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Somerset Federal Credit Union

1-4 Family Non-Owner Occupied Mortgage

If you are interested in buying a rental property or looking to tap into the equity in your current rental property, our 1-4 Family Non-Owner Occupied Mortgage is the lending solution you need!

Features:

  • Competitive rates
  • No points
  • Choose a fixed rate or an adjustable rate
  • Maximum term of 15 years. 2 payment options:1) Payment amount calculated over 30 years with a balloon payment at the end of year 15 or 2) Payment amount calculated over 15 years with no balloon payment
  • Upon approval you will need to open an account with the Credit Union and maintain a $5 minimum balance in the account for the life of the loan
  • 30% down payment required for purchases or finance up to 70% of appraised value

Upon approval you will need to open an account with the Credit Union and maintain a $5 minimum balance in the account for the life of the loan.

Rates/Terms are subject to change without notice.