Quorum Federal Credit Union
2500 Westchester Avenue, Ste 113, Purchase, NY 10577
https://partners.quorumfcu.org/
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Thông tin cơ bản
Hazard Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 202028 Florence, South Carolina 29502-2028 Fax: (843) 413-7133 Private Mortgage Insurance Mortgagee Clause Quorum Federal Credit Union ISAOA, ATIMA c/o Central Loan Administration and Reporting P.O. Box 77404 Ewing, New Jersey 08628 Mortgagee Clause for title: Quorum Federal Credit Union, ISAOA ATIMA, 2500 Westchester Avenue, Suite 411, Purchase, NY 10577
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Chính sách khóa & Phí
Chính sách khóa
Our HELOC's are variable rate loans. We do not lock them. Our HELOC are based on Prime. As Prime moves up/down, so will the borrower's rate and payment. The Margin is a stagnant number that is secured on the date of submission via the current rate matrix.
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You can earn up to 2% Borrower Paid Compensation- BASED ON THE LINE AMOUNT- NO INITIAL DRAW REQUIRED!! No EPO. No Pre-Payment Penalties, No Annual Fees. No Draw Restrictions. No Claw-Backs. All good stuff!
We offer multiple HELOC products: 2nd Lien HELOCS, 1st Lien HELOCS, Investment Property HELOCS, Bridge Loan HELOCS, and Renovation HELOCS. 10 Year, 15 Year, and 20 Year Fixed Rate Seconds. Bank Statement HELOCS for Self-Employed borrowers. Investment Property 1st Lien HELOC Bank Statement.
Renovation HELOC:
- LTV based on ARV - up to 90% CLTV
- ARV up to 125% of current value
- Borrower is in charge of fund disbursement to the contractor
- Line amount up to $750,000
- Perfect for ADU’s
- We allow for Self-Employed borrowers! BANK STATEMENTS ALLOWED TO 65% CLTV!!
- We allow for both Simultaneous close and Standalone transactions.
- Below are snapshots of our pricing matrix found on pages 8-10 of the attached guidelines.
We also have program guidelines for:
- Non-Owner Occupied/Investment Loans - up to 80%
- Bridge Loan HELOC’s - up to 80%
- 1st Lien Position HELOC’s (Bank Statements allowed!!) if you run into those scenarios.- up to 90% LTV, 45% DTI, No MI! Allows for line amount up to $750K with 65% LTV
Quorum’s land loan is for residential purposes only with a max acreage of 20. We do not allow AG zoning, Commercial zoning, or Recreational zoning. It must be zoned for Residential 1-4 units. Quorum’s Land Loan is a 10-year Fixed Rate. Our current guidelines reflect that we allow for an LTV up to 80% with a max loan amount of $500,000. We will consider a higher loan amount with a lower CLTV. We would need to run the scenario by our Chief Lending Officer to see if the loan amount and LTV will be allowable.
BK/Forclosure/Pre-Forclosure/Modification/Deferment/Forbearance overlay- Quorum follows Fannie Mae guidelines for qualifying however, the following overlays would apply if the event occurred is within the last 3 years:
Max DTI: 34/38%
Max CLTV: 80%
FICO: 700
MAX Loan Amount: $150K
Minimum Reserves: 12 Months
Exception may be granted on a case-by-case basis.
Quorum’s land loan is for residential purposes only with a max acreage of 20. We do not allow AG zoning, Commercial zoning, or Recreational zoning. It must be zoned for Residential 1-4 units.
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