applicable interest rate and monthly payment will adjust every six months. Variable rate adjusts based on the 30 day average Secured Overnight Financing Rate (SOFR) as published by the Federal Reserve Bank of New York, plus a margin of 2.75%. Minimum APR is 2.75%, maximum APR is 5% over original contracted rate. Canvas Credit Union NMLS# 410592. Equal Housing Opportunity. Insured by NCUA.