Buying, building or refinancing?
You’ve come to the right place for a variety of home loan choices.
Let Altra’s experienced Mortgage Lending team provide you with financing options along with information about down payment, credit, income requirements and everything else you need to know about your mortgage.
We currently offer mortgages in Arkansas, Colorado, Florida, Iowa, Kentucky, Louisiana, Minnesota, Oklahoma, Tennessee, Texas, and Wisconsin. We have partnered with Servion to offer mortgages in 29 additional states! Be sure to call us for details.
Conventional Fixed Rate Mortgages
If you prefer knowing that your rate and payment won’t change or if you plan to stay in your home for a while, this may be the loan option for you. A fixed rate mortgage means the interest rate will stay the same for the entire term of your loan.
- Loan terms available: 10, 15, 20, and 30 years
- Low down payment options available
Adjustable Rate Mortgages (ARMs)
This type of loan may be ideal if you plan to move or refinance in a few years and are looking for a lower monthly payment than a fixed rate loan typically offers. The rate is fixed for the initial term you select and has caps on how much it can increase over the initial rate.
- 5/1, 7/1 & 10/1 year ARMs
Federal Housing Authority (FHA)
The Federal Housing Administration (FHA) insures mortgage loans used to purchase or refinance your primary residence. FHA loans offer a low down payment and provide the security of a fixed-rate mortgage and features:
- 3.5% borrower investment based on sales price (Can be a gift from family, employer, charitable organization or local government assistance.)
- Flexible credit requirements
- No income limits
- Maximum loan amount varies by county
- Non-traditional credit may be acceptable
- Loan terms available: 15 & 30 years
Please contact your Loan Originator for FHA loan rates.
USDA Home Loan
U.S. Department of Agriculture, has several advantages, especially for eligible rural and suburban homebuyers.
- No Down Payment: One of the most significant advantages is that USDA loans allow eligible buyers to purchase a home without a down payment.
- Lower Interest Rates: USDA loans often come with interest rates that are competitive or even lower than conventional mortgage rates,
- Flexible Credit Requirements: While borrowers still need to meet certain credit standards, USDA loans typically have more flexible credit requirements compared to conventional loans.
- Reduced Mortgage Insurance:
- Financing for Closing Costs: In some cases, USDA loans allow for closing costs to be included in the financing, provided the home appraises for more than the purchase price.
- Eligibility for Various Properties: While designed for rural areas, many properties located in suburban areas near cities also qualify.
Must meet income eligibility requirements.
Please contact your Loan Originator for USDA loan rates.
Federal VA Loans
With a VA Loan you can use the Military Benefits you’ve already earned to purchase the home of your dreams or refinance your existing home! Benefits of a VA Home Loan:
- No down payment required
- No mortgage insurance
- Loan terms available: up to 30 years
- Special requirements apply
Please contact your Loan Originator for VA loan rates.
*Federal VA Loans with a fixed-rate term up to 30 years available to qualified borrowers. No down payment required. No origination fees required. No Private Mortgage Insurance (PMI) required. No repayment penalties. Qualified borrower(s) pay all closing costs. Closing costs vary by state and typically range from 2%-6% of the loan amount. Please consult your tax advisor for deductibility.
Eligibility and approval dependent on creditworthiness and other factors. Property must meet VA minimum requirements. VA loans may require a funding fee, which can often be financed. Terms and conditions subject to change. Not a government agency; Altra Federal Credit Union is a private lender authorized to offer VA guaranteed loans. Membership eligibility required. Please contact Altra for complete details. Equal Housing Lender.
Construction Loan (Not available in all areas)
When you’re ready to build, we’re ready to assist by providing a short term loan with interest only payments during the home construction period. The funds are disbursed to the builder as the work progresses and your monthly interest only payment is based on the loan balance. When your home is complete you can convert the construction loan to a conventional fixed rate or an adjustable rate mortgage loan.
During construction
- Fixed rate / interest-only payments
- Loan terms available: 12 months
- Up to 95% of the appraised value of the completed home may be financed
After construction
- Refinance into permanent home loan
- Choose a Conventional Fixed or ARM loan
Residential Lot Loan
We can provide the funds to help you purchase your future home site.
- 15-year fixed or 3-year balloon
- Max amortization of 30 years
- 10 % down payment required
Recreational Land Loan
We can provide the funds to help you purchase your future home site.
- 15-year fixed or 5-year balloon
- Max amortization of 20 years
- 10% down payment required
Explore More Home Loan Options
Looking for something unique?
We also offer:
- Balloon Loans
- Jumbo Financing
- Physician Loan Programs
- First-Time Buyer Programs
- Down Payment Assistance
- Investment Property Loans
Reach out to one of our lenders for help finding the best option for you.
The Altra Difference
Altra offers a streamlined application process with lower closing costs than other lenders. You can make your payments and ask questions locally as we service over 95% of the loans we provide to our members. We also offer in-house loan programs that can be tailored to fit your home buying needs.
