Loans
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Mortgage Loans NMLS# 466209
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| Type of Loan | Maximum Loan Amount | Base Term | Base APR |
|---|---|---|---|
| Home Equity Loan - Line of Credit | |||
| Secured by first or second mortgage on member's personal residence (real property only) located in Otero, Chaves, Lincoln, Eddy or Dona Ana Counties. Property must be deeded in member's name at the time of loan application. | 80% of the AVM or appraised value (less than five years old), less the first mortgage encumbrance, if any, not to exceed a maximum loan balance of $250,000. | 180 months | The rate is variable. The index is the Prime Rate in the Wall Street Journal. A margin of 0% added to the index on 1st lien, and a margin of 1% on 2nd lien. The floor is 4%. |
| Home Equity Loan - Closed End | |||
| Secured by first or second mortgage on personal residence (real property only) located in Otero, Chaves, Lincoln, Eddy, or Dona Ana Counties. Property must be deeded in member's name at the time of loan application. | 80% of the AVM or appraised value (less than five years old), less the first mortgage encumbrance, if any, not to exceed a maximum loan balance of $250,000. | 180 months | The rate is fixed. The index is the Fed's LOW APOR (Average Prime Offer Rate). A margin will be added to equal a rate of 1% above the index on 1st lien (with final APR not to exceed 1.49%), and a margin of 2% on 2nd lien. |
| First Mortgage Conventional/VA on real property within Otero, Chaves, Lincoln, Eddy and Dona Ana Counties | |||
| 1. Conventional - 80% loan to value without PMI* | $700,000 | 30 years | The rate will be set weekly based upon the current saleable rates in the secondary market. Rates will be set by any two of the three following people: the CEO, CLO, AVP Mortgage Loan Manager. Rates and points may be adjusted upward or downward in order to meet daily competitive rates in the local market. Tier 1 loans will be priced 1.5% higher than base rate. |
| 2. Conventional - 97% loan to value with PMI | $700,000 | 30 years | |
| 3. VA - loan to value determined by VA Guidelines (minimum of 25% of loan must be guaranteed by VA) | $700,000 | 30 years | |
| First Time Home Buyers | |||
| First Time Conventional - 80% LTV without PMI | $500,000 | 30 years | The rate will be set weekly at 0.25% higher than the conventional loan rate. |
| First Time Conventional - 97% LTV with PMI | $500,000 | 30 years | |
| Non-Owner Occupied | |||
| Non-Owner Occupied Conventional Mortgage | $700,000 | 30 years | The rate will be set weekly at 1% higher than the conventional loan rate. |
| Non-Owner Occupied HELOC | 75% of the AVM or appraised value (less than five years old), less the first mortgage encumbrance, if any, not to exceed a maximum loan balance of $250,000. | 180 months | The rate is variable. The index is the Prime Rate in the Wall Street Journal. A margin of 1% added to the index on 1st lien, and a margin of 2% on 2nd lien. The floor is 5%. |
| Non-Owner Occupied Home Equity - Closed End | 75% of the AVM or appraised value (less than five years old), less the first mortgage encumbrance, if any, not to exceed a maximum loan balance of $250,000. | 180 months | The rate is fixed. The index is the Fed's LOW APOR. A margin will be added to equal a rate of 2% above the index on 1st lien and a margin of 3% on 2nd lien. |
| Vacant Land | |||
| Secured by first lien. Fully Developed - 75% Improved Property - 65% Raw Acreage - 50% | $100,000 | 120 months | 7.00% Fixed Rate |
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Talk to our mortgage department today at:
Norma Esquero AVP Mortgage Loan Manager NMLS# 478494 (575) 443-7020
SteveyLee Stanley Mortgage Loan Officer NMLS# 1772499 (575) 443-7006
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