Every home – and homebuyer – is different, so it’s with good reason that a one-size-fits-all approach to mortgages simply doesn’t work.
A young single just starting out in her first modest home will have far different needs than a 40-something professional couple ready to throw open the door on their dream home.
And that’s exactly why prospective homebuyers should seek out a lender with varied products to suit their unique situation and stage in life, says Pennie Carey, assistant vice-president and branch manager of Everett’s Procura Mortgage.
As part of Alaska USA Federal Credit Union, serving the community for more than 30 years, Procura Mortgage benefits from an approach that’s different from the big banks. Answering to members, not shareholders, the credit union mindset offers greater flexibility and Procura’s mortgage offerings are the perfect example.
Consider the unique needs and goals of the following homebuyers:
A young couple buying their first home: Eying a modest rambler, this couple likely has little saved for a downpayment, but are keen to pay their hard-earned money to a mortgage, rather than rent. For them, Procura’s zero-percent-down mortgage with a low interest rate will allow them to start building equity.
An established couple moving into their dream home: With at least a 20 percent downpayment saved to put toward their next home, this pair can move into a 30-year fixed mortgage without having to worry about the addition of a mortgage insurance. “For that couple who wants their dream home, we can lend up to $2 1/2 million,” Carey says.
A serving military member or retired veteran: If you’re a veteran or have served honorably and are keen to get into your own home, you can buy with zero downpayment and no mortgage insurance, Carey says. A small funding fee based on your time of service is rolled into the overall mortgage.
HUD 184 loan: This program assists members of a tribe who want to buy their own home with a low downpayment and 30-year fixed mortgages.
Federal Housing Administration loan: Even if you have imperfect credit, homeownership is still possible with an FHA loan. As one of the few local lenders offering this option, Procura can help you get into your new home and with as little as 3 1/2 percent down, Carey says.
“It’s so rewarding. I love getting someone into their first home and I love getting a couple into their dream home they’ve been saving 20 years for – it makes me smile everyday,” Carey says.
Alaska USA Mortgage Company, LLC., dba Procura Mortgage Company, #CL157293 Washington Consumer Loan Company License #CL-157293 Pennie Carey NMLS #73574