USALLIANCE Financial provides its mortgage lending services to 1-4 family homes or condos. If your home is a Condo, you will need to have the Condo Questionnaire completed by your homeowners association before we can order any appraisal.
For Purchase or Refinance Mortgage Transactions – in all States EXCEPT: AK, HI, TX.
For Home Equity Transactions – in all States EXCEPT: AK, HI, SC, TX.
For Construction to Permanent Transactions – ONLY in the following States: MA, NY, NJ, CT, RI, and NH. ME and PA are considered on a case-by-case basis.
We do not offer mortgages on land, mobile homes, cooperatives, investment properties, properties held in a revocable trust, held in a realty trust or held in a life estate, properties that are in a leasehold (not fee simple), reverse mortgages, FHA, VA and applications with a non-occupant co-borrower. You must become a member of the Credit Union prior to the loan closing date. Membership is not required to apply for a mortgage.
Properties in the following states are subject to Mortgage and/or Transfer Taxes: AL, AR, CA, CO, DE, FL, GA, HI, IL, LA, ME, MD, NH, NJ, NY, OR, PA, TN, VT, and VA.
Adjustable Rate Mortgages (ARM)
Features a variable interest rate, which is periodically adjusted, based on the change in a financial index such as the One Year Libor or Five Year Treasury, plus a margin that is established at origination. Interest rate changes are limited or capped at each adjustment and for the life of the loan. ARMs may provide the security, flexibility and affordability prospective home-buyers desire. These loans are especially attractive to home-buyers who plan to trade up in future years. Generally, initial interest rates are lower than fixed rate mortgages.
USALLIANCE Financial currently offers 5/1, 5/5, 7/1, 10/1, and 15/1 adjustable rate mortgages for conforming and jumbo loan amounts. Each ARM product has their own Index, Margin and Caps. The initial interest rate is fixed for a certain period, for example: with a 5/5 ARM conforming loan, the initial rate is fixed for the first five years. At month 61, interest rate can increase to a maximum of 2% above the initial rate according to the index plus the margin. Thereafter, your interest rate will be adjusted every five years (rather than the normal one year), capped at 2% above the previous rate until you've reached the lifetime cap of 5% above the initial interest rate.
These applications with more than $150,000 cash-out and an LTV over 70% will require Senior Management approval and may require an add-on to the rate.
This special no-points, no closing costs offer for first mortgages is available only for owner-occupied primary residences and vacation homes and is subject to change without notice. The following closing costs are the responsibility of the borrower and are not included in this offer: transfer taxes, mortgage taxes, CEMA fee, prepaid interest, escrow funds and FNMA Loan Level Price Adjustments if applicable. Minimum loan amount is $100,000 and maximum loan amount is $350,000. Maximum Loan-to-Value (LTV) is 80%. Homeowner’s insurance is required. A non-refundable application fee of $399.00 is due at the time of application. The USALLIANCE Financial Home Stretch Mortgage is available to well-qualified borrowers only. The USALLIANCE Financial Home Stretch Mortgage is only available for refinances from other financial institutions. This product is not available on refinancing of existing USALLIANCE Financial mortgages. Other terms and conditions may apply.
This is our Construction-to-Perm Program. There is an additional closing cost charge of one (1) point. To learn more about our One-Time Closing Construction-to-Perm program, including minimum down payments, eligible property types, etc. please click here.
This program offers the borrower lower closing costs at a higher interest. The APR is calculated the same as the other Conforming Mortgage Loans, only without the FNMA required Loan Level Proce Adjustment (LLPA) Fees, which are estimated at 0.5% of the loan amount.