Mortgage |Eligibility| |Requirements|

PSECU must be first lienholder.

Property Must Be:

• Located in Pennsylvania
• Owner-occupied 1, 2, 3, or 4-unit properties
• Condominiums must meet certain criteria and may only be eligible for an Adjustable Rate Mortgage*
• Properties located within a Planned Unit Development that meet current underwriting standards as established by Fannie Mae
• Vacation homes (must be suitable for year-round use and used primarily by the borrower)
• Properties with central heat (must be thermostatically controlled with ducts to all living areas)
• Titled in the name(s) of individual(s) - Trusts are not acceptable

The following types of properties will be considered on a case-by-case basis (certain requirements must be met):

• Earth shelters, log homes, geodesic dome homes
• Properties with excess acreage

Property Cannot Be:

• Mobile homes
• Residential investment properties
• Time shares
• Properties that are not in acceptable marketable condition

Maximum Loan to Value**:

Fixed Rate Mortgages

• Purchases - You may borrow up to 95% of the appraised value or sales price, whichever is less, on a 1-unit owner-occupied primary residence. You may borrow up to 80% of the appraised value or sales price, whichever is less, on a 2-unit owner-occupied property or a second/vacation home. For a 3- or 4-unit owner-occupied property, you may borrow up to 75% of the appraised value or sales price, whichever is less.
• Refinance - If funds will be used to pay off an existing first mortgage and closing costs, you may borrow up to 95% of the current appraised value on a 1-unit owner-occupied primary residence; up to 80% of the current appraised value on a 2-unit owner-occupied property, and up to 75% for a 3- or 4-unit owner-occupied property. When funds exceed the existing first mortgage and closing costs on a 1-unit owner-occupied primary residence, you may borrow up to 80% of the current appraised value as a cash-out refinance. Cash-out refinance on a second/vacation home and a 2- to 4-unit owner-occupied property is 75% of the appraised value. Examples of a cash-out refinance include obtaining additional funds for paying off subordinate liens, consolidating debt and receiving cash-out proceeds.

Adjustable Rate Mortgages

• Purchases - For purchases, you may borrow up to 90% (5/1 ARM) or 80% (1-year ARM) of the appraised value or sales price, whichever is less, on an owner-occupied 1-unit primary residence.
• Refinance - For limited cash-out refinances, you may borrow up to 90% (5/1 ARM) or 80% (1-year ARM) of the appraised value for a 1-unit owner-occupied property. For a cash-out refinance on a 1- unit owner-occupied property, you may borrow up to 80%, and for a 2- to 4-unit owner-occupied property, you may borrow up to 75% of the appraised value.

*Condominiums may have further restrictions. Some property locations may have additional restrictions. Please call our Mortgage Consultants for specific information.

**Maximum LTV requirements are subject to change at any time.