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 an owner-occupied 1-unit 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- to 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 an owner-occupied 1-unit primary residence. When funds exceed the existing first mortgage and closing costs on an owner-occupied 1- to 2-unit primary residence or second/vacation home, you may borrow up to 80% of the current appraised value as a cash out refinance. Cash-out refinance on second vacation home is 75% of the appraised value, and for a limited cash or cash out refinance for a 3- to 4-unit property you may borrow up to 75% of the appraised value. Examples of a cash out refinance include: obtaining additional funds for paying off subordinate liens, debt consolidation and cash out proceeds

Adjustable Rate Mortgages

• Purchases - For purchases, you may borrow up to 90% of the appraised value or sales price, whichever is less on an owner-occupied 1-unit primary residence. For a 2-unit owner-occupied property, you may borrow up to 80% of the appraised value or sales price, whichever is less. For a 3- to 4-unit owner-occupied property, you may borrow up to 75% of the appraised value or sales price, whichever is less.
• Refinance - For limited cash out refinances, you may borrow up to 90% of the appraised value for a 1-unit owner-occupied property. For a cash out refinance on a 2-unit owner-occupied property, you may borrow up to 80% of the appraised value, and for a limited cash or cash out refinance for a 3- 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. Some of our Adjustable Rate Mortgage products limit the loan-to-value on 1-unit owner-occupied properties to 80% for purchases, limited cash out or cash out refinances.

**Maximum LTV requirements are subject to change at anytime.