Buying, building or refinancing?
You’ve come to the right place for a variety of home loan choices.
Altra offers a variety of loan programs from conforming loan limits to jumbo loan financing to meet our member’s needs. Below is an overview of many of our primary offerings.
Altra Home Your Way – Zero Down Payment – 100% Financing program for members with strong credit, and DTI but don’t want to put money down on their purchase. All loans are Underwritten by one of our approved investors.
Bridge Loans – Short-terms loan designed to provide financing during a transitionary period, as in moving from one house to another. Homeowners faced with sudden transitions, such as having to relocate for work, might prefer bridge loans to more traditional mortgages.
Construction Loans – A short term interest only loan for the construction of a new or for a significant remodel of an existing property. Loan to values up to 95%, low fixed rate during construction period with interest only terms.
Fixed Rate Mortgages – Conventional fixed rate loans offer affordability on the Secondary Market and the security of a fixed rate loan. Benefits are flexible loan terms, fixed rates, competitive pricing, predictable payments and amortization schedules.
Adjustable Rate – An Adjustable Rate Mortgage (ARM) loan offers a lower initial fixed rate that eventually becomes variable and changes over the term of the loan while maximizing the amortization to provide lower payments than a typical fixed rate mortgage. It is ideal for borrowers that plan to move or refinance in a few years.
FHA Loans – This product offers benefits and protections that come exclusively with FHA products. This program is insured through the Federal Housing Administration and offers a low down payment and flexible down payment source (gifts) option.
VA Loans – This product offers benefits and protections that come exclusively with VA products. This program is guaranteed by the Veteran’s Administration. It is exclusively for veterans and in most circumstances is a zero down payment option.
HomeReady Loans – This is a conventional community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria. The benefits include low down payment options for first time or repeat homebuyers and flexible down payment sources are allowed (gifts or grants).
Physician Program Loans – This is a program for medical professionals new to the area working at local hospitals and clinics, starting their careers with a higher end salary but minimal savings. The benefits are low or no down payment, flexible underwriting treatment of student loan debt and employment and income documentation.
Lot/Land Loans – Loans for the purchase or refinance of a buildable lot for the member to construct a home in the foreseeable future or for the purchase or refinance of land to be used for recreational purposes (i.e., hunting).
