Mortgage Eligibility Requirements

PSECU must be first lienholder.

Property Must Be

  • Located in Pennsylvania
  • Owner-occupied, vacation homes and residential investment 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
  • 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 manufactured homes
  • Time shares
  • Properties that are not in acceptable marketable condition
  • Residential investment condo or manufactured homes

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:

  • 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 / 1 unit investment property
  • 75% on a 3 to 4 unit owner-occupied / 2 to 4 unit investment 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 / 1 to 4 unit investment property
  • Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
    • 80% on a 1 unit owner-occupied primary residence
    • 75% on a 1 unit owner-occupied second / vacation home / investment property and a 2 to 4 unit owner-occupied property
    • 70% on a 2 to 4 unit investment 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
  • 80% on a 1 unit second/vacation home
  • 75% on a 2 unit owner-occupied primary residence or 1 unit investment property
  • 65% on a 3 to 4 unit owner occupied / 2 to 4 unit investment 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
    • 80% on a 1 unit second/vacation home
    • 75% on a 2 unit owner-occupied primary residence
    • 65% on a 3 to 4 unit primary residence or 1 to 4 unit investment property
  • Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
    • 75% on a 1 unit owner-occupied primary residence
    • 65% on a 2 to 4 unit owner-occupied property; 1 unit owner-occupied second/vacation home/investment property
    • 60% on a 2 to 4 unit investment 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 and manufactured homes may have further restrictions. Some property locations may have additional restrictions. Please call our Mortgage Consultants for specific information