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:
- Single wide mobile homes
- Residential investment properties
- Time shares
- Properties that are not in acceptable marketable condition
Maximum Loan to Value*:
- Fixed Rate Mortgages
-
Purchases - Purchase a primary or vacation home. You may borrow up to the following limits based on the appraised value or sales price, whichever is less:
- 97% on a 1 unit owner-occupied primary residence
- 90% on a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied property
- 75% on a 3 to 4 unit owner-occupied property
Refinance - Payoff your existing mortgage(s) or get cash back for another purpose. You may borrow up to the following limits based on the appraised value:
- Paying off existing 1st mortgage only with option to roll in the closing costs:
- 95% on a 1 unit owner-occupied primary residence
- 90% on a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied property
- 75% on a 3 to 4 unit owner-occupied property
- Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
- 85% on a 1 unit owner-occupied primary residence
- 75% on a 1 unit owner-occupied second / vacation home and a 2 to 4 unit owner-occupied property
- Adjustable Rate Mortgages
-
Purchases - Purchase a primary or vacation home. You may borrow up to the following limits based on the appraised value or sales price, whichever is less:
- 90% on a 1 unit owner-occupied primary residence or a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied property
- 75% on a 3 to 4 unit owner occupied property
Refinance - Payoff your existing mortgage(s) or get cash back for another purpose. You may borrow up to the following limits based on the appraised value:
- Paying off existing 1st mortgage only with option to roll in the closing costs:
- 90% on a 1 unit owner-occupied primary residence or a one unit owner- occupied second/vacation home
- 80% on a 2 unit owner-occupied property
- Paying off a 1st and / or 2nd mortgage, closing costs and / or getting cash back for another purpose:
- 85% on a 1 unit owner-occupied primary residence
- 75% on a 1 unit owner-occupied second/vacation home and a 2 to 4 unit owner-occupied property
*Maximum LTV requirements are subject to change at any time.
Some products may require minimum credit scores to qualify for maximum LTV loans. All loan amounts greater than 80% are subject to meeting private mortgage insurance requirements.
Condominiums may have further restrictions. Some property locations may have additional restrictions. Please call our Mortgage Consultants for specific information