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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:

  • Lower interest rates for borrowers with good credit

  • Flexible mortgage insurance options

  • Fewer penalties and fees

  • Flexible loan terms

100% HOME

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

  • No more saving for a large down payment​

  • No closing cost option

  • Reduced mortgage insurance premium

  • Faster-than-a-rocket application to help you breeze through paperwork

  • 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.



Refinancing may be the right decision if your home value significantly increased or current interest rates are low. You may even be able to:

  • Shorten your loan’s term to save even more money

  • Refinance to a lower interest rate which might also lower your monthly payments

  • Combine a first and second lien to a single loan for simplicity and savings

  • Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments

  • Turn your home equity into cash

Refinance Options

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.



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:

  • Finance a home over the maximum loan amount established by the Federal Housing Finance Agency

  • Higher purchase limits allow borrower to purchase more house

  • Convenience of one loan for the entire loan amount

  • Primary residence, second home or investment property

  • Fixed-rate or adjustable-rate mortgages (ARM)

*Eligibility subject to program stipulations, qualifying factors, applicable income requirements, and property limits.



Home loans insured by the Federal Housing Administration* (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

FHA loans are widely used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:

  • Low down payments

  • Flexible income and credit requirements

  • Fixed- and adjustable-rate mortgages

  • Loans for 1-4 unit properties and condos may be available

  • Down payment funds can be a gift from a relative or employer*

  • Home sellers can contribute up to 6% of the closing costs

  • *Subject to underwriting review and approval.



Home loans backed by the Department of Veterans Affairs* (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses.


Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. VA loans also feature:

  • No prepayment penalties

  • No private mortgage insurance (PMI)

  • 100% financing with full VA entitlement* 

  • Fixed- and adjustable-rate mortgages 

  • VA financing fees can be “rolled” into the loan amount

  • Variety of eligible property types, including townhomes and VA-approved condos

VA Loan Eligibility

In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility(COE). Your COE is based on length of service or service commitment, duty status and character of service.

*A down payment is required if the borrower does not have full VA Entitlement, or if the loan amount is greater than $453,100. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.


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:

  • 0% down payments up to $1,000,000 loan amount

  • 5% down payments up to $1,250,000 loan amount

  • 10% down payment up to $1,500,000 loan amount

  • NO private mortgage insurance

  • 30 year fixed rate

  • Favorable student loan repayment calculation

  • 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



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.

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