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
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
45 minutes ago
Rep. Capito on #HR5148: This is common sense reform...could work well in areas with avg home price less than $200K, would help those buyers
47 minutes ago
.@FinancialCmte is now discussing #HR5148. Act would amend TILA to exempt high-risk mortgages from property appraisal reqs
48 minutes ago
Reps. Hensarling and Luetkemeyer have pledged to ensure #creditunion parity before #HR4042 sees action on House floor
53 minutes ago
The @FinancialCmte has ordered a recorded vote for #HR4042. There will be no #creditunion amendment to the bill.
54 minutes ago