Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Technology CU offering jumbo home loans
SAN JOSE, Calif. (11/19/09)--Technology CU announced that it will offer adjustable-rate home mortgages (ARMs) up to $1 million. The mortgages target buyers who seek an affordable home loan in California’s Bay Area housing market. The loan’s start rate adjusts after five years, the San Jose, Calif.-based credit union said. “For the last several years, ARMs have developed somewhat of a negative reputation, but today’s ARM is serving a far different market than it was a year or so ago,” said Steve Donahue, Technology CU assistant vice president of mortgage origination. Tighter underwriting standards often require 20% down, which transforms ARMs into a high-end product for buyers with good credit and significant resources, he added. Homebuyers also are eligible for an $8,000 tax credit for purchasing a principal residence through April 30. A $6,500 credit also is available for repeat homebuyers. Technology CU has $1.2 billion in assets.
Other Resources

RSS print
News Now LiveWire
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
43 minutes ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
3 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
3 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
3 hours ago
Reps. Sherman, Woodall and Heck speak about why they support CU tax status at The Hill forum. http://t.co/fMgBRCJoML
3 hours ago